$80K Pension vs $1M Net Worth: Who is Richer?

In this episode of the AskTMFG Podcast, Carlo Cansino breaks down why a guaranteed pension isn't always the better deal compared to savings, using a side-by-side case study of two retirees. Sandra retires with an $ 80,000-per-year pension plus maxed-out CPP and OAS, landing at roughly $107,000/year — fully taxable. Mark retires with $1,000,000 split across an RRSP, TFSA, and non-registered account, and, on the surface, looks $40,000/year short. He unpacks why Sandra's "bigger number" actually costs her: her guaranteed income pushes her $11,677 over the 2026 OAS clawback threshold of $95,323, resulting in a permanent loss of about $1,752/year to the clawback, with no ability to adjust. Mark, by contrast, can strategically blend RRSP, TFSA, and non-registered withdrawals to keep his taxable income low, fully protect his OAS, and match or beat Sandra's spendable income, but only if he actively melts down his RRSP between 65 and 71, before mandatory RRIF withdrawals force his hand and push him into the same clawback trap. He wraps up with three takeaways: focus on total taxable income rather than the headline number, know your OAS clawback exposure, and don't skip the pre-71 RRSP drawdown window if you're relying on savings instead of a pension. 👉 Watch the full episode here: https://youtu.be/85XdYO3PG-I  Question for our listeners: If you're relying on savings instead of a pension, do you have a plan for drawing down your RRSP before age 71? 👉 Complimentary portfolio analysis: https://tmfg.ca/portfolio-analysis/ Follow us: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/