Planner Del Wilmot Flags 5 Canadian Retirement Mistakes That Can Cost Thousands
Updated
Updated · EloraFergusToday · Aug 19
Planner Del Wilmot Flags 5 Canadian Retirement Mistakes That Can Cost Thousands
2 articles · Updated · EloraFergusToday · Aug 19
Summary
Five post-saving decisions — not poor investment picks — often drive the biggest retirement losses for Canadians, Del Wilmot said, with mistakes potentially costing retirees tens of thousands over time.
CPP timing and withdrawal order sit near the top of the risk list: taking benefits too early can permanently cut income, while drawing from RRSPs, RRIFs, TFSAs or taxable accounts in the wrong sequence can raise taxes and trigger OAS clawbacks.
A 65-year-old couple may need assets to last 25 to 35 years, making longevity risk a central planning issue and increasing the danger of either overspending early or living too frugally.
Wilmot also warned that retirement planning cannot hinge on hitting one savings number or simply holding investments; he said retirees need a written income, tax, estate and risk-management plan to turn assets into sustainable cash flow.