061 | Retiring With A Pension? This One Decision Can Change Everything

On episode 61 of Retirement Unpacked, Gord Manzer and Steven Arnott discuss the key factors when deciding between taking the defined benefit pension or its commuted value, how OAS and OAS clawback fit into your overall taxable income, whether it makes sense to unlock your locked-in account before retirement, should you delay OAS to do a larger RRSP meltdown, and much more.

Later in the episode, Mathieu Huneault joins the show to discuss tax-loss harvesting, when it may make sense, and some important cautions to keep in mind.

Chapters

0:00 Intro
0:40 Monthly payments vs. commuted value: What's the best option?

7:54 How does OAS clawback affect your taxable income?

12:32 Should you unlock your locked-in RRSP before retiring?

18:35 Delaying CPP: What happens if one spouse dies early?

24:29 Which jurisdictions allow you to base LIF maximum on last year's returns?

29:00 How CPP survivor benefit fits into your own CPP calculation

32:46 When does it make sense to contribute to an RRSP in retirement?

36:44 RRSP vs. TFSA contributions when you're close to retirement

40:54 Should you delay OAS to do a larger RRSP meltdown?

43:21 Tax-loss harvesting at year end

48:05 Should you contribute to RRSP if you have a pension?