In this episode of Your Retirement Planning Simplified, Joe Curry outlines seven expensive retirement planning mistakes affluent Canadians make in their 60s. From CPP and OAS timing to RRSP and RRIF withdrawal strategies, tax-efficient investing, and purposeful spending, this conversation will help you protect your retirement income plan and avoid costly missteps.
Key Takeaways
A projection is not a retirement plan. If you don’t know what to do when markets fall or inflation rises, you likely have a spreadsheet - not a real retirement income plan with guardrails.
CPP timing isn’t a break-even puzzle. For many affluent retirees, delaying CPP can function as longevity insurance and strengthen guaranteed, inflation-indexed income later in life.
RRSP withdrawals must be personal, not generic. “Melting down” your RRSP early can work - but in the wrong situation, it may increase lifetime taxes and reduce after-tax wealth.
Both overspending and underspending are risks. Your go-go years should be intentional. Spending without a framework, or refusing to spend out of habit, can both derail a fulfilling retirement.
Helping your children needs structure. Supporting family can be meaningful, but large gifts should fit within your retirement income planning strategy to ensure long-term sustainability.
Discussion