The Wealthy Barber Podcast
#60 — Adam Bornn (Returns): Retirement Planning Tips & Common Mistakes to Avoid
09 Jun 2026
Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
Hey, it's Dave Chilton, The Wealthy Barber and former Dragon on Dragon's Den.
Chapter 2: What are the most common retirement transition mistakes?
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.
Chapter 3: How can you balance early spending with late-life care costs?
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.
Chapter 4: What are the go-go, slow-go, and no-go years in retirement?
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.
Chapter 5: When is the ideal time to start planning for retirement?
We knew we had to get him back on. In fact,
Chapter 6: When should you convert an RRSP to a RRIF?
I'd be very surprised if you didn't come back a third time. Adam Bourne, Parallel Wealth Financial Group.
Chapter 7: How does a TFSA act as a flexible lever account in retirement planning?
Adam, good to see you again. Thank you. Thank you for having me. It's great to be back on the podcast. Well, you did a great job last time and touched on a lot of subjects that are near and dear to our listeners slash viewers hearts. So we're going to go towards retirement income planning, your specialty in a few moments.
Chapter 8: What are the financial implications of the sandwich generation?
But I want to talk a little bit first about retirement in general. I mean, very few people in the country are sitting across the table from more people as they enter retirement than you are, than your team is. You're one of the bigger retirement planning teams in the country, if not the biggest. What are some of the mistakes that you commonly see, and not just around finance?
I'm talking about as they head into retirement, we see a fair number of people, a lot of my male friends, not picking on males, but a lot of my male friends have really struggled with the retirement transition. What are you seeing?
Yeah, it's a psychological shift, right? And always my big thing, my big push is you need to retire to something, not from something. If you're just retiring from your job, but you don't know where you're going, you're going to have a tough transition. And so I always encourage anyone that's entering retirement, figure out years before, ideally five to 10 years before, what are you retiring to?
And that could be a vocational job. It could be a hobby. It could be travel. It could be your spouse or grandkids or whatever. There's a multitude of things that could be. But you need to make sure you understand, okay, when I'm done tomorrow, my last day at work, the next day, here's what I'm going to be doing. And I think you have two buckets here.
You have people that are, I don't know how I worked before, like I'm so busy in retirement. And then you have the other people, though, that are having a tough time transitioning. And for those people, my encouragement would be maybe Look at working part-time or transitioning into retirement. Don't make it that kind of cold turkey stop. That typically will help a lot of people.
So that's one of the big things. The other big thing would be not spending enough early. I think that's a big challenge that people have. And I get it. It's save, save, save for 30, 40, 50 years. And then again, the next day you're told to spend, spend, spend. And that's a really tough thing to do. Retirement is 10% financial, 90% psychological.
Those are two big psychological factors that people, a lot of people don't look at or look into leading up to retirement that they should be.
You know, lately I'm running into a lot of people, they're heading towards retirement. They're let's say 55 to 62. And they're hearing all of the experts out there, including yourself saying, we've got to spend a little bit more early. A lot of people aren't spending enough, but they're
They're also seeing their aging parents at 85, 88, 91, getting involved in assisted living facilities, in many instance, having to compliment that with personal care workers. And they're looking at their total bills and going, holy smokes, Unless I want to rely on my kids stepping up financially, I better save some of this money for down the road. How do you bridge that challenge?
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