Make adjustments during retirement

6.1 Review after the first retirement year

• ☐ Compare actual spending with the plan and separate one-time from recurring costs.
• ☐ Check tax payable, instalments, withholding, and benefit changes.
• ☐ Review cash/GIC reserves, bucket levels, and asset allocation after real withdrawals.
• ☐ Confirm CPP/OAS/GIS/GAINS and pension decisions still fit.
• ☐ Update beneficiaries, successor designations, trusted contacts, wills, POAs, and digital access after family changes.

6.2 Common corrections

Problem Possible correction

Reduce discretionary spending, delay Spending is high purchases, formalize monthly transfers, or revisit housing.

Review withdrawal mix, asset location, Tax is high capital gains timing, pension splitting, donations, bracket-smoothing, and future RRSP/RRIF strategy.

Draw from the cash/short-term bucket, Portfolio decline reduce discretionary withdrawals, rebalance, and avoid panic selling.

Review taxable withdrawals, employment, GIS/GAINS/OTB falls interest, dividends, gains, and tax-return accuracy.