Open this photo in gallery:iStockPhoto / Getty ImagesPlease log in to bookmark this story.Name, age: Chase, 44Annual income: $180,000 from work, including bonus, $2,500 in stock matching, $1,680 from Canada Carbon RebateDebt: $415,000 left on mortgageSavings: $395,000 in tax-free savings account (TFSA), $865,000 in registered retirement savings plan (RRSP), $350,000 in unregistered investment accountWhat he does: Senior manager at a major bankWhere he lives: Markham, Ont.Top financial concern: “As I think about this next stage of my life where I want to get into self-employment or semi-retirement, making sure I have all the financial wealth I need to carry me through my retirement years.”Chase, 44, has been building a career at a major Canadian bank since he finished his bachelor’s degree in computer science and economics two decades ago. It’s a job and environment he enjoys, he says, but he is starting to feel as if he has been there long enough.Chase, who has more than $1.6-million saved and is comfortable managing his own portfolio, is not looking to stop working entirely. “It gives me more flexibility to choose career options. I have been thinking about what the next phase would be,” he says.“I think I want to do a job where I have even more control and autonomy. Something I could sustain on my own while relying on my portfolio income.”Chase hasn’t nailed it down exactly, saying it’s hard to envision what a semi-retired lifestyle might look like for someone who is still relatively young. He doesn’t know how much money he’ll need – especially if he plans to travel more – but he doesn’t want to make the wrong call early and run out of cash down the road.“What do I want to strive for and how long do I feel my savings can support me?” he wonders. “There’s so much complexity.”Once he’s figured that stuff out, Chase plans to reposition his investments away from a growth portfolio to one focused on dividend-paying stocks and fixed-income products.As he contemplates retirement, Chase is also set to get married. He is currently engaged but doesn’t expect the wedding to be a huge expense.“We don’t have really large families, so I think it will be small and intimate,” he says. “I’m expecting it will be less than $10,000.”The couple hasn’t moved in together yet – Chase lives alone in a semi-detached house he owns – but have begun integrating some aspects of their finances. When his fiancée recently got a job that required commuting, she began using Chase’s Mazda CX-5, and he bought a Tesla for himself.“I have no regrets on plunking down close to $60,000 to buy that car,” he says, noting he went from spending more than $200 per month on gas to about $35 on electricity, and the car doesn’t require oil changes. “I love never having to look at a gas station sign again. It’s always full and ready to go when I leave.”Investment and savings: $1,650$583 to TFSA$667 to RRSP$400 to unregi
Lun. Feb 3rd, 2025
