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FINANCIAL PLANNING CASE STUDY

To help Jack find his financial footing, The Globe and Mail consulted certified financial planners Kelly Ho with Vancouver’s DLD Financial Group Ltd. and Jill Chambers, an adviser at WealthCo Financial Advisory Services Inc. in Calgary. > read article online

 

After divorce, can Jack, 53, get in touch with his retirement?

Financial Planning Case Study

  • Due to our commitment to client confidentiality, we couldn't provide a real-life example. This illustrative case study is based on typical financial situations we manage. To hear what real DLD clients have to say, see our testimonials.

 

 

 

Getting divorced after more than two decades of marriage is something that Jack, a Toronto native, doesn’t like to discuss. But now that the split is official, he’s feeling positive about the road ahead.

 

“I’m feeling relieved and optimistic about the future,” says Jack, 53, a business-development manager at a global recruitment firm. “I’m healthy, active, have a good support network, and I’m engaged at work.”

 

If there’s one area where the father of one grown child is feeling less grounded, however, it’s finances. He pays about $50,000 in spousal support annually. He and his ex-wife share equally tuition and living expenses for their daughter, costs that will last another year. Despite an attractive income – Jack earns a yearly bonus of approximately $50,000 on top of his $150,000 base salary – it’s the uncertainty surrounding any future financial fallout from the divorce that makes him apprehensive.

 

“Financially, I need to feel more in control of my life coming out of this,” he says. “Because it was a long-term marriage, there’s no automatic end to spousal support. My concern is about what spousal support will be if circumstances change, if either of us experiences job loss, remarriage or illness. That’s something I have no control over, but I worry about the financial impact and the legal process.”

 

Jack hopes to retire by 65 with an income of between $60,000 and $70,000 per year. He wants to combine consulting with volunteer work and travel, and he’d like to have more time for hobbies that have taken a back seat in the past, such as cycling and playing tennis. He’s assuming he’ll be on his own for retirement, but whether solo or not, he wants to ensure he’s in the best possible position financially to enjoy it.


The partners at Strategex Group value the relationship with DLD. The two companies share a common philosophy of providing excellent customer service and a desire for creative innovative and custom tailored strategies for our clients. We are extremely appreciative of the high level of professionalism that Dave and his team provide. We look forward to maintaining and further developing our business relationship with DLD." ~ Lakh Multani, CA, Partner, Strategex Group Chartered Accountants & Management
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