Work through every key retirement income decision with confidence using this step‑by‑step action checklist.
Based on: Pension Lump Sum vs. Monthly Payments: Which Actually Wins? (Ep 061) by Parallel Wealth
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What if the pension decision you make in the next few months determines your financial comfort for the next 30 years — and you got it wrong because nobody handed you a clear checklist? Most Canadians approaching retirement face a wall of jargon, conflicting advice, and decisions that feel irreversible. Commuted value or monthly benefit? 66.7% or 100% survivor option? Defer OAS or start collecting now? One wrong move can cost you tens of thousands in unnecessary taxes or leave a surviving spouse short by hundreds of dollars a month.
The pressure is real. You have worked your entire career building toward this moment, and the pension administrator is not going to sit down and walk you through every scenario. Your neighbour took the lump sum and thinks it was genius. Your colleague took the monthly payment and swears the same thing. Meanwhile, you are staring at paperwork that feels like a second job.
Imagine sitting down with a trusted advisor who has already run the numbers hundreds of times and knows exactly what questions to ask. That is what Gordon and the team at Parallel Wealth do every week on Retirement Unpacked — and this checklist distills their most practical guidance into a clear, step-by-step action plan you can actually use. Picture walking into your retirement with a written game plan covering your pension choice, your OAS clawback strategy, your LIRA and LIF unlocking timeline, your RSP meltdown approach, and your CPP survivor benefit optimization — all in one place.
Parallel Wealth has helped hundreds of Canadians navigate exactly these decisions, and the insights shared in this episode reflect real planning conversations with real clients. The team breaks down how commuted values are calculated, what break-even ages typically look like, which Canadian provinces allow investment-return-based LIF maximums, how superficial loss rules can trip up tax-loss harvesting, and why deferring CPP and OAS is not always the right answer psychologically — even when the math says it is.
This checklist translates all of that into concrete actions you can take right now. Whether you are five years from retirement or already in it, use this PDF to audit your current strategy, spot gaps, and build a plan that maximizes your income, minimizes your taxes, and gives you peace of mind no matter what life throws at you. Download it, print it, and start checking off steps today.
Every checklist item comes with actionable notes to guide you — things like "Don't forget to do this before you start," "Avoid this common mistake," or "Set a reminder for 30 days out." Nothing vague, just clear next steps.
+ 30 more action items inside...
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