This stage can be both challenging and exciting as you save for your first home (TFSA), invest for your child’s education (RESP), or start your Retirement Savings Plan (RSP). The amount of debt you have compared to income is typically very high so protect yourself with inexpensive Term Life Insurance.
You’ve worked hard raising a family and/or in your career. Your income is typically high and your debt is low. Now is the time to get serious about your Retirement Plan. Take advantage of tax strategies by enhancing your RSP with a TFSA and don’t forget to use those extra vacation days wisely.
It’s now time to convert your accumulated wealth to a lifetime stream of income (RRIF, LIF, Annuity). If you are able, consider helping your grandkids with their RESP or your favorite charity with strategic Charitable Giving. You now have time to travel, visit family, and work on those hobbies.