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What retirement decisions should you make if you don't know where to start?

In this episode of the Plain English Finance Podcast, Tré and Sierra discuss a “default decision” framework for retirement planning. The goal is not to pretend there is one perfect answer for everyone. The goal is to start with a reasonable default, then ask: why might this not apply to me?

This episode focuses on several major retirement decisions: when to withdraw from RRSPs, when to take CPP and Old Age Security, how to think about investment allocation, and which retirement risks are worth taking versus avoiding.

For retirees with enough assets that they are not forced to withdraw just to pay bills, the planning question often shifts from “where do I get income?” to “how do I draw income tax-efficiently?” That can make RRSP withdrawals, CPP timing, OAS clawback planning, and investment structure much more important.

In this episode, we discuss:

• Why default decisions can help simplify retirement planning
• When to start withdrawing from RRSPs
• Why low-income retirement years may be useful RRSP withdrawal years
• Why RRSP taxes will eventually be paid either during life or at death
• Why delaying CPP and Old Age Security can be powerful
• Why CPP and OAS are more than just “extra pension money”
• How OAS clawback can make certain income ranges very expensive
• Why the fixed-income part of a portfolio should have a clear job
• Why reducing volatility is not the only reason to own fixed income
• How a cash wedge or war chest can protect retirement spending
• Why each dollar in retirement should have a purpose
• Why inflation may be more dangerous than market volatility
• Why individual business risk can be disastrous in retirement
• Why diversification should make every bad thing hurt a little, but nothing hurt a lot

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