Investing in your 80s and beyond
Sharing a meal recently with a group of seniors at a retirement home was a lesson in aging with grace and pluck and wisdom. Every person at the table, whose ages spanned 85 to 96 years, were dealing with cognitive and mobility challenges of some sort, but that didn’t deter them from enjoying life in the moment. Everyone at the table was there because of affordable lifestyle choices and wise financial planning. When the conversation turned to finances, one of the women at the table said, I’ve had my financial advisor for 50 years and I’ve told him that he can’t die before I do!
Start with your goals
At this stage in life, your investment strategy should reflect your personal goals. Whether it’s funding assisted living, supporting family members, or simply preserving capital, clarity is crucial. Begin by evaluating your current needs versus what you’d like to achieve in the next few years. Goals can include generating income, avoiding inflation erosion, or minimizing estate complications. The right portfolio prioritizes stability and predictability, not aggressive growth.
Less money = more planning
Older adults often face financial constraints due to fixed retirement incomes. Every dollar needs to work harder. That’s why thoughtful planning becomes even more essential. Consider consolidating accounts for simplicity, eliminating high-fee investments, and reviewing required minimum withdrawals. Conservative allocations like high-interest savings accounts, short-term GICs, and dividend-paying stocks can provide reliable returns with lower volatility.
Look at where your income comes from
Understanding your income sources helps prevent cash flow surprises. In Canada, most seniors rely on a mix of Old Age Security (OAS), the Canada Pension Plan (CPP), Registered Retirement Income Funds (RRIFs), and possibly private pensions. Some may have rental income or dividends. Identifying which sources are guaranteed, which are variable, and which may be taxable is key to deciding how much you need to supplement through investing.
Be cautious of cognitive decline
As we age, our cognitive abilities can decline—making complex decisions riskier. That’s why transparency, regular reviews, and a simple portfolio structure matter. Avoid speculative products or aggressive sales tactics. Designate a trusted person (like a family member or power of attorney) who understands your wishes and financial plan. Use checklists for decision-making, and always verify unsolicited advice or offers.
Get an advisor you can trust in more than one way
Trust in an advisor should go beyond financial knowledge—it includes empathy, clarity, and consistency. Look for someone experienced in working with seniors, preferably with fiduciary obligations. Many Canadian firms offer retirement-focused advisors who are trained to understand issues like estate planning, tax-efficient withdrawals, and caregiving expenses. Schedule regular reviews and involve family members when appropriate to foster transparency.
Investing courses in Canada for lifelong learners
Even in your 80s, it’s never too late to learn. Several Canadian providers offer investing courses tailored for retirees or late-life investors. Here are some trusted options to consider.
| Product/Service Name | Provider | Key Features | Cost Estimation |
|---|---|---|---|
| Retirement Planning & Investing Workshop | IG Wealth Management | Covers income planning, RRIFs, tax-efficient investing | Free (with registration) |
| Investing for Seniors (Webinar Series) | Canadian Securities Institute | Basics of investing, risk management for retirees | $95 CAD per session |
| Retirement Income Planning e-Course | CPA Canada | Online course focused on budgeting and investments | $150 CAD |
| Financial Literacy for Seniors | ABC Life Literacy Canada | Offers free workshops and resources for older adults | Free |
| Wealthsimple Learn: Seniors Edition | Wealthsimple | Online guide with tips for low-risk investing | Free |
Prices, rates, or cost estimates mentioned in this article are based on the latest available information but may change over time. Independent research is advised before making financial decisions.
Additional tips and insights for Canadian seniors
- Seniors can split eligible pension income with a spouse to reduce taxes.
- OAS benefits may be clawed back if your income exceeds a certain threshold.
- Consider setting up automatic withdrawals to ensure consistent monthly cash flow.
- Some banks and credit unions offer special senior-friendly investment products.
- RESP withdrawals or charitable donations can help reduce taxable estate value.
Conclusion
Investing in your 80s is less about wealth accumulation and more about aligning your finances with your lifestyle and legacy goals. With careful planning, trustworthy advice, and a solid understanding of income sources, seniors in Canada can maintain control, dignity, and peace of mind—even in a complex financial world.
The shared information of this article is up-to-date as of the publishing date. For more up-to-date information, please conduct your own research.
