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In their mid-50s, Morris and Abigail are getting tired of their work and would like to retire early in 2025. They’d be leaving behind a combined salary of $335,000 a year plus Morris’s bonus. Morris is 54 and works in sales, while Abigail is 56 and works in health care. They have two children, 17 and 19, and a mortgage-free home in the Greater Toronto Area. The children figure prominently in their planning. Abigail has a defined benefit pension that will pay $52,885 a year starting in 2025...

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Joe is the age of 68 and his wife Kate is 56. Both have retired from the work force, Joe from the private sector at the age of 64, and Kate from the government at the age of 50. They have a home in small-town British Columbia and a recreational property. Their only child, who is 23, lives on her own and is working full-time. Kate has a defined benefit pension that is 70 per cent indexed to inflation and pays her $22,500 a year. “We are in the de-cumulation stage of our finances and wondering...