1
1
Q&A Summary
Ted Collins
Email: [email protected]
Age: 57
Net Worth: $2525000
Location: Canada, Ontario, London
OVERALL SCORE
1
69%
© The Retireability Score 2016. All Rights Reserved
1
2
2
Vision : 69%
I am clear what my retirement will look like.
Somewhat
My outlook toward retirement is
optimistic.
As I look at how I would like to spend my time in the future, I feel that:
this is an opportunity to pursue my true passions.
My view of retirement is: (check all that apply):
an extended vacation filled with travel & time to pursue leisure activities.
No
being busy with projects I choose.
Yes
working because I want to not because I have to.
Yes
having the financial freedom to do what I want when I want.
Yes
needing to continue working for additional income.
No
not sure.
No
How does your spouse/partner define retirement versus yourself?
Still working on it
I plan to retire at age:
65
My current age is:
57
2
© The Retireability Score 2016. All Rights Reserved
2
3
3
Health : 55%
I am
Male
I exercise regularly.
Yes.
I pay attention to my diet.
Yes.
I see my physician for checkups:
Occasionally, when needed or when appropriate.
I sleep well at night.
Yes.
Based on my parents' genetics, my occupation, and my lifestyle, I expect to live until I
am
90
My family has a history of early (check all that apply):
Heart Disease
No
Stroke
No
Cancer
No
Alzheimers
No
Diabetes
No
None of the above
Yes
In the future, I expect additional expenses due to increased health care expenses.
No.
Overall, I feel
great.
3
© The Retireability Score 2016. All Rights Reserved
3
4
4
In general, I am:
a risk-seeker.
In dealing with challenges, I am:
adaptive.
In general, I am:
very happy.
I have developed a written Advanced Care Plan (Healthcare Directive, Living Will, POA),
which lists my wishes for health care treatment in the event I become incapable of
deciding for myself.
No.
I have a benefits plan that covers extended health, dental, travel and medical.
Yes but it ends when I retire.
4
© The Retireability Score 2016. All Rights Reserved
4
5
5
Interests : 82%
When I retire, I plan to:
work part time.
I have identified aspects of my current job that I enjoy.
Yes
How do you feel about your work?
I love my job
During retirement, I plan to volunteer.
Yes
I am looking forward to pursuing my interests.
Need to work on it
To what degree are you satisfied with your personal growth from the interests you
pursue? (sports, education, business, arts, gardening, reading, etc...)
8
I have a clear and meaningful purpose I intend to pursue during my retirement years
Working on it
I expect my interests to be limited or impacted by one of the following:
None of the above
5
© The Retireability Score 2016. All Rights Reserved
5
6
6
Social : 89%
I feel a strong and deep connection to personal and family relationships
Yes
I am involved in a community organization or social network: e.g. church, volunteer,
team, social or support group
Yes
My social life revolves around my business & work connections
Somewhat
My social life revolves around the activities and interest I pursue
Partly
I have considered the impact retirement may have on my relationships with my family,
friends and co-workers
No
When I retire I expect:
to maintain my existing social circle.
6
© The Retireability Score 2016. All Rights Reserved
6
7
7
Home : 51%
In terms of supporting my lifestyle, my current accommodation
is too big.
When I retire, I will:
stay where I am.
No
sell my house and move to a new city.
No
stay in the same city, but in a different locale.
Yes
head south for part of the year.
No
own more than one home.
No
I have considered my future accommodation needs as they change and feel prepared
for the future.
I'm not sure
My marital status
I am married or common-law
I will have to consider accommodating my parents or my children:
False
To what degree are you and your spouse / partner in sync when it comes to where you
live?
6
7
© The Retireability Score 2016. All Rights Reserved
7
8
8
Lifestyle : 81%
In my leisure time,
I pursue activities because I enjoy them.
I enjoy activities that (check all that apply)
provide social interaction.
Yes
allow me to express myself creatively.
No
are physical.
Yes
allow me to contemplate life.
No
help me to grow intellectually.
Yes
I intend to spend the next 10-15 years travelling
occasionally.
I view myself as
quality oriented.
I believe I have a healthy work/life balance.
Yes
With respect to control over my cash flow & lifestyle spending I feel I have
7
How confident are you that you will be 100% debt free in retirement
9
Based on the amount of money and income available to me throughout my retirement
I believe my lifestyle:
will not need to change.
