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Individuals / Families

Common challenges and concerns that occur among four broad age groups, as well as links to learn more about their impact and how to address them.

Millennials (ages 22 – 36)

Millennials have embarked on a working career and hope to build financial independence and freedom. Two key concepts to understand are compounding and human capital. The benefit of compounding investments over the next few decades is so outstanding that Einstein was quoted as saying "Compound interest is the eighth wonder of the world. He who understands it, earns it, he who doesn't, pays it."  Millennials' greatest asset is not yet measured in dollars, but in their ability to earn dollars over the next 3-4 decades.

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Gen X (ages 37 - 52)

Gen X has transitioned into a new phase, they now have the competing demands of both work and family, which limits their time to attend to their financial strategy.  Their home may need to be bigger to accommodate a growing family, their lifestyle has taken on new expenses and growing debt, all supported by higher income.

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Key challenges:

  • Find a good financial coach
  • Create an autonomous plan
  • Post-secondary education
  • More awareness of your savings and investment strategy for retirement
  • RRSP vs Mortgage paydown?
  • Protecting income, especially short-term interruptions
  • Managing and eliminating debt
  • Buy or upsize home or cottage
  • Tax efficiency
  • Estate considerations

Baby Boomer (ages 53 - 71)

Baby boomers have retired or are retiring soon. They may be sandwiched between having children to support through school and aging parents to care for, and they may still have a mortgage on their homes. The reality of having fewer working years to build savings becomes evident, and some may wish they'd started saving earlier.  A divorce or health scare can add to that stress. Despite that, the Baby Boomer age group is also often the happiest they have been in their lifestimes - this comes easier to those that started planning from a young age.

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Key challenges:

  • Prioritize retirement planning ahead of helping loved ones
  • Reduce debt
  • Identify whether gaps in savings could prevent them reaching goals
  • Pay more attention to investments
  • RRSP vs Spousal RRSP
  • Estate planning considerations
  • Planning for possible long term care (LTC) needs
  • Generating Retirement Income:  
    • When to convert retirement savings to RRIF/LIF/LRIF income
    • When to start collecting CPP / OAS
    • Which pension option to choose
    • Understanding what spending level they can afford
    • Portfolio design for income and longevity

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Mature Retiree (ages 72+)

Retirees have seen it all. Most had good savings habits or they worked for an employer that provided a good pension. With family responsibilities behind them, it is time to relax and enjoy life.

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Key challenges:

  • How to travel more often
  • Generating income from assets: 
    • Retirement savings converted to income funds
    • Pension and government sources
    • Investment portfolios and real estate
    • Tapping equity in your home (downsize and invest vs line of credit)
  • Planning for long term care
  • Downsizing their home
  • Estate planning becomes more important: 
    • Gifting money to children
    • Supporting a relative with a disability
    • Charitable giving
    • Keeping the cottage in the family

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