Can Fiona, 51, afford to take early retirement?
Fiona, a 51-year-old federal manager, is considering early retirement while managing financial goals with her husband, Sylvester. They have a combined income of $326,000 and significant investments, but are weighing the implications of retiring early versus working longer. Financial planning shows that delaying retirement could significantly enhance their financial security and estate value.
- ▪Fiona earns $150,000 a year and is contemplating an early retirement offer from her job.
- ▪The couple has a combined investment portfolio of $3.6 million and a mortgage-free home.
- ▪Financial analysis indicates that working four additional years could improve their retirement funding success rate from 71% to 80%.
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Open this photo in gallery:Sylvester, 55, earns $176,000 a year working in tech and Fiona, 51, earns $150,000 a year as a manager with the federal government.Justin Tang/The Globe and MailShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountFiona is 51 years old and earns $150,000 a year as a manager with the federal government. Her husband, Sylvester, is 55 and earns $176,000 a year working in tech. They have a mortgage-free house and three young adult children.Fiona is among the thousands of federal government employees who have been offered what some might view the opportunity of a lifetime: early retirement with an indexed, defined-benefit pension with no penalty.
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