#58 — Robb Engen (Returns): Retirement Advice for Regular Canadians
5/26/202651 min
Our guest this episode is Robb Engen — a Qualified Associate Financial Planner (QAFP), advice-only financial planner and the longtime voice behind Boomer & Echo, one of Canada's most-read personal finance blogs. Robb returns to the show to share what he's learned helping regular Canadians plan, save and spend through retirement with confidence.
In this episode, Dave and Robb take a deep dive into one of the biggest paradoxes in retirement planning: why so many Canadians who have done everything right are still afraid to spend their savings. They break down the "golden tax planning windows" in your sixties, the trade-offs between RRSP and TFSA withdrawals and why DIY retirement income planning is much harder than the accumulation years that came before it. Robb also explains how to budget for lumpy, one-time retirement expenses and why the current RRIF minimum withdrawal rules deserve a rethink, especially for single retirees.
Whether you're approaching retirement, already there or just trying to think more clearly about decumulation, this episode is packed with practical, no-nonsense insights from one of Canada's most trusted personal finance voices.
Show Notes
(00:00) Intro & Disclaimer
(00:55) Intro to Robb Engen
(03:15) The Longevity of Robb's Blog Boomer & Echo
(05:56) Why Robb Focuses on "Regular Canadians"
(09:12) The QAFP Designation
(11:19) RRSP vs. TFSA: Retirement Tax Brackets & Delaying CPP
(14:21) The Ideal Age to Start Retirement Planning
(15:31) Why It's Hard to DIY Retirement Income Planning
(17:28) Golden Tax Planning Windows in Your Sixties
(19:17) Budgeting for Lumpy and One-Time Retirement Expenses
(20:30) Rethinking RRIF Minimum Withdrawal Rules for Singles
(23:22) Many Retirees Are Hesitant to Spend
(25:13) How to Get Retirees to Safely Spend More
(27:56) Countering Retirees' Fears of Overspending
(29:25) Unlocking the Tax-Free Compounding Power of TFSAs
(32:05) Is It Wise to Plan Around Worst-Case Monte Carlo Simulations?
(33:55) Robb's Advice-Only Model
(37:36) Will the AUM Model Come Under Pressure?
(39:44) The Value of Advisory Continuity and Turnover Realities
(41:15) Robb's Worries: Navigating Media Anxiety and Alternative Investments
(43:51) Dave's Thoughts on Alternative Investments
(46:05) "One More Year" Syndrome
(48:00) Employer RRSP Matches
(49:50) Conclusion
Clips
Transcript preview
First 90 secondsDave Chilton· Host0:00
[upbeat music] Hey, it's Dave Chilton, the Wealthy Barber and former dragon on Dragon's Den. Welcome to The Wealthy Barber podcast, where we'll be hosting some of the top minds in the world of personal finance. Yes, that's to balance me out. The podcast is about making the subject not just easy to understand, but dare I say, even fun. Honest. Whether you're trying to fund your retirement, figure out how to build a down payment, save for your kids' education, manage debts, whatever, we'll be here to help you do it. Before we jump in, a quick but important note: nothing we discuss here should be taken as investment advice. We don't know you and your personal financial situation, so we're not here to tell you where specifically to put your investment dollars. We're here to educate, get you thinking, and we hope entertain. But please do your own research and/or consult with your financial advisor before taking any action. Hey, it's Dave Chilton, the Wealthy Barber with The Wealthy Barber podcast. I've said this many episodes, but thank you so much for tuning in. We have had great momentum over the last six months with the podcast. It seems to be growing week over week. The feedback has been through the roof positive. I think Canadians really were much thirstier than any of us realized for kind of an unbi-biased source of information. We give a platform to the best and the brightest voices out there, and it's just worked from every perspective. And the feedback we've had from all of you has really helped to pick the next guest, to ask the right questions, to point towards topics