Should this couple cash in their RRSPs to maximize OAS, GIS?

Q. Does it make sense to cash in registered retirement savings plans (RRSPs) to maximize Old Age Security (OAS) and Guaranteed Income Supplement (GIS) payments? A serious cancer illness in 2014 caused us to lose our way financially. My husband Ron and I are both 62 years of age now and Ron has $125,000 in an RRSP but no tax-free savings account (TFSA). Ron expects about $8,000 annually from Canada Pension Plan (CPP) and I expect about $6,400 annually and we expect to retire at age 65 in 2028. We have no other retirement income. Should we cash in RRSPs by December 2028 (Ron’s and my retirement date) and pay the taxes now so we qualify for GIS at retirement? Any RRSP money after tax paid on the withdrawal would go into TFSAs. Ronald’s annual employment income for 2022, 2023 and 2024 will be about $50,000. I have a small income of $8,000 annually through part-time work. We are more than able to live on our CPP, OAS and the GIS (amount based on our CPP income of $14,400), withdrawing about $5,000 annually from the TFSA money we build up from the RRSP transfers. We will sell our home when Ron turns 71 with expected equity of $250,000. We expect a small inheritance of $80,000 by 2030. —Elise and Ron in Moncton