Latest news with #Romesh
Globe and Mail
2 days ago
- Business
- Globe and Mail
Can Romesh, 54, and Gayle, 52, retire in a decade if they spend $125,000 on a basement renovation?
Romesh and Gayle are in their mid-50s with one child, a combined income of $150,000 a year and a house with a $475,000 mortgage in Toronto. Gayle earns $65,000 a year in education plus another $20,000 a year freelancing, while Romesh averages $65,000 a year as a self-employed freelancer. 'I went back to school during the COVID-19 pandemic and switched careers, leaving a well-paying job as a journalist with a pension to become a teacher,' Gayle writes in an e-mail. 'I dipped into my RRSPs to pay my tuition and took a significant pay cut as a new teacher,' Gayle adds. 'Now my salary will gradually increase every year, maxing out at $110,000 when I turn 60.' In the short term, they want to renovate their basement at a cost of $125,000, which will add to their debt load. They wonder if it would be worth spending an extra $50,000 to add a basement suite they can rent out for extra income. They'd also like to travel more while their son is still young. 'Can I afford to retire at 62?' Gayle asks. 'Can my husband retire at 65?' Their retirement spending goal is $8,000 a month after tax. We asked Jeff McCartney, a certified financial planner with Objective Financial Partners Inc. in Markham, Ont., to look at the couple's situation. Objective is an advice-only financial planning firm. Romesh and Gayle have three main goals, Mr. McCartney says. The first is to renovate their basement for about $125,000, which will need an increase to their mortgage or a line of credit to finance. The second goal is to retire when Romesh is 65 and Gayle is 62 and the third is to travel together as a family while their son is still young. Ezra and Leanne, both 63, fear they don't have enough to retire. Should they take a hard look at their spending? 'Starting with the most attainable goal first, they set an annual vacation budget target of about $6,000,' the planner says. 'Given their current approach to spending, this expense is reasonable, barring no change in their current financial trajectory,' he says. 'Their projected savings rate, even with the vacation cost, appears to have them on track to retire at their target date.' To achieve their two bigger goals, they must start by considering the cost of an increased mortgage or line of credit payment, and the impact that it will have on their long-term savings rate, Mr. McCartney says. His analysis assumed that a $125,000 mortgage increase would have an interest rate of 4.2 per cent and an amortization period of 15 years. 'The good news is that even with this additional mortgage debt, they are still able to achieve their goal of $8,000 per month in after-tax retirement income in today's dollars, albeit with a few additional recommendations,' the planner says. First, Gayle should open a tax-free savings account to take advantage of the tax-free growth that it provides. An additional contribution of $300 per month to this account would have a 'really positive impact' on their ability to maintain their desired lifestyle right through until age 95, he says. Alternatively, putting that same $300 extra per month toward accelerated debt repayment should put them in a similar spot. Their TFSAs would need to earn a higher return than the interest rate on their debt to make investing more compelling than debt repayment. They should also consider using their non-registered investments such as Romesh's crypto ETF account to either fund the renovation or at least to fund Gayle's TFSA, the planner says. 'If you have TFSA room and you have non-registered investments, you are missing an opportunity,' he says. Non-registered accounts are taxable, and TFSAs provide an opportunity to earn a return tax-free. There are no tax issues either for one spouse to give the other spouse money to contribute to their TFSA. Although this is several years away, analysis also indicates that they should delay taking their Canada Pension Plan benefits until age 70, Mr. McCartney says. Delaying CPP from age 65 to 70 will allow them to increase their future payments by 42 per cent. Similarly, they may also wish to consider delaying receiving Old Age Security benefits from 65 until age 70 as well, because this will add an additional 36 per cent to their monthly payments. Romesh and Gayle also wanted to investigate the possibility of spending an additional $50,000 on their basement renovation to make it rental-ready so that it can be used to generate $15,000 a year worth of additional income once they retire. 'This strategy results in an 11-per-cent increase in the family's net worth at Gayle's age 95,' the planner says. Alternatively, Romesh and Gayle could increase their planned retirement lifestyle expenses by five per cent without jeopardizing their financial plan. 