Welcome to the Retirement Planning Simplified Podcast. Join Joseph Curry, CFP Professional and retirement planning specialist, to learn how to simplify your retirement planning. If you're approaching retirement or have already entered your early retirement years, this podcast is designed to help you answer your big retirement questions like... Can I afford to retire? How do I create a paycheck in retirement? How do I pay less tax in retirement? And even big questions about life after work. T ...
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Joe sits down with Dr. Brian Portnoy to explore the concept of "funded contentment," a revolutionary approach to financial well-being that transcends traditional views of wealth. They delve into the psychological and emotional aspects of retirement planning, emphasizing the importance of aligning financial decisions with personal values. Brian intr…
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Joe and Regan discuss lesser-known aspects of retirement planning, focusing on unexpected expenses, psychological adjustments, and the impact of inflation. They highlight overlooked costs like home maintenance, supporting adult children, and healthcare, while also addressing the importance of planning for unplanned opportunities. The conversation d…
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We dive into actionable strategies to help you save more money in retirement. From pension income splitting and maximizing tax credits to optimizing RRIF withdrawals and deferring government benefits, we break down key steps to reduce your tax burden and stretch your savings. Read the full show notes and find more information here: EP 104 Show Note…
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We look at the pitfalls of complex investment strategies and emphasize the benefits of keeping things simple. They discuss the importance of trusting market principles, practicing smart diversification, and avoiding performance chasing. With insights from a recent article by Sam Sivarajan on the Canada Pension Plan's investment performance, they hi…
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We discuss the pitfalls of relying on market forecasts and expert predictions during times of market volatility. Emphasizing the inaccuracies of financial forecasts and the psychological tendency to seek out such predictions, they advocate for a disciplined, evidence-based investment approach. Listeners are advised to stick to their pre-planned str…
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This episode explores the nuances of selecting an advisor beyond proximity, emphasizing the importance of virtual collaboration, comprehensive planning, and evidence-based investment philosophies. Joe also highlights the value of specialized advice, the pitfalls of advisor diversification, and the necessity of transparent, ongoing communication wit…
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Joe and Regan explain why personalized planning is crucial for a secure and enjoyable retirement. They debunk myths, offer actionable advice, and equip their audience with the tools to make informed financial decisions. Whether it's re-evaluating the role of RRSPs, determining the right time to take CPP, or balancing investment portfolios, this epi…
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It’s episode 100! Joe speaks with Dr. Hal Hershfield, the author of “Your Future Self: How to Make Tomorrow Better Today”. They discuss the idea that our future selves can often feel like different people rather than an extension of our current selves. This concept has significant implications for retirement planning and living a fulfilling life be…
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Have you heard these retirement myths? The 4% rule is the only safe withdrawal rate, asset allocation doesn't matter in retirement, and setting a fixed withdrawal rate is the best strategy. But is it true? In this episode, Joe speaks with Bill Bengen, a seasoned financial advisor who is widely recognized for his pivotal role in introducing the 4% r…
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We examine the essential aspects of estate planning, focusing on creating a comprehensive will. We also examine choosing the right executor, whether a family member or a professional service, highlighting three key scenarios to consider. We discuss the importance of including digital assets in your will and the benefits of secondary wills for busin…
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Ep #97: Safeguard Your Savings: Outsmart Cybercriminals Targeting Your Money with Scott Wright
26:41
In this podcast episode, host Joseph interviews cybersecurity expert Scott, who discusses the critical importance of cybersecurity, especially in protecting financial assets. Scott explains the various types of cybercriminals, including organized crime groups, nation-state actors, and lone wolf attackers, and highlights common methods they use, suc…
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In this episode of "Your Retirement Plan Simplified," we delve into the topic of cryptocurrency and its place in a retiree's investment portfolio. We give a layman's definition of cryptocurrency, discuss its appeal due to decentralization, security, global accessibility, and investment potential, but also highlight its extreme volatility and lack o…
