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⭐️⭐️ TFSA vs RRSP: Which Should You Withdraw First in Retirement?
When you retire, one of the biggest questions becomes: which account should you withdraw from first?
Should you take money from your TFSA? Your RRSP? Your non-registered account? Should you delay withdrawals? Should you preserve tax-free money as long as possible? Or should you draw down registered accounts earlier to manage future taxes?
In this video, Rob explains why there is no one-size-fits-all answer to the TFSA vs RRSP withdrawal question. The "right" order depends on your income, tax bracket, age, CPP and OAS timing, estate planning goals, flexibility needs, and how your retirement income plan is structured.
You'll see two retiree examples that show how the same advice can lead to very different outcomes depending on the person. Rob also breaks down the biggest misconception around retirement withdrawals, why blanket advice can be dangerous, and how to think more strategically about using your TFSA, RRSP, and other retirement assets.
If you are approaching retirement or already retired, this video will help you better understand how withdrawal order can affect your taxes, flexibility, estate, and long-term retirement income.
Enjoy!
CHAPTERS:
00:00 - Intro
00:57 - The Biggest Misconception
01:33 - Two Retiree Examples
03:20 - The Issue With Blanket Advice
03:44 - Other Considerations, Flexibility & Estate Planning
06:09 - Your Biggest Takeaway
06:45 - The Next Steps
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