Introduction: Sarah $($aged $55)$ and Michael $($aged $55)$ are meticulously planning their retirement, set to begin in five years when they turn $60.$ They recently celebrated a significant financial achievement $$ paying off their mortgage $$ which has provided them with additional cash flow. With some room left in their Registered Retirement Savings Plans $($RRSPs$)$ and Tax$-$Free Savings Accounts $($TFSAs$),$ they now seek guidance on taxable investments. Their two children are financially independent, but Sarah and Michael aspire to provide each child with gifts worth $$50,000$ in the coming years. These gifts might be earmarked for important life events such as a home purchase or a wedding. Their primary goal is to travel extensively in the early stages of retirement while they are still in good health. They intend to spend significantly more during the initial decade of retirement, from ages $60$ to $70,$ followed by a more conservative budget from age $70$ onwards. Lacking defined benefit pensions, they are intrigued by the idea of delaying the start of their Canada Pension Plan $($CPP$)$ until age $70,$ which is expected to create a substantial and secure income source in the later stages of retirement. However, they are concerned that delaying CPP for a decade might affect their cash flow and potentially limit their travel plans. Sarah and Michael have a history of investing with an advisor for many years, and they were content with the returns they received. Their overarching objective is to ensure they are on the right track for a comfortable and stress$-$free retirement. They want assurance that they can meet their desired spending goals during early retirement without depleting their financial resources later in life. Please identify the $3$ major challengers Sarah and Michael are facing and answer the following questions: $1.$ Considering their desire to provide gifts to their children, how can Sarah and Michael invest these funds to ensure their children benefit from them effectively? $2.$ What financial strategies can Sarah and Michael employ to balance their extensive travel plans in early retirement with their long$-$term financial security? $3.$ Assess the advantages and disadvantages of delaying CPP benefits for a decade. What recommendations can you offer to mitigate potential financial challenges?