1. Personal and Career
Acct 371 Project
What are your career goals:
o Expected annual income
o At what age will you begin work?
o For how many years do you expect to work?
2. Retirement:
How old will you be when you retire What will you be your monthly/annual budget (expenses) in retirement
o Include five retirement goals – activities, life events, dreams.
o Breakintoagecategories
What is your expected income in retirement:
o CPP/OAS
o Parttimework?
o RRSP/TFSAsavings
To what age do you expect to live?
3. Financial requirements:
Calculate how much you will need to save by retirement age to meet your financial goals o Factors:
▪ CPP and OAS income
▪ Remainder drawn from RRSP (what balance saved at retirement)
▪ Need to consider investment returns, annual expenditures (do not forget
inflation), expected years in retirement and taxes.
o How much do you need to save per year to meet your savings goals:
▪ consider number of years working
▪ fluctuations of income and expenses over your working career
▪ Expected investment return
o Include and state all of your assumptions, referencing them with notes and annotations
4. Report:
Report in Word summarizing your findings and calculations. Excel spreadsheets should be included to support figures.
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