The Honest Truth About Retiring With A Mortgage (Financial Planners Explain)

Work with our team: https://www.parallelwealth.com/planning 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. If you have any questions about this video's topic or retirement planning in general, visit https://www.parallelwealth.com/ or use the links below to learn more about our services: ➡️Fee For Service Retirement Planning: https://www.parallelwealth.com/planning ➡️Retirement Income Program™: https://www.parallelwealth.com/invest... ➡️Parallel Wealth Masterclass: https://www.parallelwealth.com/education More from Parallel Wealth: 🔗https://linktr.ee/parallelwealth The above affiliate links are provided for your convenience. If you click on a link and end up purchasing a product or service, this channel may receive compensation for the referral. We have personal vetted each product and service we provide links to. DISCLAIMER: This presentation is for informational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments carry risk, and past performance does not guarantee future results. Any forward-looking statements are based on assumptions and may not reflect actual outcomes. The content on this channel is for educational purposes only and does not provide specific investment or planning recommendations. Viewers should consult a qualified professional for retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for any decisions made based on this content. TIMESTAMPS 0:00 Intro 0:30 Pros and cons of DIY retirement planning software 4:13 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 explained 21:01 Advantages of converting your RRSP at 55 24:57 Considerations when your pension is not indexed to inflation 29:19 Potential changes to Ontario LIRA unlocking rules 31:54 Coordinating a pension and RRSP in retirement 34:15 How changing legislation impacts retirement plans 38:16 RRSP strategies for one time high income years