Alberta couple — with only one full income and parents living for free — worry about savings

Situation: With only one full income and parents living for free in their rental unit, ability to save for retirement is in doubt

Solution: Good management of assets, strong savings and time should be enough to build sustaining retirement income

A couple we’ll call Luis, 45, and Martha, 40, live in Alberta with their child Alex, age 8. Martha is the principal breadwinner with a base gross income of $6,615 per month plus variable bonuses and employer contributions to a company pension plan. Luis brings home $575 per month from part time work he does when he is not looking after Alex. Including bonuses and the Canada Child Benefit, which goes to Alex’s RESP, they bring home $6,233 per month. Their financial issues lie in the modest earnings of a partner who currently takes care of their child and timing future rental income from an apartment in which parents, who have modest resources, live rent free.

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