You saved carefully for decades, but what if that same caution is quietly costing you your best years in retirement? Many Canadians retire with more than enough and still can't bring themselves to spend it. In this episode, Joe names the pattern nobody talks about: the underspending trap, and how to break free from it.

The same discipline that builds a healthy retirement nest egg can quietly prevent you from ever enjoying it. Joe walks through why underspending happens (it's a psychology problem, not a money problem), what it actually costs you in real life, and how the research on retirement spending behaviour points to a practical solution. If you've ever felt a quiet resistance to spending even when the numbers look fine, this episode is for you.

In This Episode

• Retirees who are most reluctant to spend tend to be the ones with the most money saved -- this is well-documented in the research, and it means the problem isn't about having enough.
• Retirement spending typically follows a smile curve: higher in the active early years, naturally easing in the middle, then rising again at the end as healthcare costs increase -- which means the window to enjoy your money closes sooner than most people plan for.
• People spend most comfortably when income arrives automatically as a paycheck -- from sources like a workplace pension, Canada Pension Plan (CPP), Old Age Security (OAS), or an annuity -- rather than when they have to pull money from a portfolio they're watching.
• Whether you prefer guaranteed income or a portfolio-based approach, having a solid income floor or a near-term defense bucket gives you the confidence to spend from the rest -- because you know the essentials are covered.
• A retirement plan gives you permission to spend, but only if it stays current -- when life shifts and the plan goes stale, most people quietly default back to underspending.

About:

Your Retirement Planning Simplified is a weekly Canadian retirement planning podcast hosted by Joe Curry, CFP, CEPA, of Matthews and Associates, an independent wealth management firm. Each week, Joe breaks down retirement income, tax, and estate decisions in plain language for Canadians who are near or in retirement.

Newsletter:

Want tips like this in your inbox? Sign up for the Retirement Planning Simplified Newsletter and get updates plus our popular 60-Second Retirement Tip: https://bit.ly/RPSNewsletter

Next Step:

Ready to take the next step in your retirement planning? Watch a short overview of our True Wealth Roadmap and see if our process is a fit for you: https://www.matthewsandassociates.ca/vsl

Disclaimer:

Opinions expressed are those of Joseph Curry, a registrant of Aligned Capital Partners Inc. (ACPI), and may not necessarily be those of ACPI. This podcast is for informational purposes only and not intended to be personalized investment advice. The views expressed are opinions of Joseph Curry and may not necessarily be those of ACPI. Content is prepared for general circulation and information contained does not constitute an offer or solicitation to buy or sell any investment fund, security or other product or service.

Most people treat the Old Age Security (OAS) clawback like a cliff you fall off the moment your income crosses the line. It isn't. In this episode we reframe the clawback as one number among many, and look at when fighting to avoid it quietly costs you more than it saves.

A listener wrote in about friends who organize their whole retirement around protecting OAS. Joe walks through what the clawback actually is, the math that makes avoiding it backfire, and the bigger cost most people never see. This one is for Canadian couples near or in retirement who want their income, tax, and estate decisions working together, not one line on a tax form running the show.

In this episode:

• Understand how the OAS recovery tax really works. It is a marginal cost of fifteen cents on each dollar above the threshold, not an all-or-nothing cliff.
• See how starving your Registered Retirement Income Fund (RRIF) to protect OAS can create larger forced withdrawals later and a painful tax bill at the second death.
• Weigh the behaviour cost: the trips, the help to your kids, and the generosity you postpone to protect a benefit that may be small against a large portfolio.
• Learn the two camps. For households near the income threshold, protecting OAS is genuinely smart. For those with a large portfolio, it may be a rounding error.
• Follow the right order of questions: what your ideal life costs, your projected lifetime tax bill, and what happens to the RRIF at the second death, before the clawback gets a vote.

About:
Your Retirement Planning Simplified is a weekly Canadian retirement planning podcast hosted by Joe Curry, CFP, CEPA, of Matthews and Associates, an independent wealth management firm. Each week, Joe breaks down retirement income, tax, and estate decisions in plain language for Canadians who are near or in retirement.

Newsletter:
Want tips like this in your inbox? Sign up for the Retirement Planning Simplified Newsletter and get updates plus our popular 60-Second Retirement Tip: https://bit.ly/RPSNewsletter

Next step:
Ready to take the next step in your retirement planning? Watch a short overview of our True Wealth Roadmap and see if our process is a fit for you: https://www.matthewsandassociates.ca/vsl

Resources and sources:

• OAS clawback (OAS recovery tax) thresholds, Canada.ca: https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/recovery-tax.html (the minimum income recovery threshold and full-recovery ceiling are indexed annually, so confirm the current figures for the tax year before relying on them)
• RRIF minimum withdrawal rules, Canada.ca: https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/specimen-plans/registered-retirement-income-fund-rrif.html

Disclaimer:
Opinions expressed are those of Joseph Curry, a registrant of Aligned Capital Partners Inc. (ACPI), and may not necessarily be those of ACPI. This podcast is for informational purposes only and not intended to be personalized investment advice. The views expressed are opinions of Joseph Curry and may not necessarily be those of ACPI. Content is prepared for general circulation and information contained does not constitute an offer or solicitation to buy or sell any investment fund, security or other product or service.

In this episode of Your Retirement Planning Simplified, Joe Curry explains the real value of a one-time retirement plan and why retirement planning should never be viewed as a one-and-done exercise. Learn how retirement income planning, tax-efficient withdrawal strategies, CPP and OAS decisions, and ongoing financial guidance work together to help Canadians adapt to life's inevitable changes.

Thank you for listening!

You can get a full breakdown of each episode on the Your Retirement Planning Simplified Blog

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About Joe Curry

Joe Curry is the host of Your Retirement Planning Simplified, Canada's fastest-growing retirement planning podcast, where he provides accessible, in-depth financial advice.

As the owner and lead financial planner at Matthews + Associates in Peterborough, Ontario, Joe and his team are committed to helping people secure both financial stability and purpose in retirement.

His mission is to ensure people can sleep soundly knowing they have a solid plan in place, covering both financial and lifestyle aspects of retirement. A Certified Financial Planner and Certified Exit Planning Advisor, he values true wealth as more than money—it's about creating meaningful experiences with loved ones and fostering opportunities for the future. 

About Retirement Planning Simplified

Founded in 2022, it is our mission is to empower people to plan for retirement confidently, focusing not only on finances but also on a meaningful life. YRPS wants everyone to have access to simple, reliable tools that reflect their values and priorities. This ultimately helps create True Wealth, defined by the freedom to do what you love with those you love. By simplifying retirement planning and aligning it with the retiree's purpose, YRPS aims to support building a retirement that feels fulfilling and secure.

To know more about RPS you can visit the links below:

● LinkedIn: https://www.linkedin.com/company/retirement-planning-simplified/

● Instagram: https://www.instagram.com/retirement_planning_simplified

● Youtube: https://www.youtube.com/@retirementplanningsimplified

Disclaimer

Opinions expressed are those of Joseph Curry, a registrant of Aligned Capital Partners Inc. (ACPI), and may not necessarily be those of ACPI. This video is for informational purposes only and not intended to be personalized investment advice. The views expressed are opinions of Joseph Curry and may not necessarily be those of ACPI. Content is prepared for general circulation and information contained does not constitute an offer or solicitation to buy or sell any investment fund, security or other product or service.