EP 4: Is Pulling Out Your RRSP Slowly Before You Retire a Good Idea?

In this episode of Money Talk with May, we’re diving into a strategy that’s often misunderstood: withdrawing from your RRSP before retirement. Is it ever a good idea? How can you avoid unnecessary taxes while making the most of your savings? We’ll explore the pros and cons of early RRSP withdrawals, how Canada’s progressive tax system impacts your decisions, and the importance of finding that sweet spot for your income. Plus, we’ll talk about strategies to reinvest what you don’t spend and ways to make your money work harder for you. Tune in to learn how to make smart, informed decisions about your RRSP that align with your goals!

Tax Calculator and Tax Rates:

https://www.ey.com/en_ca/services/tax/tax-calculators

iDecide Link:

https://www.ey.com/en_ca/services/tax/tax-calculators

DISCLAIMER: This podcast for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it.