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Mature Families


While your children may not require the time and energy they once did, you may still have to take care of them and support your aging parents. In addition, you need to ensure you’ve got everything in place so you can retire when you want to!

This may seem overwhelming, but with a good plan in place, you can have peace of mind that your financial needs will be covered. There are five steps to ensuring you have a robust financial plan in place:

  1. Determine what income you’ll need in your retirement years – and don’t forget about inflation!
  2. Focus on paying down any debts you still have. 
  3. Make sure you have the right insurance in place. You may need health and dental insurance, as well as life insurance and critical illness insurance.
  4. Determine your income sources during retirement and the best time to start collecting them. Take into account both private resources such as a pension plan or income from RRIFs and TFSAs, as well as government benefits such as CPP, OAS, and the Guaranteed Income Supplement (GIS).
  5. Decide if you want to sell your house and use the proceeds as part of your retirement income. Don’t forget that you’ll still need to pay rent or be able to buy a different place to live!

The other part of financial planning for mature families is estate planning. This can be pretty complicated, depending on the kind and amount of assets you have. When estate planning, you need to consider:

  1. What will you leave to your spouse, children, and grandchildren? How can you divide up your assets equitably?
  2. What exactly do you have in the way of assets and liabilities? The last thing you want to do is leave your family with debt, so life insurance is a must if you have a lot of liabilities and not a lot of assets.
  3. How can you avoid giving anything extra to the CRA? Is it worth looking into estate freezes or trusts or gifting money to family members while you’re still alive?
  4. Do you have a team to help ensure you can adequately do your estate planning? You may need to consult various specialists, including financial planners, lawyers and accountants.

The key to successful financial planning for mature families is to consult the proper professionals! A good financial planner can ensure you have the resources to properly plan for your retirement years and provide for your loved ones after your death.

Call or contact us online today to get started on your financial plan!

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    We know that finances can be a confusing and difficult undertaking. We can answer any questions you may have concerning ourfinancial services, so contact us today to learn more!