Ask MoneySense

By Allan Norman, MSc, CFP, CIM on March 3, 2025
Estimated reading time: 6 minutes

By Allan Norman, MSc, CFP, CIM on March 3, 2025
Estimated reading time: 6 minutes

A Certified Financial Planner looks at the different strategies to ask your own advisor: Is life insurance the answer?

My wife and I are both retired office workers from a large manufacturing firm. She retired at 60 and I did at 61. We are both 67 now. We have good retirement income between our pensions, LIF, OAS and max CCP, as well as about $12,000 per year in dividend income. The issue is our RRSPs. We have around $900,000 combined, despite drawing down anywhere from $30,000 to $50,000 each year combined. Market returns have been good so it keeps growing despite the withdrawals. We don’t need the income but have drawn down some to take our income to just below OAS clawback level.

We recognize this is a good problem to have, but trying to determine if there is a software program to determine best withdrawals to make each year especially before we turn 71 and convert to........

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