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In this podcast, Joe and Regan look at having an emergency fund in retirement. They discuss how setting aside three to six months’ worth of expenses can provide peace of mind and financial security, protecting retirees from unexpected expenses without needing to dip into investments or accrue high-interest debt. They highlight that an emergency fun…
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Are you feeling frustrated by the difficulty of understanding investment strategies? Feeling uncertain about which approach to take? Imagine spending years trying to navigate the complexities of active management, only to discover that it may not be the most effective approach. The struggle to decipher the impact of dividends on investment returns …
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We examine an aspect of retirement planning—building an emergency fund. Whether you're nearing retirement or already enjoying it, we provide insightful strategies to assess your financial needs, determine the right size for your emergency fund, and effectively build and manage it. Learn about essential expenses, potential emergencies, and smart way…
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Joe and Aravind explore the merits of contributing to the Canada Pension Plan (CPP) through salaries. Despite the dual contributions required from business owners, the CPP offers guaranteed, inflation-adjusted income in retirement, providing a secure financial foundation. The discussion highlights the tax credits and deductions associated with CPP …
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Joe chats with Mark McGrath (CFP, CIM, CLU, PWL Capital Inc) about the intricacies of Canadian equity segregated funds, unpacking their features, benefits, and potential drawbacks. While discussing the investment options within segregated funds, they underscore the importance of considering alternatives like low-cost index funds or ETFs, particular…
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Fireside Financial Ep 14: Stay Social and Stay Sharp: The Top Reasons to Work Part-Time Post-Retirement
18:10
Joe and Regan explore the myriad benefits of engaging in part-time work or starting a side hustle during retirement. They discuss how supplemental income alleviates financial stress and supports lifestyle desires such as travel. Beyond the financial perks, they delve into the non-monetary advantages, including social engagement, mental stimulation,…
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Joe speaks with tax professional Kaz Nesbitt (CPA, CA, Partner at Grant Thornton LLP), and they delve into the proposed capital gains inclusion rate changes. Joe and Kaz unpack the intricacies of capital gains taxation, clarifying how these changes could affect individuals and businesses. Read the full show notes and find more information here: EP …
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EP #90: Maximize Your Estate: Strategies to Transfer Assets Tax-Efficiently to Your Beneficiaries
19:39
This week we look at crucial considerations surrounding beneficiaries. From dissecting the implications of naming beneficiaries on assets like RRSPs, pension plans, and non-registered accounts to shedding light on the strategic use of life insurance, this insightful discussion offers invaluable insights for listeners navigating their estate plannin…
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This week Joe takes a deep dive into the world of personalized financial advising, where clients are more than just numbers on a spreadsheet. Using a compelling client story, we explore the importance of understanding your unique financial situation. From estate planning intricacies to navigating complex beneficiary considerations, Joe offers pract…
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What are testamentary spousal trusts? We break down the complexities of this legal arrangement established by wills to benefit surviving spouses. From defining what a spousal trust entails to exploring its various purposes, including asset protection, wealth transfer, and safeguarding against potential remarriages or incapacity, we have practical e…
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In this episode, Joe and Regan navigate through the various income streams available in retirement, including pension plans, government benefits like CPP and OAS, investment portfolios, annuities, and even rental income. They emphasize the importance of intentional decision-making, stressing the need for individuals to assess their expenses, mainta…
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The sandwich generation - where individuals find themselves caught between supporting aging parents and adult children. Several areas require careful balancing including financial planning, healthcare coordination, and legal and estate planning to navigate the challenges of caregiving effectively. Emphasizing open communication and setting clear bo…
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Here are the 8 common mistakes retirees and retirement savers make with their Tax-Free Savings Accounts (TFSA). We cover mistakes like over-contributing, misunderstanding withdrawal rules, day trading within the TFSA, and not naming a successor holder or beneficiary. We provide actionable advice to help you avoid these common pitfalls and help you …
