Your Wealth, Your Way: Planning from Age 25 to 95 in Canada

“Money is a tool. Wealth is a mindset.” From your first job to your final legacy, wealth is built not by reacting to life but by anticipating it.

Whether you’re starting your career or revisiting your retirement plan, this decade-by-decade guide helps Canadians navigate financial priorities, pitfalls, and power moves from age 25 to 95. We cover what to focus on, where to act, and how psychology quietly shapes your decisions at every stage.

Age 25–35: Build the Base — Structure Before Speed

Key Priorities:

• Pay down high-interest debt (credit cards, student loans)
• Start investing early with TFSAs FHSAs and RRSPs
• Build 3–6 months of emergency savings
• Develop consistent saving/investing habits

Checklist:

☐ Open TFSA and set up automatic monthly contributions

☐ Enrol in your employer's group RRSP or pension plan

☐ Use a budgeting tool (like Mint, YNAB, or Wealthica)

☐ Check credit report (Equifax/TransUnion) annually

Behavioural Bias:

Present Bias We overvalue immediate gratification and underinvest for the future.

Fix: Automate good behaviour. Make savings invisible and effortless with auto-withdrawals.

Program Highlight:

Canada Learning Bond: If you were from a low-income household, you may have unclaimed RESP funds from the government.

Age 35–45: Scale Up — From Accumulating to Allocating

Key Priorities:

• Grow income potential via career shifts or side ventures
• Purchase a home only if it aligns with lifestyle and financial goals
• Open an RESP if you have children

Checklist:

☐ Maximize RRSP contributions before the March deadline

☐ Open a family RESP and collect the Canada Education Savings Grant (CESG)

☐ Create or update a will and Power of Attorney (POA)

☐ Review mortgage terms and amortization strategy

Behavioural Bias:

Overconfidence — High income often leads to lifestyle inflation and underestimating risk.

Fix: Link spending to values, not just income. Run financial decisions through “future you” scenarios.

Program Highlight:

Spousal RRSPs help split future retirement income and reduce tax bills.

Age 45–55: Optimize the Engine — Maximize, Minimize, Mobilize

Key Priorities:

• Crush remaining debt
• Max out RRSP, TFSA, and possibly Non-Registered investing
• Fund children's education while preparing for your retirement
• Consider aging parent care costs

Checklist:

☐ Contribute to TFSA with tax-free growth in mind

☐ Forecast retirement income sources: pensions, CPP, OAS

☐ Run simulations for early retirement or sabbaticals

☐ Prepare for “sandwich generation” responsibilities

Behavioural Bias:

Sunk Cost Fallacy — Continuing with bad investments or careers due to past effort or money spent.

Fix: Treat each decision as a fresh investment of time, money, or energy.

Program Highlight

Pension Income Splitting from age 55+ can save thousands in taxes.

Age 55–65: Preserve & Prepare  Shifting from Growth to Distribution

Key Priorities:

• Model retirement income (RRSP → RRIF, pensions, CPP, OAS)
• Adjust portfolio risk downward gradually
• Consider long-term care planning
• Practice “retirement lifestyle” before pulling the trigger

Checklist:

☐ Decide optimal time to take CPP (age 60–70) and OAS (65–70)

☐ Model RRIF minimum withdrawal strategy

☐ Downsize real estate if appropriate

☐ Revisit estate plan and POAs

☐ Talk with a financial planner about tax-e fficient decumulation

Behavioural Bias:

Loss Aversion — Risk of overreacting to market volatility in retirement runway.

Fix: Use mental buckets (safe/spend/legacy) to compartmentalize investments and reduce fear.

Program Highlight:

OAS Clawback kicks in if your income exceeds ~$90,000—structure RRIF withdrawals wisely.

Age 65–75: Live Fully — Draw Wisely, Spend Intentionally

Key Priorities:

• Sequence retirement income sources for tax efficiency
• Consolidate accounts and simplify portfolio
• Plan for increasing medical needs
• Review wills, trusts, and inheritances

Checklist:

☐ Trigger RRIF conversion by age 71

☐ Coordinate withdrawals to minimize tax brackets

☐ Set up direct deposit and consolidate TFSA/RRSP holdings

☐ Prepay funeral expenses if aligned with family planning

☐ Involve adult children or POA in financial conversations

Behavioural Bias:

Optimism Bias: Underestimating longevity and medical needs.

Fix: Plan for a 95-year lifespan and rising living costs. Build in buffers.

Program Highlight:

Guaranteed Income Supplement (GIS) helps lower-income seniors evaluate eligibility if retirement income is modest.

Age 75–85: Reduce Burden, Increase Clarity

Key Priorities:

• Limit complexity in portfolio and banking
• Establish safeguards against cognitive decline
• Ensure all documents (wills, POAs, DNRs) are current
• Begin transferring knowledge and values, not just assets

Checklist:

☐ Review beneficiary designations and tax implications

☐ Reduce number of investment accounts

☐ Pre-authorize trusted family or advisors on financial matters

☐ Organize key documents in one secure place

☐ Record end-of-life preferences

Behavioural Bias:

Inertia : Avoiding change due to decision fatigue or fear.

Fix: Proactively simplify now to prevent forced decisions later.

Program Highlight:

Canada Caregiver Credit supports those caring for aging spouses or relatives—inform loved ones.

Age 85–95+: Legacy & Dignity — From Ownership to Stewardship

Key Priorities:

• Preserve dignity, independence, and agency
• Ensure estate is executable with minimal friction
• Align family on your vision and values
• Choose caregivers and executors you trust implicitly

Checklist:

☐ Trusts or direct gifting to reduce probate delays

☐ Review tax impact of final estate disposition

☐ Consider charitable bequests or donor-advised funds

☐ Maintain social and intellectual stimulation

☐ Express non-financial legacy: letters, videos, mentorship

Behavioural Bias:

Avoidance: Not updating plans due to emotional discomfort.

Fix: Normalize the conversation. Legacy is not just about money—it’s about meaning.

Final Thought: The Best Time is Now

No matter your age, clarity beats complexity. Wealth is not just about what you have—it’s about what you do with what you have.Start small. Stay consistent. Think long. Your 95-year-old self will thank you.

Kondwelani Kalinda - Associate Investment Advisor

This information has been prepared by Kondwelani Kalinda, an Associate Investment Advisor at iA Private Wealth Inc. Opinions expressed in this article are those of the Associate Investment Advisor only and do not necessarily reflect those of iA Private Wealth Inc. iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization

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