Retirement Planning in Canada isn't just about investments.

It's about alignment.

In our experience working with thousands of Canadian retirees, we've seen a consistent pattern:

Families plan for each other - but rarely with each other. 

And when retirement income plans, estate plans, and inheritance expectations aren't aligned, tension can quietly build beneath the surface. 

Over time, that misalignment can undermine even the strongest financial strategy. 

Why Family Misalignment Can Derail Retirement and Estate Planning 

That silence has consequences.

As Gary Teelucksingh of the Money Wise Institute explains, “Eighty percent of parents say rising costs threaten their ability to leave an inheritance, while over half of millennials and Gen Z expect to receive an inheritance and one in four are actually counting on it as part of their financial plan.”

According to the Money Wise survey, 57% of Canadian parents now expect to spend most of their wealth during their lifetime, while 55% of Millennials and Gen Z still expect to receive an inheritance

In retirement planning, unspoken inheritance expectations can quietly undermine an otherwise solid financial strategy.

Parents might feel uncomfortable discussing money, aging, or death.

Children might fear sounding entitled or triggering a defensive reaction.

But emotions like guilt, fear of burden, or loss of control can shut down the conversation before it even starts.

A Common Estate Planning Scenario in Retirement

But by the next session, she’s had more time to reflect and now thinks: “What if we need more for later?”. With rising costs leading to an uncertain future, she believes they should set up an emergency fund, not because she doesn’t want to support her son, but because of what they can’t foresee happening.

The misalignment between the couple highlights a broader issue: if the parents aren’t on the same page, how can the family as a whole align?

It wasn’t a disagreement. It was just a conversation where priorities had changed.

At PKAG, we have a saying:

If the conversation is incomplete, your finances can’t compete.

How to Get Your Family Aligned Around Retirement and Inheritance Planning 

Teelucksingh also said “The conversation isn’t about what I get or what I want. It’s about reverence. Families can start by asking, ‘How do we respect your legacy?’ That shifts the tone from awkward to meaningful.”

Here are a few practical ways to begin:

Start with Your Spouse First

Retirement isn’t a solo plan. It’s a shared life phase.

Hold a Structured Family Financial meeting

Bring in a Neutral Third Party for Estate and Retirement Planning 

Align Siblings Ahead of Time

 

Document the Essentials in Your Estate Plan 

 

Every family faces tough conversations around retirement.

The good news is, you don’t have to figure it all out alone - and you don’t have to get it perfect.

You just have to begin.

But don’t wait for a crisis to start the conversation.

At PKAG, we help families turn incomplete conversations into confident plans so you can move forward with clarity, trust, and alignment.

The earlier you talk, the easier it gets.

Estate planning should be a big part of your financial planning in retirement. Join us at our next in-person seminar where we talk about estate, finances and ways we can help you live the life you imagined in retirement:

Register Here

Sources

https://www.edwardjones.ca/ca-en/market-news-insights/guidance-perspectives/family-meetings-empowering-platform-family-communication

https://www.moneywiseinstitute.com/press-1/brokenconversationsmay212025pressrelease

https://www.globenewswire.com/news-release/2025/04/08/3057503/0/en/Tariffs-Tension-and-the-Talk-that-s-not-happening-Half-of-Canadian-parents-haven-t-discussed-inheritance-plans-with-their-children.html