The decisions that
can't be undone.
Straight answers to the questions Canadians actually face at retirement — when to take CPP, how to draw down an RRSP, whether to commute a pension. The trade-offs, in plain English, the way Allan explains them in a first conversation.
How much can you actually spend in retirement?
There is no single safe number. How much you can spend depends on when you retire, how long you live, how your investments behave, and what you actually want the money for — so the useful answer is a range you can watch and adjust, not a figure printed in a binder you'll open once.
Read the guide CPP & OASWhen Should You Take CPP and OAS? A Canadian Timing Guide
There is no single right age. CPP can start between 60 and 70, and waiting until 70 instead of 65 raises it about 42%. OAS starts at 65 and can be deferred to 70 for roughly 36% more. The right timing depends on your health, your other income, taxes, and whether you have a spouse.
Read the guide DecumulationHow to draw down your RRSP and RRIF
There is no single right answer, only the one that fits your plan. For many retirees it makes sense to draw from the RRSP earlier than the rules require, in lower-income years before CPP and OAS begin, rather than waiting until 71 and being forced into larger taxable withdrawals later.
Read the guide PensionsShould You Commute Your Pension or Take the Monthly Payment?
It depends on your health, your spouse, your other savings, and how much control you want. The monthly payment is guaranteed income for life. Commuting hands you a lump sum but shifts the investment and longevity risk onto you. For some people that trade is worth it. For many it is not.
Read the guide Estate & LegacyEstate and Legacy Planning for Canadian Retirees
Canada has no estate or inheritance tax, but at death you are generally treated as having sold your capital assets and your remaining RRSP or RRIF is usually taxable as income. Naming beneficiaries, keeping a current will, and planning the order you draw down can leave more for your family.
Read the guide InvestingInvesting and TFSAs in retirement: how your portfolio should change
When you move from saving to spending, the portfolio's job changes. It no longer has to grow as fast as possible; it has to deliver income through markets you don't control. That usually means more guaranteed income, a cash cushion so you're not forced to sell stocks in a downturn, and a plan that drives the investments.
Read the guide Your HomeYour Home in Retirement: Downsizing, the Cottage, and Real Estate as Part of the Plan
There is no single right answer. For most retirees, the home is both the biggest asset and the hardest one to look at clearly, because it is also where you live. Start by separating the money from the meaning, then test a few versions of your future before you decide anything.
Read the guide Business OwnersFinancial planning when you own the business
When you own the business, your wealth, your income and your retirement plan are all tangled up in one thing you also run day to day. Planning has to connect the personal and corporate sides, coordinate with your accountant and lawyer, and treat the business itself as the asset it is.
Read the guideYour question not covered here?
Most planning questions are situation-specific. The fastest route to a real answer is a conversation.
