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It is far more common than many people realize for one spouse to retire several years before the other. While this transition can create uncertainty, it also opens the door to valuable planning opportunities that may not exist once both spouses are fully retired.
In this episode of Retiring Canada, we discuss eight retirement planning strategies couples should consider when one spouse retires while the other continues working.
You will learn how to optimize lower tax brackets, strategically withdraw from RRSP’s and non-registered accounts, plan CPP and Old Age Security start dates, prepare your portfolio for future withdrawals, maximize TFSA’s, and determine whether it makes sense to complete major purchases or RRSP contributions before the second spouse retires. We also discuss why staggered retirements often provide one of the best planning windows for reducing lifetime taxes and increasing long-term retirement flexibility.
We also explore the non-financial benefits of staggered retirement, including the opportunity for couples to gradually adapt to retirement, establish new routines, and build confidence before both spouses fully transition into the next chapter of life.
This episode is for Canadian couples approaching retirement who want to better understand how a staggered retirement can create planning opportunities while helping build a more coordinated, tax-efficient, and confident retirement strategy.
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