'Whether they will want to be landlords in their 70s or 80s is for them to decide, but in the short-term, it could definitely improve their financial trajectory.' There is one significant factor to be aware of here, and that is the change-of-use rules that could limit their ability to claim the full principal residence exemption when they sell their home This exemption allows homeowners to avoid paying capital gains taxes when they sell their primary residence. But under certain circumstances, the Income Tax Act could consider a homeowner to have disposed of either part or all of their principal residence even if they didn't actually sell it. 'This can happen when certain parts of a home, such as a basement, are converted to a rental property, particularly following a renovation,' he says. Romesh and Gayle may want to ensure that their basement apartment's rental use is ancillary to the main use of the property as a residence, that there are no structural changes to the property to accommodate the rental, and that no capital cost allowance is claimed on the property. Can Evelyn, 62, and Ezra, 70, afford to both travel and financially assist their son? Of note, Romesh and Gayle are currently saving $150 per month to RESPs. With a current value of $50,000, they are on track to being able to afford to pay $15,000 per year for four years of postsecondary education when their son is 18. That may be enough to cover the cost if he were to live at home. However, students who go away for university often find the 'all in' costs can range between $20,000 and $30,000 per year, Mr. McCartney says. 'Romesh and Gayle can sit down with their son and discuss the future, what schools will cost, and what he might be expected to contribute.' The People: Romesh, 54, Gayle, 52, and their son, 11. The Problem: Can they afford to renovate their basement and retire in a decade or so with $72,000 a year after tax spending? The Plan: Use Romesh's crypto ETF to either fund the basement renovation or Gayle's tax-free savings account. Gayle should consider contributing regularly to her TFSA to take advantage of the tax-free growth. Alternatively, they could put that $300 a month toward paying down debt. Consider delaying government benefits to age 70. The Payoff: An understanding of the steps they can take now to make it more likely they will achieve their long-term financial goals. Monthly net income: $9,400. Assets: Cash $5,000; his RRSP $300,000; her RRSP $275,000; his TFSA $10,000; his crypto ETF $100,000; registered education savings plan $50,000; residence $1,300,000. Total: $2-million. Liabilities: Mortgage, $475,000 at 2.74 per cent; student loan $15,000 at 2.5 per cent. Total: $490,000. Estimated present value of Gayle's DB pensions: $548,000 for the $25,245 government pension and $542,000 for the $26,490 teacher's pension. This is what someone with no pension would have to save to generate the same income. Monthly outlays: Mortgage $2,300; property tax $390; water, sewer, garbage $75; home insurance $100; electricity $150; heating $50; maintenance $100; car insurance $250; other transportation $290; groceries $1,000; child care $375; clothing $100; student loan $140; gifts, charity $150; vacation, travel $500; other discretionary $60; dining, drinks, entertainment $350; club memberships $160; sports, hobbies $400; subscriptions $50; health care $250; life insurance $200; phones, TV, internet $235; RRSPs $500; RESP $150; TFSAs $400. Total: $8,725 Want a free financial facelift? E-mail finfacelift@ Some details may be changed to protect the privacy of the persons profiled.
Scottish Sun
19-06-2025
- Entertainment
- Scottish Sun
Huge popstar signs up to Celebrity Gogglebox in first ever reality TV appearance alongside TV favourite
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) CELEBRITY Gogglebox have signed up a major popstar in his first ever reality TV appearance. The Channel 4 show has seen a raft of famous faces join the programme this summer and now it's adding a chart-topping music star and a TV and comedy favourite to the bill. Sign up for the Entertainment newsletter Sign up 6 Rag'n'Bone Man has teamed up with Romesh Ranganathan for Celebrity Gogglebox Credit: Channel 4 6 It will be the singer's first reality TV stint Credit: Getty 6 The duo will make their debut on Friday's show Credit: Channel 4 The Sun can revealed that Human singer Rag'n'Bone Man - whose real name is Rory Graham - has signed up to the programme to make his first ever reality TV appearance. The 40-year-old will be seen on screens for the first time tomorrow night to watch through all of the nation's favourite shows. He will be joined by comedian and TV host Romesh Ranganathan on the sofa. Romesh is best known for hosting the revival of The Weakest Link as well as his shows on BBC Radio 2 and his partnership with Rob Beckett. Confirming their appearance on the show in a light-hearted clip, a deadpan Romesh said to the camera: "Hello I'm Romesh and this is Rory [Rag'n'Bone Man]. "We are gonna be on Celebrity Gogglebox, aren't we?" Rag'n'Bone Man, dressed in a pink T-shirt, then added: "Yes we are, this Friday at 9pm." It will be the popstar's first foray into the world of reality television following a string of successful albums and singles. The star has won Brit Awards and even duetted with global superstar Pink on the hit, Anywhere Away From Here. Rag'n'Bone Man and Romesh are the latest famous duo to take on the role of Gogglebox critique. Luke Littler reveals he's signed up to HUGE reality show alongside YouTuber mate The Sun were the first to reveal last week that Darts superstar Luke Littler had become the programme's biggest signing. The 18-year-old paired up with his close pal and popular internet personality, AngryGinge. Also appearing on the current run of the show are Nick Grimshaw and Richie Anderson. 