This 70-year-old with some risky investments wants to know where to put his money

financialpost.com:

To this point in his life, Kyle* has focused on growing his modest, self-directed investment portfolio using a mix of somewhat risky stocks and funds. But he retired in 2014 and recently turned 70 years old, so he’s wondering what to do now as he prepares for his next chapter in life.

Kyle is single, does not have children and owns a home conservatively valued at about $200,000 with a small mortgage of $12,000, which he will pay off in full with his inheritance. His public-service pension is indexed to inflation, and combined with the Canada Pension Plan and Old Age Security, his annual income is $51,000 after tax.

His monthly expenses are about $4,000, which includes $200 in term-life insurance premiums for a policy he had taken out with an ex-girlfriend that will pay out $100,000. However, he plans to cancel it now that they are no longer together and the premiums are expected to increase as he ages.

Kyle has a tax-free savings account worth $6,715 invested in BlackBerry Ltd., Canopy Growth Corp. and Nvidia Corp. via Questrade. He also has $253,600 in registered retirement savings plans (RRSPs), largely invested in exchange-traded funds ($180,000) with the remainder in a bank-owned balanced mutual fund. As he prepares to convert his RRSPs into registered retirement income funds (RRIFs), he wonders if he should shift into less volatile investments.

“How should my money be invested to sustain me through retirement?” he asks. “Do you have specific advice on how to diversify and where to put my money?”

This includes a move back to Alberta in the next year or two: “When I make the move, should I purchase a home, or does it make more sense to rent?”

He’d also like to start travelling again, something he hasn’t done since the