Help with Parents RRSP strategy - MERs are too high
I've been trying to help my parents with the finances lately and am looking for advice on where to move my Moms RRSP investment to.
My dad is retired, 62, with a pension income of approx $6900/month gross. My mom will be retiring later this year. Mortgage paid off recently.
My mom has an RRSP valued approx $32k and a spousal funded RRSP valued approx $45k.
I have an issue with them having it invested with Manulife Mutual funds (since 2011).
The funds they are in are:
MGF8291 - Dynamic Balance GIF Select - 2.9% MER
MGF8268 - Fidelity Canadian Balanced GIF Select - 2.8% MER
MGF8209 - Yield Opportunities GIF Select - 2.44% MER
MGF8216 - Growth Opportunities - 2.92% MER
I think these fees far too high think they should move them out of there. I have my kids RESPs in a couch potato TD E-series, but not sure if that would be the best decision to transfer it directly over to there at once. I was also thinking possibly about a Tangerine all in one type account.
They currently make $500/ month contributions combined between the two of them. I also told them they should consider stopping their contributions to retirements savings since retirement for both of them is nearly here and would be better off with increasing their monthly cash flow.
I personally think they could live on my dad's pension, so a moderate risk would be acceptable for what them have saved and likely without any further contributions.
Thanks in advance for any input and advice.