Patrick, 61, and Ted, 60, became a couple later in life. They have no dependants and live mortgage-free in a Toronto condo valued at $850,000.

“Now that we are both retired, it seems a good idea to integrate our finances,” Patrick writes in an e-mail. They’d like to know “how best to maximize our respective savings into joint ones and minimize the tax implications.”

Patrick receives a defined benefit pension of $89,000 a year. Ted has no pension but has substantial investment savings. Their joint retirement spending goal is $122,700 per year after tax, adjusted for inflation.

Short-term, their goals include a major home renovation ($25,000), international travel ($10,000 for one big trip and $5,000 for one or two smaller trips annually), and eventually replacing their car ($40,000).

In this Financial Facelift, Andrea Thompson, a certified financial planner and founder of advice-only financial-planning firm Modern Cents of Toronto, looks at Patrick and Ted’s situation.

Want a free financial facelift? E-mail finfacelift@gmail.com. Some details may be changed to protect the privacy of the persons profiled.

The weakening Canadian dollar and rhetoric from U.S. President Donald Trump about annexing Canada and his trade war has made it clear for many Canadians that it’s time to leave Florida. As Salmaan Farooqui writes, in the past two months, some Florida realtors say they’ve been inundated with Canadian sellers who are hoping to offload their properties as quickly as possible. According to Farooqui, it’s a hard time for Canadians to own their own vacation home in the U.S. – insurance and condo premiums have increased dramatically since last hurricane season – and coupled with the weakening Canadian dollar, it’s no longer financially feasible for many snowbirds.

And that’s before you get to the sense of shame that many Canadians in Florida felt for being there right now. Some were considering Portugal or Costa Rica as their new winter destinations.

Some of these snowbirds are making the big decision to sell their properties, even as the market isn’t really in their favour. Not only are interest rates still high in the U.S, but southern Florida’s market is facing a glut of properties on the market. Realtors said if snowbirds can ride out the lull, they should.

Sign up for the weekly Real Estate newsletter and more here.

With markets whipsawing again this week – reacting to tariff escalations, rumours of 90-day pauses, and then to actual pauses – retirees may be understandably concerned about what it all means for their retirement plans, writes Mark Burgess.

Owen Winkelmolen, an advice-only financial planner and founder of financial planning platform Adviice.ca, says these are the moments when having a stress-tested retirement plan pays off.

Mr. Winkelmolen, who’s based in London, Ont., says his clients are feeling secure after scheduled retirement plan updates in January and February during which they discussed the previous year’s strong returns and the likelihood of stocks reverting to the mean. “We already inoculated clients a little bit,” he says.

But clients who haven’t reviewed plans for a while, particularly those in or approaching retirement, may need reassurance.

Read more about what Winkelmolen had to say to Globe Advisor here about stress-testing retirement plans, when it’s time to make adjustments, and why most clients needn’t worry.

Sign up for Advisor Weekly here.

One of the more powerful tax-planning opportunities available to older clients is splitting pension income with a spouse or a common-law partner, writes Rudy Mezzetta.

Under the Income Tax Act, an individual is allowed to allocate up to 50 per cent of their eligible pension income to their spouse, lowering their combined tax liability.

Read the full article here, to find out how it works.

This article is part of a new Globe Advisor series, Pensions Unpacked, exploring how workplace pensions fit into retirement strategies, and the technical details and decisions that come with the plans.

Watching your portfolio drop in value is never easy, especially if you are in or near retirement, writes Meera Raman. But financial experts say the current market slump is more than just a moment of anxiety – it’s an opportunity to stress test your retirement plan.

If your retirement plan can’t withstand this kind of volatility, it may be time to question whether it was built for the long term in the first place, experts say.

After U.S. President Donald Trump launched his global trade war, North America’s major indexes took a hit, wiping out trillions of dollars in value.

While the drop is painful, market downturns like this aren’t uncommon. In fact, they’re one of the “biggest inevitabilities of retirement,” said Adam Chapman, a certified financial planner based in London, Ont.

That’s why it’s important that advisers design retirement plans to withstand market swings, Mr. Chapman said. Otherwise, downturns can cause panic and reactionary decisions, he said.

“If your financial adviser is urging you to delay retirement or cut spending due to market volatility, you don’t have a plan,” he posted on LinkedIn last week.

“You know your plan has failed when you allow the market to dictate your next move,” Mr. Chapman said in an interview. “A plan helps you control your actions before the inevitable occurs. Otherwise, you’re not in control, the markets are.”

Read the full article here.

Q: I’m planning for retirement, but my children may need financial support. How can I help support them and still save for my future?

We asked Gregory Sweet, managing director, investment advice, Scotia Wealth Management, to answer this one.

A: We are living longer than ever, so retirement planning is even more critical – and at the same time the cost of living, and particularly housing prices, have increased considerably. So, it may feel like you’re burning the candle at both ends.

There are many considerations when planning for your future, and having a plan is step one.

For example, with an RRSP, contributions grow on a tax-deferred basis, adding to your savings. If you want more flexibility with your investments, a TFSA will allow you to withdraw contributions at any time, tax-free and without penalties.

Additionally, if you want to support a family member who is interested in entering the housing market but has not yet opened a First Home Savings Account (FHSA), parents can gift funds to their children to help jump-start their savings. An RRSP and TFSA can be used simultaneously, allowing you to save for yourself while providing flexibility if you wish to support your family.

Here are four key principles I often share when investing:

1. Invest early. But it’s never too late to start, regardless of age or income. The more time investments have to grow, the more you can take advantage of compound returns.
2. Invest often. Consistency is important. Regular contributions over time can help smooth out market fluctuations and help build long-term wealth.
3. Stay diversified. A diversified portfolio mixes different types of investments to lower risk and help ensure greater stability, particularly in volatile markets.
4. Be disciplined. Establish a plan and stick to it. Financial advisers are a great asset for support and counsel. According to a recent Scotiabank Worry Poll, 85 per cent of investors believe their adviser keeps them on track to meet their goals despite the headwinds.

It’s not a secret that Canadians are feeling economic pressure. When the markets are volatile it’s easy to overlook your plan. Set a goal, never be afraid to ask for professional help and know what options are available to you.

Interested in more stories about retirement? Sixty Five aims to inspire Canadians to live their best lives, confidently and securely. Read more here and sign up for our weekly Retirement newsletter.