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RETIREMENT PLANNING – Background InformationGreg Johnson needs financial advice and he has come to your team for help. Greg would like to retire in 10 years or sooner, if financially possible. However, he is fearful that he may not meet his retirement goals. He has come to you for an analysis of his current financial position and whether he is on track to retire at age 65 or not, and if not, what options would your team recommend helping him ensure he meets his goals.Greg is 55 years of age, married with one child. He has been working as a service technician for Xerox for the last 30 years. His wife, Madelyn is 53 and retired at 50. She only worked part time since she married Greg 35 years ago and therefore did not earn a pension. Greg’s son, James, is 30 years old and has a family of his own. Greg’s 2020 salary from Xerox is $61,800 (per annum). Every year, Greg receives a cost-of-living adjustment (COLA) of 3%.In addition, he is eligible for year-end bonuses that range from 5% to 15% of his annual salary, dependent upon the performance of his regional office. Last year, Greg earned a bonus of 10% or $6,000.00. Every year Greg invests $3,000 into an RRSP. He and Madelyn also try to put in most of their net income (gross income less all expenses and taxes deducted) equally between TFSA accounts and RRSPs. Altogether, TFSAs, RRSPs and his LIRA amount to $420,000. These account balances are invested in long-term conservative investment ETFs that are a combination of equity and fixed income securities (40/60 split, respectively). Any new contributions are also allocated in