Good morning. I hope you found some time to relax during this week of Canada Day celebrations – maybe even in the sun. Today, we’re digging into how our family backgrounds can shape the way we think about, and plan for, retirement.

I’ve been thinking a lot lately about how culture influences our financial decisions, especially when it comes to retirement. It’s not just about how much we’ve saved or when we want to stop working. For many people, it’s also about family, their legacy and obligations.

New data from Fidelity Canada’s 2025 Retirement Report back that up. For example, nearly 60 per cent of people born outside Canada say financially supporting their children is holding them back from retiring when they’d like. That’s almost double the rate of those born in Canada.

And the financial commitment doesn’t stop when the kids leave school. More than half of foreign-born pre-retirees expect to continue supporting their adult children in some way through retirement. Among Canadian-born respondents, that number drops to 39 per cent. There’s a similar gap when it comes to the importance of leaving behind a financial legacy: 56 per cent of immigrants said it matters to them, compared to 46 per cent of those born in Canada.

Taken together, the data paint a clear picture: Retirement isn’t a one-size-fits-all experience. Cultural expectations and intergenerational ties can significantly shape what it looks like, and when it begins.

But numbers only tell part of the story. I want to hear yours. Have you supported or been supported by family across generations? Did your upbringing influence how you think about retirement? Whether you or your parents were born in Canada or elsewhere, send me a note at mraman@globeandmail.com.

Past financial mistakes can delay major life goals. It might sound dramatic, but many Canadians say it’s their reality. Forty-one per cent of Canadians aged 30 to 44 say previous money blunders have delayed major milestones, such as paying off debt or buying a home, according to a new survey from Money.ca.

Why it matters: Money mistakes don’t just hurt in the moment, they can cast a long shadow. Survey respondents said these past choices made it harder to save, tackle debt, plan for retirement or simply live the life they want.

Yes, but: Everyone makes money mistakes. What matters is what you do next. With some smart planning and consistency, it’s entirely possible to get back on track.

Can we renovate our basement and still retire in a decade?

That’s the question Romesh, 54, and Gayle, 52, are asking. Let’s break it down.

The numbers: The Toronto couple earns $150,000 a year, has $2-million in assets, and carries a $475,000 mortgage. They’re planning a $125,000 basement renovation, with maybe another $50,000 to add a rental unit. Their goal is to retire in about a decade with $8,000 a month in after-tax income.

The good news: They’re in solid shape. A financial planner says they can reach their goals, even with the renovation, as long as they make a few smart moves.

Key steps, from a financial planner:

• Gayle should start contributing $300 a month to a TFSA. That tax-free growth could make a big difference later. Alternatively, they could use that $300 to pay off debt faster.
• They should consider using Romesh’s $100,000 crypto ETF account to help fund the renovation or boost TFSA contributions.
• When it comes time to retire, delaying CPP and OAS until age 70 could significantly boost their future income.

Plus: A rental suite could boost their net worth by 11 per cent, but they’ll need to weigh the potential tax impact and whether they want to be landlords later in life.