045 | The Honest Truth About Retiring With A Mortgage

In episode 45 of Retirement Unpacked, Kyle and Michael discuss the pros and cons of DIY retirement planning and DIY retirement planning software, whether it makes sense to carry a mortgage into retirement when you have a defined benefit pension, when spousal loans can be a useful tax strategy, how to coordinate retirement withdrawals between pensions and RRSPs, and much more.Later in the episode, Mathieu joins the show to go over a client case study and discuss the benefits of updating your retirement plan, including how changes to QPP and locked-in account rules allowed the client to make adjustments that improved their plan.0:00 Intro0:30 Pros and cons of DIY retirement plans4:13 Which year’s income determines your OAS clawback?7:28 Should you pay off your mortgage before retirement?12:05 How is the RRIF minimum calculated?15:13 Spousal loans explained21:01 Advantages of converting your RRSP at 5524:57 Considerations when your pension is not indexed to inflation29:19 Potential changes to Ontario LIRA unlocking rules31:54 Coordinating a pension and RRSP in retirement34:15 How changing legislation impacts retirement plans38:16 RRSP strategies for one time high income years