If Robert's current retirement strategy will not suffice for his planned retirement income, what should he consider doing?

Delaying the retirement age for more pension funding is a prudent strategy when current retirement plans do not align with income needs. By postponing retirement, Robert can continue to contribute to his pension or retirement accounts, thus increasing his overall savings and potentially enhancing his retirement income. Additionally, working longer allows for more years of income generation, which can accumulate more wealth through both salary and investment growth.

This option also enables Robert to delay withdrawals from his retirement funds, allowing those investments to have more time to grow. Furthermore, many pension plans and retirement accounts may provide additional benefits for longer contributions, thus potentially increasing his monthly income during retirement.

In contrast, the other options carry risks or could lead to unfavorable financial consequences. For instance, transferring RRSPs into more aggressive investments could introduce significant risk, especially as retirement approaches. Withdrawing from the RRSP to pay off his mortgage could reduce the funds available for retirement without necessarily improving his long-term financial security. Taking an equity loan against his home could also lead to increased debt and financial strain, especially if market conditions change or if the real estate market declines. Therefore, delaying retirement is a strategic move that enhances overall financial stability and retirement preparedness.