Financial Makeover

Is it possible to attain your retirement goal when the majority of your income producing years are behind you? It’s never too late to improve your financial situation. Profile Louise Gates (58) is the head of a marketing team for a small manufacturing company in Kelowna. After renting for most of her working life she…

James Turik, 38, owns a sparsely furnished, two-bedroom condo unit in a trendy downtown neighbourhood. He plundered his RRSP as well as his other savings for the down payment. “Now that things are freeing up,” James says, referring to his healthier financial situation, “obviously, I have to start putting money away again.” After working in…

Jackie Caine (42), a newly single mother of two pre-teen children, is struggling to cut costs and pay her bills after the collapse of her 18-year marriage. She had always managed the bills, mortgage payments and shopping previously, but did so without actually giving money much thought. Their combined income was always enough, and payments…

Sandra Kaplan is at a crossroads. After a lengthy illness and disability, her husband Ted has passed away, leaving Sandra unsure of what to do now. Sandra, 59, had previously worked in sales at a national media company. While she received an above average salary, bonuses, and generous benefits, the job was demanding and required…

Heather and Luke Weslowski got married five years ago. Heather had two children from her previous relationship, Felicia (8) and Adam (10). With their combined incomes of over $100,000, they thought their financial resources were more than enough to enjoy the good life. The couple purchased their home six years ago with 5 percent down…

Clark Sanderson (39) works a high-pressure job in sales for an international company. His wife, Jill (38) is a stay-at-home mom with two preschoolers, Sean (5) and Rachel (2). Although Clark earns an above-average annual salary of slightly over $120,000, and gets regular bonuses, they have virtually no savings and a high debt load due…

Susan Wilson (28) landed a position doing communications and marketing for a major charitable organization. She earns $68,000 and has full benefits. Susan moved from a smaller town to Toronto but, even with a bigger paycheque, she now has less disposable income because of the higher cost of living. She is more mindful of her…

Sean Cooper (30) is a full-time pension advisor for a global pension benefits consulting firm earning $50,000 per year. He also earns approximately $20,000 per year as a freelance financial writer. Sean has channeled much of his income into paying off his mortgage. His goal is to reach financial independence by his mid-30’s. Current Assets…

After running a successful business, the O’Sullivan’s want to gradually scale down their involvement before selling, and spend their winters in Arizona. Is this couple on track to meet their retirement goals? Family Profile Jerry (55) and Monica (53) O’Sullivan are self-employed. They live in Sarnia, Ontario. They own a home worth $700,000 with a…