In this episode of Retirement Unpacked, Adam Bornn and Brett Martinson tackle a variety of retirement-related questions, focusing on strategies for managing income, taxes, and investments in retirement. They discuss the implications of OAS clawback, the importance of RRSP contributions, and the nuances of withdrawing from RRSPs and TFSAs. The conversation also covers RRSP drawdown strategies, CPP dropout rules, and what strong financial planning deliverables should actually include.

Parallel Wealth planner, Matthew Dennis, joins the episode to discuss a common real-life challenge when couples have different spending goals and visions for retirement and how to navigate those conversations so both spouses feel heard and aligned.

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DISCLAIMER: This content is for informational and educational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments involve risk, and past performance is not indicative of future results. Any forward-looking statements are based on assumptions and may differ from actual outcomes.

Please consult a qualified professional for personalized retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for decisions made based on this content.

Chapters

00:00 Intro and Overview

00:22 Is OAS Clawback a Good Problem

04:29 When RRSP Contributions Don’t Make Sense

07:25 Melting Down a Large RRSP

11:03 Are All in One ETFs Safe

14:34 Talking to Parents About Beneficiaries

19:57 TFSA Withdrawals and Attribution

22:35 CPP Dropout Rate Explained

24:53 Reducing RRIF Tax at Death

27:49 What Good Financial Plan Deliverables Include

34:49 High Income and Large RRIFs

38:39 Banks Ignoring Successor Forms

41:16 Spousal RRSP Contributions

44:16 Understanding Client Goals in Financial Planning

48:59 Year End Account Opening and Deadlines

51:40: Wrap-up