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Most couples spend years planning for retirement together. Far fewer spend time planning for the financial reality that may follow when one spouse passes away.
In this episode of Retiring Canada, we discuss seven financial challenges that can impact the surviving spouse, and the strategies couples can implement today to help reduce those future risks.
You will learn how the loss of CPP and Old Age Security benefits can affect retirement income, why pension income splitting disappears, how RRSP and RRIF assets can create future tax problems, and why many surviving spouses face higher marginal tax rates and potential OAS claw-backs. We also discuss property decisions, estate planning considerations, tax efficient drawdown strategies, and the importance of coordinated retirement planning.
We also explain why some of the most valuable retirement planning decisions are made years before they are ever needed and how proactive tax planning can help create more flexibility and peace of mind for both spouses.
This episode is for Canadian retirees, pre-retirees, widows, widowers and couples who want to better understand the financial realities that often emerge after the loss of a spouse and how to prepare for them today.
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EPISODE RESOURCES:
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đ Download Our Latest Retirement Guide: â https://www.retiringcanada.ca/retirement-guideâ
âď¸ Submit Your Question: â https://www.retiringcanada.ca/submit-your-questionâ
đ Retiring Canada Website: â https://www.retiringcanada.caâ