Our guest this episode is Chad Wiebe — Certified Financial Planner and Founder of Pathway Wealth, a virtual, advice-only financial planning firm based in Winnipeg serving clients across Canada.
In this episode, Dave and Chad take a deep dive into the fundamentals of retirement planning. They explore why so many retirees struggle to give themselves permission to spend, how to build a financial plan that accounts for spending shocks, and the massive potential costs of long-term care. Chad also breaks down the hidden benefits of downsizing your home, the factors to weigh when deciding how many more years to work, and the delicate task of telling a client they can't retire just yet.
The conversation also covers plenty of nuts-and-bolts strategy, including strategic RRIF withdrawals to smooth out your average tax rate, why the RRSP is still an outstanding vehicle for most people, whether everyone should delay CPP, and the tax disadvantages facing single seniors. Along the way, Chad shares his perspective on giving early inheritances to children, the assets you should consider selling before retiring, and the complexities of retiring with a corporate account.
Whether retirement is decades away or right around the corner, this episode is full of practical guidance to help you plan with confidence.
Show Notes
(00:00) Intro & Disclaimer
(00:55) Intro to Chad Wiebe
(02:44) Why Chad Left K4 Financial to Start His Own Firm
(04:43) Scaling an Advice-Only Financial Planning Business
(06:06) The Value of Advice-Only Financial Planning
(07:16) Specializing in Deaccumulation and Retirement Planning
(10:00) Common Pre-Retirement Mistake: No TFSA
(12:05) The Permission Problem in Retirement
(14:15) Creating a Financial Plan with Spending Shocks
(19:22) Planning for the Massive Costs of Long-Term Care
(22:29) The Hidden Benefits of Downsizing Your Home in Retirement
(25:50) The Factors When Deciding How Many More Years to Work Before Retirement
(29:51) How to Tell a Client They Cannot Retire Yet
(31:49) The Risks and Rewards of Giving Early Inheritances to Children
(34:35) Strategic RRIF Withdrawals to Smooth Out Your Average Tax Rate
(39:09) Why the RRSP is Still an Outstanding Vehicle for Most People
(40:53) The Tax Disadvantages for Single Seniors
(43:24) Should Everyone Delay CPP?
(48:41) Assets You Should Sell Before Retiring
(50:32) The Complexities of Retiring with a Corporate Account
(53:10) Growing a YouTube Channel
(54:21) Conclusion