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We look at the various types of debt retirees might carry and the profound impact they can have on your financial well-being. You’ll gain an understanding of how mortgages, lines of credit, car loans, and credit card debt can shape your retirement lifestyles and long-term financial goals. We emphasize the importance of integrating debt reduction st…
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EP #84: Rock On: Channel Your Inner Rock Star for a Vibrant Life After Work with Dr. Sally Chivers-Storey
37:54
Joe and Dr. Sally Chivers-Storey explore the dynamics of aging, retirement, and intergenerational collaboration. They delve into the complexities of navigating workplace tensions arising from different generational perspectives and caregiving responsibilities. Dr. Chivers emphasizes the importance of valuing the wisdom and experiences of older adul…
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We discuss seven key actions to take in the five years leading up to retirement. We want you to get clear on retirement goals and cash flow requirements. We advise you to get clear on your current financial standing and bridge any gaps well in advance. We look at the importance of creating a shared vision for retirement, understanding future income…
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This month Joe and Regan dive into how to educate grandchildren about money. They use real-life examples like grocery shopping and budgeting exercises. They look at how grandparents can make meaningful contributions, such as gifting money with a purpose, like for a car or post-secondary education while instilling lessons about financial responsibil…
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We explore the top five non-money mistakes in retirement planning. We look at how retirement isn’t just about financial readiness but also about finding fulfillment and direction in life post-career. We look at the significance of social engagement, staying physically active, maintaining a growth mindset, and transitioning from a savings to a spend…
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In this podcast episode, hosts Joe Curry and Lindsay Wilson discuss common mistakes in retirement planning, cautioning against relying solely on advice from friends and family who may lack expertise in financial matters. They emphasize the importance of seeking professional guidance tailored to one's unique situation, highlighting scenarios such as…
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In this podcast, Dr. Daniel Crosby joins Joseph to discuss the impact of behavioral biases on retirement planning. They delve into overconfidence as a key bias, emphasizing its role in risk-taking behavior and decision-making. Dr. Crosby advises automating financial processes and seeking professional guidance to bridge the behavior gap. The convers…
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In this engaging podcast discussion, the speaker delves into the widespread shift towards subscription models, exploring how businesses and consumers alike benefit from this trend. The conversation underscores the convenience for consumers and improved cash flow management for companies, emphasizing the seamless experience subscriptions offer. Howe…
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Fireside Financial EP #11: Turning Family Money into Financial Freedom: Smart Planning for Inheritances
9:17
Hosts Joseph and Regan examine how to handle inheritances. With the landscape of wealth transfer evolving rapidly, receiving an inheritance is not just a stroke of luck but a strategic element in financial planning. They caution against hasty decisions and stress the importance of taking the time to assess goals and intentions before embarking on a…
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What does it mean to be fair yet unequal in estate planning? Explore how differing financial needs, family contributions, and the complexities of sibling relationships impact retirement planning. Discover actionable insights, from using life insurance to equalize asset distribution to fostering open communication to minimize family disputes. Join J…
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Braden Warwick (PhD, PWL Capital) and Joe look at business owner compensation. They examine the often-debated choice between salaries and dividends. Braden, a financial planning product architect at PWL, shares insights from a comprehensive study he conducted on optimal business owner compensation. They explore variables like provincial residency, …
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This week we answer a listener question about defined benefit pension plans: I know not a lot of people have defined benefit plans, but everyone keeps talking about needing $1M-$2M at retirement. How would a defined benefit pension get valued, and does the amount needed at retirement include government programs? We break down the components of reti…
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New York Times Author Dan Solin joins Joe to discuss common misconceptions, essential factors for retirement planning, and the evolving retirement landscape. Dan emphasizes the impact of emotions on investment decisions and provides valuable advice on asset allocation and dealing with market volatility. Additionally, they touch on the challenges mi…
