#60 — Adam Bornn (Returns): Retirement Planning Tips & Common Mistakes to Avoid
6/9/202647 min
Our guest this episode is Adam Bornn — founder of Parallel Wealth Financial Group and the creator of the Parallel Wealth YouTube channel, one of Canada's largest channels devoted to retirement planning. Adam returns to the show to focus on a single, high-stakes subject: how Canadians can build a retirement plan that actually works, and the common mistakes that quietly derail one.
In this episode, Dave and Adam dive into the realities of the retirement transition, from the most common mistakes people make to how to balance spending early with the cost of care later in life. They break down the "go-go, slow-go and no-go" years, why health and finding joy matter as much as the numbers, and when the ideal time to start planning really is. Adam also explains when it makes sense to convert an RRSP to a RRIF and how a TFSA can act as a flexible lever account inside a broader plan.
The conversation also explores the issues that complicate real-world retirement, including the squeeze on the sandwich generation, why more retirees are helping their adult kids financially, and how to plan around large age gaps or being single. Adam digs into some of the costliest missteps too, from taking CPP early when you don't need to, to letting registered accounts grow tax-deferred for too long and running into the OAS clawback. Along the way, they cover tax planning when liquidating cottages and rental properties, the limited role of reverse mortgages and HELOCs, and how to think about high market valuations and cash wedges in retirement.
Whether you're years away from retirement or already making the transition, this episode is packed with practical, tax-smart insights to help you avoid the mistakes that cost retirees the most.
Show Notes
(00:00) Intro & Disclaimer
(00:55) Intro to Adam Bornn
(01:30) Common Retirement Transition Mistakes
(03:22) Balancing Early Spending & Late-Life Care
(05:25) Go-Go, Slow-Go & No-Go Years
(07:37) Finding Joy and the Importance of Health in Retirement
(10:56) Adam's YouTube Channel and Focus on Retirement Planning
(13:35) When Is the Ideal Time to Start Retirement Planning?
(15:40) When to Convert an RRSP to a RRIF
(17:35) The Power and Flexibility of a TFSA Lever Account
(19:23) Factoring in Lump-Sum Obligations to Your Retirement Plan
(21:36) Careless Tax Mistakes Can Cost You Huge Money
(23:18) The Sandwich Generation
(25:00) Why Some Retirees Are Helping Their Kids Financially
(28:14) Navigating Retirement Planning with Large Age Gaps
(30:07) The Disadvantages of Retirement Planning for Single People
(31:57) The Biggest Retirement Mistake: Taking CPP Early if You Don't Need To
(34:16) Avoid the Trap of Growing Registered Accounts Tax-Deferred For Too Long
(36:18) Optimizing to Avoid the OAS Clawback
(37:55) Tax Planning When Liquidating Cottages and Rental Properties
(40:53) The Limited Use of Reverse Mortgages and HELOCs
(41:40) High Market Valuations, Equities & Cash Wedges in Retirement
(44:38) 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 with The Wealthy Barber Podcast. We have a return guest today, and I will say he's one of our more popular guests we've ever had on the show. His first appearance drew up huge ratings, tons of questions, lots of feedback. We knew we had to get him back on. In fact, I'd be very surprised if you didn't come back a third time. Adam Bourne, Parallel Wealth Financial Group. Adam, good to see you again.
Adam Bornn· Guest1:17
Thank you. Thank you for having me. It's great to be back on the podcast.
Dave Chilton· Host1:20
Well, you did a great job last time and touched on a lot of subjects that are near and dear to our listeners/viewers' hearts. So we're gonna go towards retirement income planning, your specialty, in