Our guest this episode is Alexandra Macqueen — CFP professional, Vice President of Learning, Development and Professional Practice at FP Canada and one of Canada's leading voices on retirement income planning. Alexandra has been a practicing financial planner since 2005, taught personal finance at York University's Schulich School of Business and co-authored the bestselling book "Pensionize Your Nest Egg."
In this episode, Dave and Alexandra dive into how retirement planning has changed over the years, from the way rising longevity has reshaped Canadians' awareness of retirement risks to the assumptions that underpin every retirement plan. They cover why financial planning has become harder, when professional advice can pay off for retirees, and the roles FP Canada and the QAFP designation play in raising the standard of advice. Alexandra also breaks down the factors to weigh when deciding whether to commute a defined benefit pension and makes the case for annuities as a retirement planning tool.
The conversation also explores reverse mortgages and how they compare to HELOCs, the "Die With Zero" legacy approach, lessons from "The Millionaire Next Door" and why the timing of CPP and OAS is different for everyone.
Whether you're nearing retirement or simply want to understand the decisions that will shape it, this episode is packed with practical insights from one of Canada's most respected retirement planning experts.
Show Notes
(00:00) Intro & Disclaimer
(00:55) Intro to Alexandra Macqueen
(03:07) Why Alexandra Specialized in Retirement Income Planning
(04:32) Why Longevity Has Changed the Awareness of Retirement Planning
(06:56) Assumptions in Retirement Planning
(10:14) Financial Planning Has Become Harder
(12:55) Why Professional Financial Advice Can Pay Off for Retirees
(13:51) What Is FP Canada?
(15:23) What Is the QAFP Designation?
(17:45) The Factors When Deciding to Commute a Defined Benefit Pension or Not
(22:15) Annuities as a Retirement Planning Tool
(25:13) Are Reverse Mortgages an Underappreciated Financial Tool?
(26:30) Reverse Mortgages vs. HELOCs: Which Makes More Sense?
(28:08) Evaluating the Die With Zero Legacy Approach
(29:17) Lessons from "The Millionaire Next Door"
(32:01) It's Harder to Navigate Financial Planning Today
(36:17) The Value of an Outside Voice in Financial Planning for Spouses
(37:54) The Role of Active vs. Passive Investing Strategies
(39:23) When to Take CPP and OAS Is Different for Everyone
(41:20) The Increasing Costs of Assisted Living
(42:44) Teaching Financial Planners the Psychological Aspects of Working with Clients
(45:18) The Reality of Family Adjustments After Retirement
(46:03) The Improvement of the Financial Advice Industry
(47:54) Conclusion
