What if early RRSP withdrawals aren't always the tax-smart move they're made out to be? In this special AMA edition of the Rational Reminder podcast, Ben and Cameron are joined by PWL Financial Planner Louai Bibi for a wide-ranging discussion on RRSP decumulation strategies, insurance planning, and the practical complexities that real clients face when theory meets reality. Ben walks through a listener's case study and shares insights from colleague Melissa on why early RRSP withdrawals (a.k.a. "meltdown" strategies) are not always beneficial—especially when viewed through a present-value lens. Louai contributes in-the-trenches experience, highlighting how client goals (estate vs. living net worth) and asset allocation can significantly influence what makes sense. In the second half, Louai delivers a comprehensive walkthrough of how PWL approaches life, disability, and critical illness insurance planning—not as salespeople, but as fiduciaries. You'll hear why the right coverage isn't one-size-fits-all, how survivor models are used to project financial impacts, and why the smallest, cheapest policy can still make a life-changing difference.
Key Points From This Episode:
(0:00:04) Introduction and full-circle moment: Louai Bibi joins the show.
(0:01:48) Reflections on the first PWL employee summit and One Digital integration.
(0:06:30) Upcoming Rational Reminder meetups in Victoria and Vancouver.
(0:07:40) Steve's question: Should he be melting down his growing RRSP?
(0:09:15) Ben outlines a detailed client case where early withdrawals had minimal benefit.
(0:12:10) Key takeaway: Present value of taxes matters more than total lifetime taxes.
(0:13:50) Melissa's advice: Model your specific situation, not just follow YouTube tips.
(0:15:56) Louai adds: The impact on future investment growth and taxable account drag.
(0:17:28) Systematically reviewing RRSP strategies annually in November.
(0:21:12) Taxes and portfolio construction: Home country bias, withholding tax, and more.
(0:22:11) The importance of tax diversification—lessons from the capital gains inclusion saga.
(0:23:11) RESP withdrawals and CRA's definition of "reasonable" expenses.
(0:25:41) Fiduciary standards in Canada: Why sweeping change is unlikely.
(0:26:29) Most influential ideas from 300+ episodes: Market beliefs, information overload, and Die With Zero.
(0:34:36) Time, meaning, and memories: A shift in life perspective through the podcast.
(0:38:47) Louai's top 3 lessons: Unified philosophy, consumption smoothing, and homeownership myths.
(0:42:21) Deep dive: How PWL approaches life, disability, and critical illness insurance.
(0:45:00) Life insurance: Survivor modeling, planning trade-offs, and permanent vs. term.
(0:51:32) Disability insurance: Hidden risks in group coverage and income replacement importance.
(0:56:36) Critical illness insurance: A real story about an inexpensive policy that changed a life.
(1:00:07) Ben's experience with testicular cancer and hindsight on CI coverage.
(1:01:45) Teaser: A new disclaimer for reading podcast reviews.
(1:02:08) After-show: MobLand, The Sopranos, and the nostalgia of Animal Kingdom.
Links From Today's Episode:
Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p
Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
Rational Reminder Website — https://rationalreminder.ca/
Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/
Rational Reminder on X — https://x.com/RationalRemind
Rational Reminder on TikTok — www.tiktok.com/@rationalreminder
Rational Reminder on YouTube — https://www.youtube.com/channel/
Rational Reminder Email — info@rationalreminder.ca
Benjami
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