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We know estate planning is daunting. But it’s essential to address it ahead of time, to ensure that all your wishes are laid out to eliminate potential conflict. We give you valuable tips on evaluating your current financial standing, considering future scenarios, and understanding the nuances of trusts and specific gifts. We also touch on the opti…
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Fritz Gilbert, the award-winning author of the blog “The Retirement Manifesto” joins Joe to share his unconventional yet successful approach to retirement planning. He emphasizes the importance of not fixating on the financial aspects of retirement but embracing the non-financial elements, such as relationships and purpose, that impact a smooth tra…
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EP #73: The Future of Retirement: David Blanchett on Inflation, Alternative Assets and Advice
30:24
David Blanchett, a renowned financial expert, delves into the multifaceted world of retirement. From annuities, longevity risk, and alternative assets, you will gain valuable insights that challenge conventional wisdom. From the nuances of portfolio construction to the impact of inflation on retirement savings, Blanchett provides actionable advice,…
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EP #72: Tax Planning Opportunities and Pitfalls for Business Owners in 2024 with Matt Holmes
32:23
Joe welcomes Matt Holmes (CPA, Director at Holmes CPAs & Tax Advisors) to the show. They take a deep dive into the often-overlooked realm of succession planning. Joe and Matt share a poignant case where the absence of a contingency plan resulted in a less-than-optimal sale for the family due to the owner's passing. They provide invaluable insights …
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EP #71: Business Exit Mastery: Avoid Pitfalls & Maximize Value with David C Barnett - Part 2
25:27
Joe welcomes back business expert David C Barnett to delve into the intricate process of selling a business for retirement. This insightful episode provides valuable insights for business owners contemplating a sale. Joe and David emphasize the necessity of strategic planning, documentation, and the cultivation of a marketable business before embar…
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Welcome to "Your Retirement Planning Simplified," where hosts Joseph Curry and Lindsay Wilson demystify the complexities of retirement with their down-to-earth approach. In this latest episode, the dynamic duo kicks off 2024 with enthusiasm, celebrating the podcast's growth over the past year and reflecting on their mission to make retirement plann…
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Joe and Regan examine estate planning essentials. They emphasize the significance of having an up-to-date will and stress the importance of clear communication within families. They also look at the often-overlooked aspect of digital assets, urging listeners to document and share information on online accounts to ensure easy management by their exe…
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It’s our 2023 wrap-up of Retirement Planning Simplified featuring the best episodes and insights from 2023! We highlight our most popular episodes, including discussions on safe withdrawal rates, effective investment strategies, achieving purposeful retirement, and the impact of taxes on single seniors. This episode is a great guide for both new an…
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EP #68: Business Exit Mastery: Avoid Pitfalls & Maximize Value with David C Barnett - Part 1
22:55
David Barnett joins Joe to share valuable insights on the common pitfalls business owners face when preparing to retire and sell their businesses. Discover the key areas to focus on for enhancing business value, from reducing customer concentration risks to navigating the challenges of owner dependence. Whether you're a business owner weighing reti…
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Joe speaks with Kate Wilson, Associate Advisor at Matthews + Associates, about an essential topic of estate planning: preplanning and prepaying for your funeral. Kate stresses the importance of thoughtful consideration of one's end-of-life wishes, encouraging you to document your preferences and keep them alongside your estate planning documents. W…
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In this podcast episode, host Joseph welcomes Gary Poyer to discuss retirement planning from a unique perspective that goes beyond financial considerations. Gary, the author of "Make Retiring Easy," emphasizes the importance of uncovering the potential in retirement to lead a fulfilling life. He highlights the seven principles of his Philosophy of …
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Joe and Regan look at managing anxiety around market volatility, particularly for individuals nearing or already in retirement. They address retirees' concerns who want immediate income from their investments but experience anxiety from the unpredictability of market fluctuations. Joe urges listeners to break down their portfolios into distinct buc…
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