Our guest this episode is Adam Bornn—Founder and Managing Partner at Parallel Wealth, a Canadian financial planning firm that specializes in helping people retire with confidence. Adam also runs an educational YouTube channel (@ParallelWealth) with over 138,000 subscribers where he shares practical and approachable retirement advice for Canadians.
In this conversation, Dave and Adam dive deep into the world of retirement planning—from understanding the “Go-Go, Slow-Go, and No-Go” phases of retirement to managing taxes through RRSP meltdowns to whether you really need $1 million to retire. Adam shares why retirees need a financial plan, common mistakes people make and how strategies like delaying CPP, TFSAs and even reverse mortgages can play a role in a well-structured retirement.
If you’re planning for retirement—or even just starting to think about it—this episode is packed with insights, myths debunked and practical advice tailored to Canadian listeners.
Show Notes
(00:00) Intro & Disclaimer
(00:55) Intro to Adam Bornn
(03:35) Why Did Adam Specialize in Retirement Planning?
(05:23) Why Retirees Need a Financial Plan
(10:45) The Go-Go, Slow-Go and No-Go Phases of Retirement
(11:57) What is an RRSP Meltdown?
(13:16) Your Average Tax Rate Should Be Consistent Through Retirement
(14:38) OAS Clawback
(16:07) Do Reverse Mortgages Fit Into Retirement Plans?
(17:08) Annuities
(18:03) The “Die With Zero” Concept
(19:11) Building Generational Wealth
(20:44) People Underestimate How Long They’re Going to Live
(22:44) Single Retirees Are at a Massive Disadvantage
(23:57) When Does Whole Life Insurance Make Sense?
(25:57) Most Retirees Need Stocks in Their Portfolios
(27:33) Should You Plan for Large Late-Life Healthcare Costs?
(29:41) Pre-Retirees Should Do Their Research
(31:28) The Biggest Mistakes Adam Sees Retirees Make
(32:20) Myth: You Need $X Number to Retire
(33:01) TFSAs Add Flexibility for Retirees
(34:56) Conclusion
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