Legacy, Liquidity, and Life Insurance: What Every Retiree Should Review at 65
Turning 65 is more than just a milestone — it's a pivot point. For many ultra-high-net-worth (UHNW) Canadians, it marks the moment when retirement stops being a future goal and becomes an active reality.
At this stage, your focus starts to shift: from accumulation to distribution, from growth to protection, and from personal wealth-building to multi-generational planning. You’ve likely spent decades building your business, supporting your family, and accumulating wealth. Now, it’s time to make sure your plan supports the next chapter just as effectively.
Here are the foundational areas every affluent Canadian should review at retirement age — areas that are often misunderstood, overlooked, or out of date.
Legacy: What Will You Leave Behind — and How Intentionally?
For many of our clients, legacy isn't just about money. It's about impact — on family, on community, and on the next generation of leadership. Yet far too often, we find that estate plans haven't evolved alongside their creators.
Maybe your Will is a decade old. Perhaps your children’s roles have changed. Or maybe your wealth has grown in ways your original plan never anticipated — through real estate, business growth, or corporate retained earnings.
At 65, it's crucial to ask:
Does your Will reflect your current values, family structure, and asset mix?
Have you accounted for blended families, business succession, or charitable intentions?
Do your adult children know your wishes — and are they prepared to carry them out?
Your legacy should not be a mystery revealed after you're gone. The most effective estate planning happens during life, not after it.
Liquidity: Can Your Estate Pay Its Bills Without Selling the Things You Care About?
One of the most overlooked estate planning gaps is liquidity. Many UHNW Canadians hold significant wealth in real estate, private corporations, or investment portfolios. But upon death, large tax bills can come due — particularly for secondary properties or shares in a private company.
Without a liquidity strategy, your heirs may face difficult choices: selling family assets to cover capital gains, taking on debt, or dealing with delays in estate distribution.
This becomes especially important if:
You own U.S. or vacation property
You hold a corporation with retained earnings or insurance
You intend to leave specific assets to specific beneficiaries (e.g., one child receives the business, another receives equivalent value)
Liquidity isn’t just a financial question — it’s a planning issue that affects fairness, efficiency, and family harmony. At 65, it’s time to ask whether your current plan can fund your estate without forcing it into liquidation.
Life Insurance: Is Your Coverage Still Serving Its Purpose — or Has Its Role Changed?
Many Canadians assume life insurance is for younger families — to protect income or pay off the mortgage. But for high-net-worth retirees, life insurance can take on new and strategic roles.
At this stage, it’s less about protection and more about preservation. Is your policy designed to create liquidity, offset taxes, equalize your estate, or fund philanthropy? Is it personally owned, or held inside your corporation as part of a broader capital dividend strategy?
And most importantly:
Have you reviewed your beneficiary designations recently?
Is your policy performance still aligned with your estate objectives?
Do you have policies you no longer need — or others that need to be restructured?
At 65, insurance is not a yes-or-no question. It's a “does this still serve me?” decision. The answer may surprise you.
Your Retirement Is Just the Beginning
At 65, retirement planning evolves into something more comprehensive — wealth continuity planning. It’s about ensuring your resources are aligned with your values, your structure matches your strategy, and your family is protected from both financial and emotional strain.
If it’s been more than a few years since you reviewed your estate, liquidity, or insurance planning, now is the time. Connect with your WealthCo advisor to ensure your plan reflects where you are — and where you're going
Disclaimer: The information in this article is for informational and educational purposes only and is not meant to be construed as financial advise. Please consult with a qualified financial advisor before making any financial decisions.
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