Children and big mortgages spell trouble for retirement savings
by VANCOUVER SUN
Killer boots and a coveted bike are the stars of Scott Hannah's parable of temptation and retaliation.
A few years ago, a couple came to see Hannah in his role as CEO of the Credit Counselling Society.
The guy, in his late 30s, had bought an expensive motorcycle six months before. He got it without discussing it with his partner.
When his slightly younger partner saw the bike, she headed out and snapped up a pair of thousand-dollar boots.
``They looked smoking on her,'' Hannah recalls. ``She admitted it was done out of spite.''
The couple hadn't come to Hannah for compliments: They came because they had financial trouble.
They didn't know how much trouble. The two were agog as Hannah calculated that at their current savings rate they might have - at most - a couple of hundred thousand bucks stashed when they retired. The guy was earning about $80,000 a year. (Read More)
A few years ago, a couple came to see Hannah in his role as CEO of the Credit Counselling Society.
The guy, in his late 30s, had bought an expensive motorcycle six months before. He got it without discussing it with his partner.
When his slightly younger partner saw the bike, she headed out and snapped up a pair of thousand-dollar boots.
``They looked smoking on her,'' Hannah recalls. ``She admitted it was done out of spite.''
The couple hadn't come to Hannah for compliments: They came because they had financial trouble.
They didn't know how much trouble. The two were agog as Hannah calculated that at their current savings rate they might have - at most - a couple of hundred thousand bucks stashed when they retired. The guy was earning about $80,000 a year. (Read More)
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