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Middle Income Breadwinner EdnaÂ’s Retirement Journey a Prime Example of Getting Back Up reports Rx Profits

(Medical-NewsWire.com, November 29, 2012 ) San Francisco, CA -- Edna is a 58-year-old British Columbia resident who is trying to rebuild her financial life after her divorce stripped her of almost all her investments. Edna’s two children, both in their really twenties, live with her and are currently attending university.



Edna’s issue is with trying to navigate how to turn a $50,400 annual take-home income into retirement within the decade. Large costs have been levied from the divorce, and she has $131,000 in financial assets. Her home, with an estimated half-million dollar value is mortgage-free. Her current costs of living are low. Her job within the sales industry provides her a car, covers vehicle expenses and cell phone bills. The job also pays for many on-the-road meals. Yet, when it comes to retirement, Edna must find a way to start paying the bills.



“Can I afford to live in my own home when I stop working? Will I have to sell it to get capital for retirement?” Edna asks. “I am at a loss as to what I should do.”



Adrian Mastracci, a portfolio manager of financial planner who heads the KCM Wealth Management Inc. in Vancouver was asked to assist Edna by Family Finance.



“There is not a lot of income to work with in this case, but we can boost her retirement savings and help her move toward her goals,” he says.



Edna is looking for ways to increase cash flow, and intends to refinish her basement within the next two years, wherein she will rent out the rooms to international students. The strategy adds $16,000 per year of income.



Edna pays $750 of her $4,200 take-home income for her two children. She is able to save 17% ($700) of that income. For a middle-income individual, that is a quality number. Much of that success has to do with her job’s expense account that handles things like car payments.



If Edna is capable of adding $18,000 per year, which is currently used to save for her children’s university costs, then she can add nearly $126,000 in time for her retirement.



If this capital earns 3%, her tallied retirement total would be $47,7580, or just under $3,500 per month after a 10% tax.



Edna would be capable of covering monthly costs (as they stand now) without the university costs but no future expenses. She would have no job, and would pay many costs that are covered by her current employer, but it is still a doable task.



Medical insurance and those paid-for expenses are important considerations. Edna will have to move her term insurance, provided by the company, to insurance she owns. She would have to spend monthly totals that near $200 on gas, repairs, and the general insurance.



Mastracci notes that what is a strength for Edna (and should be considered by any who hold assets and savings) is her activity with her portfolio.



“What makes this case salvageable is Edna’s high current rate of savings,” Mr. Mastracci says. “She has nine years to go to her planned retirement and there is a likelihood of salary increases in the meantime. She has ample time to get her finances in order. Whether she does it is, of course, a question of motivation.”



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Benjamin Wrights

4157669098

news@postpressrelease.com

Source: EmailWire.Com

Source: EmailWire.com


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