The Retire Ready Podcast Podcast Por Scott Sather arte de portada

The Retire Ready Podcast

The Retire Ready Podcast

De: Scott Sather
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Helping Canadians prepare for all that retirement brings2025 Economía Finanzas Personales
Episodios
  • 13: Talking Your Money with Carl Richards

    13: Talking Your Money with Carl Richards
    Oct 15 2025

    In this episode with talk with former financial advisor, author, and speakerCarl Richards to discuss his upcoming book release, Your Money. Carl describes YourMoney as being "not a personal finance book but a conversation grenade." The book includes 101 of Carl's sketches, some from his time writing for the New YorkTimes and many new ones as well. We talk about a few of my personal favourites from the book.‍

    Carl Richard Bio:

    Carl Richards started The Sketch Guy column in The New York Times from the hills of Utah, crafting clear, relatable insights about money with just card stock and a Sharpie. The column ran weekly for a decade. This journey began when Carl applied for what he thought was a job as a "security guard," only to find out the ad actually said "securities." That slight misstep sparked a lifelong dedication to reshaping how we think about money.

    Since then, Carl has become a Certified Financial Planner™, built and sold a successful investment firm, and spoken at financial and investment events worldwide—from Australia to South Africa, the UK, and major economic centers across Europe, Canada, and the United States. His bestsellers, The Behavior Gap and The One-Page Financial Plan, have been translated into over ten languages and continue to resonate globally.

    Through his daily podcast, Behavior Gap Radio, which now has over 1,000 episodes and over one million downloads, Carl shares new perspectives on aligning our resources with what truly matters. His latest audio project, 50 Fires, backed by executive producers Chip and Joanna Gaines, explores the intersections of money and meaning with guests like Pete Holmes, David Whyte, Krista Tippett, and his favorite guest by far, his wife, Cori.

    Carl founded The Society of Advice, a community of financial planners dedicated to the craft of advice. They gather for a monthly online workshop and frequent retreats in Park City, Utah.

    In 2025, Carl will release a new book that, true to form, will be unlike anything seen in the personal finance section—and you better believe there will be sketches (97 of them, to be exact).

    When he's not exploring ideas about money, Carl, a Wilderness First Responder, can be found navigating Utah's high mountain ridges on foot, skis, or bike. Married to Cori since 1995, they have four kids, whom they consider their best friends.

    Link to Carl's new book: Indigo / ‍Amazon
    More about Carl: https://behaviorgap.com/about/
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    20 m
  • 12. Freeing Those Locked-In Funds

    12. Freeing Those Locked-In Funds
    Oct 1 2025
    This episode is about unlocking your pension plan or Locked-In Retirement Account /LIRA when you're nearing or ready for retirement. These accounts are governed by different rules depending on whether they fall under federal or provincial legislation. This is a continuation from our last episode where we covered the various rules for accessing the LIRA prior to retirement.Depending on what jurisdiction the pension is regulated under determines what options you have for accessing the funds. We're talking more in this episode about retirement and walking through what happens when it's time to draw out your funds — province by province. Saskatchewan – "The Most Flexible" In Saskatchewan, once you reach age 55, most LIRAs can be transferred into a PRIF (Prescribed RRIF). The PRIF has no maximum withdrawal limit — just the RRIF-style minimums — giving retirees flexibility. Spousal consent is required if you're married or common law. Importantly, if you stop needing income, you can even transfer funds back into a LIRA before age 71. Alberta – "The 50% Unlock" In Alberta, you can unlock up to 50% of your LIRA when converting to a LIF at age 50 or older. That unlocked portion can be transferred to an RRSP or RRIF with no immediate tax consequences. The remaining funds must stay in the LIF and follow minimum/maximum rules. This is a one-time opportunity — once you've used it, you can't do it again. British Columbia – "Least Flexible" B.C. legislation does not allow unlocking of locked-in accounts, except in rare hardship or special cases. Funds move to a LIF starting at age 50 and are then subject to minimums and maximums. Unfortunately, not a very flexible option compared to other provinces. Manitoba – "PRIF Advantage" At 55 or older, Manitoba allows a one-time 50% unlock of your LIRA or LIF into a PRIF. The remaining 50% stays in the LIF. A PRIF has no maximum withdrawal, which makes retirement income planning more flexible. Additionally, at age 65, Manitoba allows for full unlocking (100%) of your LIRA or LIF, which is one of the most generous provisions in Canada. Ontario – "Flexible, but Later" Ontario also allows a one-time 50% unlock, but only at age 55 or older, when transferring to a LIF. If you unlock, the remaining portion goes into an RLIF. Ontario also has five categories of financial hardship unlocking — things like medical costs, eviction prevention, or low income. Federal (Including Yukon, NWT, Nunavut) For federally regulated pensions — like those in banking, telecom, or transport — the PBSA (Pension Benefits Standards Act) applies. Options include: 50% unlocking when transferring to a Restricted LIF at age 55+.Unlocking for financial hardship, non-residency, small balances, or shortened life expectancy. Other Provinces (Quick Mentions) Quebec: Since 2025, retirees 55+ can withdraw any amount from a Quebec LIF (no maximums).Nova Scotia: Effective April 2025, allows one-time 50% unlocking at age 55+.New Brunswick, Newfoundland & Labrador: Have financial hardship provisions and special LIF rules.Prince Edward Island: Still no pension legislation covering locked-in accounts — rules depend on the pension plan itself. ‍References & Resources Federal (PBSA): https://www.osfi-bsif.gc.caSaskatchewan: https://fcaa.gov.sk.ca/consumers-investors-pension-plan-members/pension-plan-members/pensions-faq‍Alberta: https://www.alberta.ca/pensions-interpretive-guidelines-rates-capsaBritish Columbia: https://www.bcfsa.ca/public-resources/pensions/unlocking-pension-fundsManitoba: https://www.gov.mb.ca/pension/Ontario: https://www.fsrao.caQuebec: https://www.rrq.gouv.qc.ca/en/programmes/rcr/CRI_FRV/Pages/CRI_FRV.aspxNova Scotia: https://www.novascotia.ca/finance/en/home/pensions/faq.aspx.htmlNew Brunswick: https://fcnb.ca/en/pensionsNewfoundland & Labrador: https://www.gov.nl.ca/dgsnl/pension-regulation/directives/
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    11 m
  • 11. Where do the pensions go?

    11. Where do the pensions go?
    Nov 15 2024

    In this episode we talk about what happens to pensions when you leave your employer or you decide to take the commuted value out. Whether that means you quit a job or even if you've retired, when you move your pension plan it will like end up in a Locked-In Retirement Accounts or LIRA.

    We cover the various rules for the LIRA and the various options to access the funds prior to retirement on what jurisdiction the pension is regulated under, as to what options you have for accessing the funds.

    For transcript, show notes, resources, and more information please visit retirereadypodcast.com and go to Episode 11
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    9 m
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