The Freedom Phase: How to Invest in Your 60s and Beyond
You’ve built your wealth — now it’s time to protect it, enjoy it, and make it last
After decades of working, saving, and investing, you’ve finally hit the stage you’ve been planning for. The paycheques are slowing down (or have stopped entirely), but your money? It’s ready to step up.
This is where your relationship with wealth changes.
It’s no longer about accumulation — it’s about preservation, optimization, and purpose.
Here’s how to invest wisely in your 60s and beyond — so you can retire confidently, live comfortably, and leave a legacy you’re proud of.
Step 1: Shift From Growth to Income — But Don’t Abandon Growth Entirely
Conventional wisdom says “go conservative” once you hit your 60s. That’s only half true.
Yes, you want stability and predictable income. But if you plan to live 25–30 more years (and many Canadians will), you’ll still need growth to stay ahead of inflation.
Smart target allocation:
50–60% equities (for growth)
40–50% fixed income (for income and stability)
You can achieve this balance using diversified ETFs or model portfolios that include Canadian dividend payers, global equity ETFs, and bond funds.
💡 Pro Tip: The goal isn’t to beat the market — it’s to protect your lifestyle. Focus on consistency, not outperformance.
Step 2: Turn Your Portfolio Into Paycheques
Now that your working income is tapering off, it’s time to transform your portfolio into a reliable income stream.
Here’s your new mantra: Withdraw strategically.
In Canada, that means:
Use RRSP/RRIF withdrawals wisely.
You must convert your RRSP to a RRIF by age 71, but you can start earlier.
Gradual withdrawals before 72 can lower lifetime taxes and keep you in a lower bracket.
Use your TFSA for flexibility.
Draw from it tax-free anytime, and keep reinvesting what you don’t need.
Balance registered and non-registered accounts.
Pull from RRSPs first to manage taxes, then top up with TFSA or non-registered funds.
🧮 Smart Move: Work with a tax-efficient withdrawal plan so your income stays steady, your tax bill stays low, and your portfolio lasts longer.
Step 3: Time Your Pensions Strategically
When to take CPP or Old Age Security (OAS) is one of the biggest decisions you’ll make in your 60s.
Here’s what most Canadians get wrong: they take them too early.
Take CPP/QPP at 60 → payments reduced by 36%.
Take it at 65 → full benefit.
Wait until 70 → payments increase by 42% for life.
If you expect to live past your late 70s, delaying often pays off. It’s like buying a government-guaranteed inflation-adjusted annuity.
💬 Pro Tip: Don’t make this decision in isolation. Combine pension timing with RRSP/RRIF withdrawals for the best overall tax outcome.
Step 4: Reduce Taxes Like a Pro
You’ve spent decades growing wealth — now the CRA wants its share.
But smart planning can dramatically reduce how much you hand over.
Top tax moves for retirees:
Income splitting: Share eligible pension income with your spouse to lower joint taxes.
TFSA optimization: Keep contributing — it’s your most powerful tax-free tool, even in retirement.
Charitable giving: Donate strategically using securities instead of cash to eliminate capital gains tax.
Watch the OAS clawback: If your taxable income exceeds ~$90,000, you’ll start losing benefits.
⚡ Mindset Shift: Retirement isn’t about avoiding taxes entirely — it’s about smoothing them over time.
Step 5: Simplify and De-Risk Your Life
This decade is about peace of mind — and that means decluttering your financial life.
Consolidate accounts. Fewer statements = fewer headaches.
Eliminate unnecessary debt. A paid-off home is an underrated superpower.
Automate income. Set up predictable transfers from your investment or RRIF accounts.
Review fees. Every 1% you save in fees adds years of extra income later.
💬 Pro Tip: Keep at least one year of cash or GICs on hand for living expenses. That way, you’ll never need to sell investments in a down market.
Step 6: Consider Permanent Life Insurance (Yes, Even Now)
If you’ve built significant assets, permanent life insurance can be a powerful estate planning tool.
It’s not about replacing income anymore — it’s about:
Covering final taxes on your estate
Leaving a tax-free legacy to your heirs or charities
Balancing out inheritances (for example, if one child inherits the cottage)
Talk to a licensed insurance advisor who understands tax-efficient estate strategies — not a salesperson pushing product.
🧠 Smart Move: Combine life insurance with charitable giving to multiply your impact and reduce estate taxes at once.
Step 7: Make Your Money Meaningful
You’ve spent your life earning, saving, and investing.
Now’s your moment to make it all matter.
Revisit your will and powers of attorney. Make sure everything reflects your wishes.
Talk to your family. Transparency now prevents stress later.
Invest for purpose, not just profit. ESG funds, philanthropy, or helping your kids start their financial journey can all align wealth with meaning.
💬 Pro Tip: Legacy planning isn’t about how much you leave — it’s about how intentionally you leave it.
Your 60s and beyond aren’t the finish line — they’re the victory lap.
You’ve worked for decades to build wealth. Now it’s time to protect it, use it, and enjoy it without fear of running out.
Stay invested, stay tax-smart, and stay purposeful.
Because true financial success isn’t measured by your portfolio balance — it’s measured by how freely you get to live your life.
👉 Next Move: Book time with a financial advisor to map out your plan. You’ve built your wealth — now it’s time to protect it, enjoy it, and make it last
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Investors should conduct their own due diligence and consult with a financial advisor before making investment decisions.