Is pension splitting worth it for a retired couple making about $70,000 annually?

A couple in their seventies living on a modest combined income want to know whether splitting eligible pension income between them is worth the bother at their level. Pension splitting can lower a household's overall tax by shifting income from the higher earner to the lower one, but the payoff shrinks when both spouses are already in similar, lower brackets, so it is fair to ask whether it moves the needle. The same couple also carries a common worry: if they die owing money, will their children somehow inherit that debt? The piece addresses both, separating the tax mechanics of splitting from the rules around what happens to debts at death. It is a grounding read for older couples on a fixed income who want to understand which planning moves actually help and which fears are misplaced.