Stan and Cheryl want to retire early, sell their Vancouver house if they have to and move to their cottage to be closer to their children. The cottage, which is in another province, needs about $350,000 worth of renovations.
In doing so, they’ll be giving up about $24,000 a year in net rental income from their Vancouver house. Cheryl is 54, Stan 56. They have two children in their early 20s, one of whom is still studying. They are helping the younger with rent to the tune of $1,200 a month.
Stan, an executive with a non-profit organization, earns $135,000 a year. Cheryl, who was laid off from her job last fall, is earning about $36,000 a year consulting.
Their retirement spending goal is $135,000 a year after tax.