6 They are the latest famous duo to sign up Credit: Channel 4 6 Romesh is best known for working on The Weakest Link Credit: BBC
The Irish Sun
19-06-2025
- Entertainment
- The Irish Sun
Huge popstar signs up to Celebrity Gogglebox in first ever reality TV appearance alongside TV favourite
CELEBRITY Gogglebox have signed up a major popstar in his first ever reality TV appearance. The Channel 4 show has seen a raft of famous faces join the programme this summer and now it's adding a chart-topping music star and a TV and comedy favourite to the bill . 6 Rag'n'Bone Man has teamed up with Romesh Ranganathan for Celebrity Gogglebox Credit: Channel 4 6 It will be the singer's first reality TV stint Credit: Getty 6 The duo will make their debut on Friday's show Credit: Channel 4 The Sun can revealed that Human singer The 40-year-old will be seen on screens for the first time tomorrow night to watch through all of the nation's favourite shows. He will be joined by comedian and TV host Romesh is best known for hosting the revival of The Weakest Link as well as his shows on BBC Radio 2 and his partnership with Rob Beckett. Read More on Gogglebox Confirming their appearance on the show in a light-hearted clip, a deadpan Romesh said to the camera: "Hello I'm Romesh and this is Rory [Rag'n'Bone Man]. "We are gonna be on Celebrity Gogglebox, aren't we?" Rag'n'Bone Man, dressed in a pink T-shirt, then added: "Yes we are, this Friday at 9pm." It will be the popstar's first foray into the world of reality television following a string of successful albums and singles. Most read in Reality The star has won Brit Awards and even duetted with global superstar Pink on the hit, Anywhere Away From Here. Rag'n'Bone Man and Romesh are the latest famous duo to take on the role of Gogglebox critique. Luke Littler reveals he's signed up to HUGE reality show alongside YouTuber mate The Sun w Darts superstar The 18-year-old paired up with his close pal and popular internet personality, Also appearing on the current run of the show are and . 6 They are the latest famous duo to sign up Credit: Channel 4 6 Romesh is best known for working on The Weakest Link Credit: BBC 6 The Human singer has had a successful music career Credit: Getty
Metro
19-06-2025
- Entertainment
- Metro
Where to find your nearest Tango Ice Blast to survive the heatwave
The UK is enjoying (or suffering through) a heatwave, and we're all doing our best to keep cool. But when opening every window in your house won't cut it, and the office air conditioning is on the blink, there's only one thing for it: a cheeky Tango Ice Blast. Our favourite cinema drink, which comes in flavours including strawberry and kiwi, lemon, orange, and even bubblegum has a special place in the nation's heart. The popular flavour combination of blue raspberry and cherry is even jokingly touted as the 'drink of the bisexuals' for resembling the colours of the purple, pink and blue flag. It is Pride Month, after all. Comedian Romesh Ranganathan also once declared the drink to be 'unadulterated joy', and dreamt of having his very own machine at home. Fair enough, Romesh. For all those hoping to enjoy a deliciously tangy Ice Blast without shelling out for a film ticket, we bring good news: it isn't just cinemas that sell them… Tango have got this firmly covered, as there's a map on the website with every single Ice Blast location in the UK pinned. There are cinemas, supermarkets, service stations and dessert shops – and there's even an option for companies to apply for a machine on the Tango website. If you can't bear the thought of going outside, Just Eat also delivers them. Simply type in your postcode on the website, et voilà. Sugary, icy goodness at your fingertips. Earlier this year, various supermarkets and stores, including B&M, Nisa, Spar, Co-op, Iceland, and Home Bargains, launched a ready-to-drink version of the Tango Ice Blast. At budget retailers B&M, Iceland, and Home Bargains, the drinks cost £3.35 per two-litre bottle. While that might sound a little bit steep (it also won't be icy), it comes in the same tangy flavours die-hard fans know and love: cherry and raspberry – and is considerably cheaper than the £9 some cinema goers have previously reported paying for one drink. In the r/Britishproblems Subreddit, @FloatingPencil