8
© The Retireability Score 2016. All Rights Reserved
8
9
9
Financial (Net Worth and Cash Flow) : 71%
Current worth
Assets:
Current value:
Principal residence:
Real estate:
Business value:
Total Assets:
Total Debts:
+
$ 1,050,000.00
$ 550,000.00
$ 0.00
$ 1,050,000.00
$ 2,650,000.00
$ -125,000.00
Current Net Worth:
$ 2,525,000.00
Until retirement
Expected date of retirement
Present age
Goal retirement age
Budgeted lifespan
57
65
100
Debt payments:
Total debt
Years until all debts are
paid
Annual debt payments
Years after debt, until
retirement
Post-debt savings
9
2024-01-31
$ 125,000.00
/ 8
15,625.00
X 0
0.00
Retirement Savings:
Annual savings
Years until retirement
Savings subtotal
$ 25,000.00
X 8
$ 200,000.00
Post-debt savings
Total pre-retirement savings
+ $ 0.00
$ 200,000.00
Predicted worth at retirement
Current Net Worth:
Total savings
Expected inheritance
$ 2,525,000.00
$ 200,000.00
+ $ 275,000.00
Predicted worth at retirement
$ 3,000,000.00
© The Retireability Score 2016. All Rights Reserved
9
10
10
During Retirement
Annual cost of retirement
Retirement income:
Pension income
Additional income
Total annual income
$ 35,000.00
$ 17,500.00
$ 52,500.00
Retirement Expenses:
Annual expenses
Total annual expenses
$ -45,000.00
$ -45,000.00
Net annual change (income $ -10,000.00
expenses)
Cost of retirement
Years of retirement (100
- 65)
Net annual change
X
35
$ -10,000.00
Change in wealth during
retirement
$ -87,500.00
Total value remaining at
death
Years until bankrupt
$ 2,912,500.00
365.0
Other
List the value of your savings and investments, apart from any real estate that you
own. Include any RRSP, TFSA, cash, and securities.
1000000-1100000
If you sold your home today, how much would you expect it to sell for? Don't adjust the
value for any outstanding mortgages.
500000-600000
What is the value of any other real estate that you own? Do not include your principal
residence. If you don't own any other real estate, enter 0.
0
What is the value of your business, if you sold today?
1000000-1100000
How much do you owe on all outstanding loans, including mortgages?
100000-150000
10
© The Retireability Score 2016. All Rights Reserved
10
11
11
In how many years do you expect to pay off all outstanding loans and mortgages?
8-9
How much do you spend each year, in today's dollars? Do not include amounts paid
towards outstanding loans and mortgages. Do not include taxes.
40000-50000
From now until you retire, how much will you put into savings each year?
20000-30000
During retirement, how much will your pension plan pay each year? Please include an
estimate for all pension money such as private, disability, survivor, OAS and CPP.
Today, the maximum CPP for someone age 65 is about $12,780, and the maximum
OAS is about $6,765.
30000-40000
During retirement, how much income will you have, other than your pension?
15000-20000
How many years will you be getting other income?
15
How much money do you expect to inherit?
250000-300000
I have a roadmap that I follow and review on a regular basis
No
I have developed an alternative plan that could get me through an unexpected
financial or health related setback.
No
Generally, I feel I am on track financially to be comfortable in retirement.
Yes
I have a financial plan that forecasts my income and expenses in retirement.
Working on it
I have a system for measuring how I am doing, relative to my future goals.
Working on it
My comfort level with risk and return in my overall investment strategy is:
balanced. I have a moderate tolerance for fluctuations in value.
I have a disciplined process in place to manage my investment portfolio.
Working on it
I currently work with a financial advisor.
Yes
11
© The Retireability Score 2016. All Rights Reserved
11
12
12
Legacy : 36%
The purpose for my wealth is (check all that apply):
to give to charity.
Yes
to buy more toys.
No
to travel
No
to give me freedom.
Yes
to protect me from unforeseen health risks.
Yes
to make a difference in the world.
Yes
to give to family.
Yes
to take care of me then family.
Yes
education.
No
to take care of my spouse.
No
My will was most recently updated:
more than five years ago
My spouse/partner and I view our legacy:
We never discuss it.
I have permanent insurance (whole life, universal life or term to 100).
False
How satisfied are you with your current will and estate plan?
6
12
© The Retireability Score 2016. All Rights Reserved
12
13
13
Contact
Would you like to get the summary scores for each section?
Yes
13
© The Retireability Score 2016. All Rights Reserved
13