TheyhaveheardalotaboutdeferringcollectingCPPandOASuntilage70.If theydid this,wouldithurtthemfinancially?IsitnecessaryforSallytowaituntilher70thbirthday orcouldsheapplywhenAdamdoes?

After 37 years of marriage, they are mortgage free and plan on downsizing from their $900,000 home to a townhouse, hopefully this will resulting in money left over to help create more retirement income. Two years ago Adams' mother passed away and they used the inheritance to buy a condo in Phoenix, Arizona. Current value of the condo is $450,000. But he purchased it for $350,000. They also want to keep in mind their two daughters (aged 32 and 27, both married) and their two grandchildren (Raven is aged 2 and Martin is 5). They would like to help out with the grandchildren's education plus have the flexibility to help Sally's aging parents. If they could assist each grandchild through a family RESP and gift $5,000 per year until their 18 birthday respectively, they would be over the moon! Overall they feel that retirement would allow them to enjoy their newfound freedom. This means travelling to exotic places, spending winters in Arizona and downsizing to a home with less upkeep (at least in the early years). Afterwards, they see themselves spending more time closer to home, with family and friends, especially their grandchildren. Finally, in the latter years, their main concern is more about managing health and wellness. Adam and Sally can only go by how healthy they are now and look at their family history to try and figure out what they might need in terms of healthcare in the future. They want to plan ahead as they don't want to be a burden, financially or otherwise, on their family. Financial Situation as of Today Sally's Assets: Severance Package $ 80,000 DC Plan Value $ 112,000 TFSA Value $ 25,000 RRSP Value $ 30,000 Adam's Assets: TFSA Value $ 60,000 LIRA Value $ 190,000 RRSP $ 145,000 Sally and Adam's Joint Assets: Principal Residence $ 900,000 Arizona Condo. $ 450,000 USD Joint Open Investment $ 255,000