#58 — Robb Engen (Returns): Retirement Advice for Regular Canadians

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