# Family Finance FAQ
## Q: What is the primary concern for Russel and Janice regarding their financial situation?
A: Russel and Janice are worried about ensuring that their two adult children, who have health challenges and cannot support themselves financially, will have enough money to live comfortably after Russel and Janice are gone.
## Q: What are Russel and Janice’s current financial assets?
A: Russel and Janice have over $8 million in their jointly owned professional corporation, $1.2 million in registered retirement savings plans (RRSPs), and $1.1 million in individual pension plans (IPPs). They also have investments in stocks, ETFs, GICs, TFSAs, RESP, and a home valued at $800,000.
## Q: How are Russel and Janice planning to financially support their children?
A: They aim to supplement their children’s income to have about $5,000 after-tax income each month or $60,000 annually. Their older child is expected to earn $25 per hour, and the younger child could earn minimum wage with appropriate training.
## Q: What was the recommendation given to Russel and Janice regarding their retirement planning?
A: Graeme Egan recommended that they work with a retirement planner to ensure they have enough money to retire and support their children financially after they are gone. He suggested a comprehensive long-term financial projection and a strategic asset mix approach.
## Q: Do Russel and Janice need life insurance coverage?
A: A comprehensive retirement plan will help determine if they need life insurance coverage. Egan suggested a corporately owned policy as a cost-effective solution. A 10-year policy could be considered, depending on their financial projections and retirement goals.
# Conclusion
Russel and Janice’s unique financial situation poses challenges due to their children’s health challenges. However, with proper financial planning and strategic asset management, they can ensure a comfortable retirement for themselves and provide financial support to their children in the future. Seeking advice from a retirement planner and making informed investment decisions will be crucial in achieving their long-term financial goals. By addressing these concerns proactively, Russel and Janice can attain peace of mind and secure their financial future.