How do I financially support my grown children?
Few parents imagined their children would be living at home when they turn 30. But it happens. With rising rents, growing student loans and broadening job insecurity, spending a few years at home to gain control over debt may be a good financial move for children.
- 66% of parents are supporting their grown children1
- 42% of young adults (aged 20 to 29) live at home2
Are You Caught Between Your Children's and Your Parents' Financial Needs?
Lending Money to Your Children
How can we arrange our investments to help minimize taxable income and address short-term market risk?
There are ways that may generate tax-efficient income, like investing in securities that provide capital gains or Canadian dividends.
Investing in lower volatility mutual funds and having a broad diversification strategy for your portfolio may be good ways to reduce short-term market risks, but it’s always a good idea to keep the long-term in mind — even though you’re nearing retirement.
Your advisor will help you decide the best approach to managing these key concerns.
Diversify Your Portfolio to Protect Against Market Volatility
How do I convert my RRSP into a RRIF?
For most investors, it is simply a matter of converting to a Registered Retirement Income Fund (RRIF) by the end of the year you turn 71, and then taking your minimum withdrawal amount the following year.
If you need more income than you’ve planned for, you can increase the amount you withdraw from your RRIF.
A Key Ingredient for Retirement Success? Good Planning
Retirement Income Options
Get the Most from Your RRIF
How do I draw down my investments once I’m retired?
If you can draw money from your RRIF, TFSA or other potential sources of income (such as a holding company), you can remain nimble, which is highly important when you’re on a fixed income.
Things to consider:
- Your anticipated tax rate in the current year and in future years
- The type of income you will receive
- How using these sources of income will impact your overall financial situation
Blinded by the Refund (PDF, 895 KB)
How do I plan to pass my estate to my family?
Thinking about your estate can be challenging because estate issues often bring up many difficult emotions.
Your advisor can help you create a robust estate plan that includes gifting to relatives and charities, and asking if your Will and Powers of Attorney are up to date.
Estate Plan Essentials
The Estate Plans of Effective People
Where There's a Will, There's a Way
Browse our retirement resources
Articles and expert tipsabout retirement planning.