042 | It's Boring, But It Will Decide Your Entire Retirement

In episode 42 of Retirement Unpacked, Brett and Paul break down the importance of using conservative assumptions in your retirement plan, the CPP child-rearing provision, retiring with an age gap, if it makes sense to start CPP early and invest into your RRSP, how non-registered accounts are taxed, and much more.
Later in the episode, Mathieu Huneault joins to discuss two client planning scenarios: one involving a client who received a severance payment and needed to consider if RRSP contributions could lead to overcontribution issues due to how the income is classified, and another where a client regretted starting CPP and learned they were still within the window to cancel it by repaying the benefits received.Chapters

0:00 Intro
0:47 The importance of assumptions in retirement planning

7:39 The CPP child-rearing provision, explained

15:01 Should you pay into CPP if you have a corporation?

21:35 Planning around unique retirement situations

27:12 Start CPP early and invest into your RRSP

33:06 Can you use your cash wedge to buy the dip?

38:54 Retiring with an age gap

44:56 Tax implications of loaning money to your kids

50:15 How are non-registered accounts taxed?

56:36 Should I work one more year?

1:01:03 Contributing severance payment to an RRSP (case study)

1:08:24 Canceling your CPP (case study)

1:13:25 Cashflow is more important than growth in retirement