Episode Details

calmmoneycoach.com

Soup to nuts on stuff I wish was talked about more for retirement. Not which account the CRA already owns part of, not how little of your paycheque you actually have to replace, not that the safest-looking withdrawal rate and the riskiest one land in roughly the same place once a spending rule is running.

This is 22 concepts about retiring in Canada, in about an hour, in the order that makes sense rather than the order I filmed them. Start at the top if this is new. Skip to a chapter if it isn't.

What I cover:

What an RRSP, a TFSA and a RRIF actually are, and the part of the RRSP that was never yours. Why 70 percent of your income is a number nobody can source. Why published safe withdrawal rates run from 2.70 to 5.60 percent and why the rate is not the decision. The decade between the last paycheque and 71 when almost nothing can touch your money. Losing OAS without spending a cent. Two people who retired a year apart, one ran out and one died with more than they started with. Why living off dividends can cost $1,700 of OAS a year. Running the same retirement 11 ways and watching the lowest tax bill lose. The RRSP meltdown, and when not to do it. Withdrawal order, and why the answer is how much from each rather than which one first. The spending smile. Why 2 thirds of Canadians over 72 take only the minimum. What a spouse changes, what being single changes, and what leaving a legacy changes. The care cost gap. And the 4 retirement decisions you cannot undo.

Sources named throughout and people I really respect and look to in the industry and there's many more than this but a few shout outs: Bengen, Blanchett, Vettese, Chandler, MacDonald, Ben Felix and PWL Capital, Morningstar, Statistics Canada, the CRA, and the RRIF factors out of Regulation 7308.

I am Brian Orlando, CPA, in Halifax. I run Calm Money Coach, an advice-only planning practice. No products, no commissions, I do not manage anybody's money.

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Education only, not advice for your situation. Talk to a professional about your own situation.

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