previously suggested that 'as soon as it's warm, every Tango Ice Blast and McD's milkshake machine within 10 miles stops working.' After all, don't we all just want an icy drink to get us through? More Trending 'Blew my mind when I found out an off-licence near me had an Ice Blast machine just chilling at the back,' @DanHero91 added. '£3 instead of the monstrous cinema prices.' @itshippyzoe confessed that they were in 'dire need' of a Tango Ice Blast during a previous heatwave. Since it was 'killing' them at the time, a serving of icy goodness seemed their only way of respite. View More » 'There's nothing stopping you from buying foodstuff at the cinema, you don't have to see a film to buy them,' @Fatso666 reckoned in the comments, while @SquareBev joked that 'Blackpool Pleasure Beach might be your only hope' of finding one. Do you have a story to share? Get in touch by emailing MetroLifestyleTeam@ MORE: Does drinking alcohol in the sun really get you drunk faster? A doctor shares their verdict MORE: Discontinued Marmite product dubbed 'food of the gods' finally returns to supermarkets MORE: UK heat health warning upgraded to amber with temperatures set to hit 33°C Your free newsletter guide to the best London has on offer, from drinks deals to restaurant reviews.
Daily Record
01-06-2025
- Entertainment
- Daily Record
Romesh Ranganathan opens up about turbulent childhood as dad sent to jail for fraud
Comedian Romesh Ranganathan has opened up about his teenage years as his life was turned upside down when his father went to prison. TV presenter and comedy star Romesh Ranganathan has recently opened up about his turbulent childhood when his father was sent to prison for two years for fraud. Opening up on Radio 4's show Desert Island Disc, the comedian shared how his life was completely turned upside down due to his father's actions. At the time of the imprisonment, Romesh was a teenager living in Crawley. He recalled that he was attending a private school at the time when he, his younger brother and mother were forced to move out of their family home and into a Bed and Breakfast. He said: "My dad had fallen into financial trouble. What it turns out is that he'd lost his job and he was trying to make money in this sort of Sri Lankan Del Boy way, and it wasn't working out. "And he couldn't keep up the mortgage repayments on their house. And they couldn't afford, even with my scholarship, they still couldn't afford the fees at this school I was going to." To make matters worse, it soon became apparent that his father Ranga was having an affair, reports the Mirror. When is father disappeared for several days, Romesh recalled having to ask the "other women" where his dad was. In doing so, Romesh found out that his father had been arrested. He explained: "She tells us that my dad had been arrested three days previously, and he had been involved in some sort of fraud case. I don't know why we'd not heard, why he'd not got in touch, but this lady knew. "He ended up going to prison for two years, or just under two years. You know, I remember my dad being convicted and going to prison the day before my birthday. "I think it's my 15th birthday. And so my friends are having a party for me. I just went and pretended that wasn't going on because you want some normalcy." "Because for a while, we moved out of the house, and then a counsellor gave us a room in a bed and breakfast." Speaking to Lauren Laverne, Romesh said that he remembered his mother crying during this period of time and that she managed to get a job as a cleaner to help provide for her sons. When his father did come back home after being imprisoned, Romesh said they were able to patch up their relationship over time. The 47-year-old said: "On my dad's 60th birthday, by that time, our relationship had really kind of improved. I'd had kids at that point, and I saw the way that my dad was being with my children. "I was like, I've never seen this side of my dad, and we're in a really good place. My memory of my dad is of like a flawed tornado." Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. Romesh also candidly spoke about his struggles with mental health on the Radio 4 show, admitting that he had thought about taking his own life more than once and saw it as a solution to his emotional turmoil. While he admits that he has experienced serious dark periods in this life, he has now learned how to manage those times. He touches on some of his experiences through his comedy shows, but he is aware that he needs to be careful about how far he goes. He explained: "You got to be careful because it's triggering. I'm trying to destigmatise (mental health) but you do also have to be mindful of the fact that people may have been affected by that and then if I suddenly say I had thoughts about taking my own life and somebody's lost someone through that or they've had those moments themselves, you have to be sensitive to that and you don't always get it right but I think the rewards outweigh the risks."
