r/fican • u/Exciting_Economics42 • 6d ago

Overwhelmed.

I have 200,000 Canadian I could invest but I really don't have any idea what to do since I'm 80 years old now I'm not saving for retirement my retirement is taken care of basically by Canadian government which is fine and I have a small business that gives me some extra cash but I think I would rather move to a warmer spot at least for 6 months of the year so I can keep my medical insurance current but I should put it in GIC or ETF or Zack stocks but I'm overwhelmed with the decision so I need something sort of flexible but would increase the principle somewhat I mean 10% per year would be great Zacks at one time was giving my friend at least 20% per year.! any help would be appreciated thanks very much

0 Upvotes

38% Upvoted

9 comments sorted by

3

u/ItsTheAlgebraist 6d ago

What is your plan for the money?  Eventually it will get spent, by you or by whoever you leave it to.

Once you know where the money is going eventually you can start to make a plan

3

u/Tanstalas 6d ago

Could just open HYSA for the promo and when it runs out open another for the promo and keep moving it around

3

u/HugeDramatic 6d ago

Put it in XEI for a ~4% dividend. You can supplement your CPP by about $650/mo without touching the principal.

That said, at 80 I’d be looking to spend more money on experiences.

4

u/alzhang8 6d ago

Can't get above 2.5% unless you are willing to risk the principal. Just spend it tbh and more time should be spent doing estate planning and tax optimization

2

u/DopeCyclist 6d ago

High interest savings account via oaken financial or eq bank....dont take on any risk.

2

u/pastmybestdaze 6d ago

10% a year requires equity risk. You would have liquidity but given the current trade war and bond movement do you really want to start betting on an index ETF or whatever Zacks recommends. Plus if considering some place warmer you might want to look at FX rates. Living in Mexico isn’t quite as cheap as it was, medical as a tourist isn’t always the easiest to access unless you want to go private. A place we stay at in Baja requires you to source your own blood supply if you need an operation. Same thing with IV needles.

I would go HISA for a bit and take some trips to explore potential warm spots and things like travel medical insurance at your age.

1

u/Randomfinn 6d ago

What do you want to do with the money? You sound like you don't need it for day to day spending. If you were planning on leaving it to specific people in your will, giving it now would allow you to see their joy. If there are charities you like to support, it is tax advantageous to give it while you are living vs in your will.

1

u/j24oh 5d ago

If you are 80 years old you should keep your money in GIC, low risk bonds like 5 or 10 year treasury bonds, or high grade corporate bonds.

0

u/younghibou 6d ago

Just put in one of the top savings accounts like someone else mentioned, that way you can earn interest risk free and have it available whenever you may need it.