The Retire Ready Podcast

Why is beating the market so difficult, even for professional investors? Scott explores active vs. passive investing, the mathematics behind investment costs, what Canadian research tells us about fund performance, and why avoiding mistakes may be the better strategy for long-term retirement success.

In this episode

• Simon Ramo's tennis research and Charles Ellis's "loser's game"
• Why active investors as a group can't beat the market after costs
• Canadian fund fees: 0.29% for passive vs. 1.28% for active
• SPIVA Canada: 98.8% of Canadian equity funds trailed the index over 10 years
• Survivorship bias, and the 47.1% of funds that closed or merged
• Luck versus skill in manager performance
• Jack Bogle and "Bogle's Folly"
• Scott's own path from selling active funds to evidence-based investing

‍The goal isn't necessarily to beat the market. It's to build a portfolio that helps you achieve financial freedom and pursue what matters most to you.

Research and resources mentioned

• SPIVA Canada Scorecard, Year-End 2025, S&P Dow Jones Indices
• The Passive vs. Active Fund Monitor, Year-End 2025, Raymond Kerzérho, PWL Capital
• The Arithmetic of Active Management, William F. Sharpe, Financial Analysts Journal, 1991
• Luck versus Skill in the Cross-Section of Mutual Fund Returns, Eugene Fama and Kenneth French, Journal of Finance, 2010
• Winning the Loser's Game, 8th edition, Charles D. Ellis

‍Show notes available at retirereadypodcast.com Episode 15

What do we mean when we say "the market," and why should you trust its prices more than anyone's forecast?

This episode starts an eight-part series on the investment philosophy we use at Awaken Wealth, beginning with the idea that sits underneath all the others: markets work.

We cover what the stock market is and how millions of daily trades turn into prices, starting with a 1906 contest where about 800 people guessed the weight of an ox and their middle guess landed within nine pounds. From there:

• What Eugene Fama's efficient market hypothesis says, and what it doesn't
• A ten-dollar Van Gogh at a garage sale, and why competition keeps prices fair
• Why riskier businesses can carry higher expected returns
• The old fish joke David Booth uses to show how little anyone knew about stock returns before the 1960s, and what a century of data revealed
• Whether index funds break the market if everyone owns them

We finish with three lessons for your retirement: trust prices more than predictions, control the things you can control, and have a plan before markets become scary.

Show notes and links: https://www.awakenwealth.ca/podcast/episode-14-markets-work

This podcast is for informational purposes only and is not personalized investment, tax or legal advice.

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/

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.ca
• Saskatchewan: https://fcaa.gov.sk.ca/consumers-investors-pension-plan-members/pension-plan-members/pensions-faq‍
• Alberta: https://www.alberta.ca/pensions-interpretive-guidelines-rates-capsa
• British Columbia: https://www.bcfsa.ca/public-resources/pensions/unlocking-pension-funds
• Manitoba: https://www.gov.mb.ca/pension/
• Ontario: https://www.fsrao.ca
• Quebec: https://www.rrq.gouv.qc.ca/en/programmes/rcr/CRI_FRV/Pages/CRI_FRV.aspx
• Nova Scotia: https://www.novascotia.ca/finance/en/home/pensions/faq.aspx.html
• New Brunswick: https://fcnb.ca/en/pensions
• Newfoundland & Labrador: https://www.gov.nl.ca/dgsnl/pension-regulation/directives/

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

Today, we're going to switch things up and discuss the income side of registered accounts. That is, how do I spend the money I've saved for retirement, and more so in the context of the money we've saved through the Registered Retirement Savings Plan, or RRSP. We'll cover the ins and outs of the Registered Retirement Income Fund or RRIF: withdrawal minimums, when and how you can access them, investment options, and estate planning.

For transcript & show notes visit retirereadypodcast.com Episode 10

In this episode we're going to answer the big question many Canadian retirement investors have: should I invest through the RRSP or the TFSA. Both have their pros and cons. So we're going to explore those today and talk about which option is the best for which situation.

CRA Registered Retirement Savings Plan (RRSP) Guide for Individuals

‍CRA Tax-Free Savings Account (TFSA), Guide for Individuals

Registration process to access the CRA sign-in services and find your contribution limits for the RRSP & TFSA

For transcript & show notes and more resources visit retirereadypodcast.com Episode 9

In this episode we're going to continue talking about the different accounts available for retirement savers. Last time we discussed the ins and outs of the RRSP, so today we'll discuss an often misunderstood account, the Tax Free Savings Account or TFSA.

‍CRA Tax-Free Savings Account (TFSA), Guide for Individuals

Registration process to access the CRA sign-in services and find your contribution limits for the TFSA

For transcript & show notes visit retirereadypodcast.com Episode 8

In today's episode today we talk about an often misunderstood account, but likely one that is the best option available to save for retirement. that being the RRSP. We dig in as to why this account is a must for every Canadian wanting to retire, discuss what the account is, who can contribute, how much you can contribute, what investment options are available, some of the strategies that can build up your retirement savings and a few of the options drawing out from the account.‍

Registration process to access the CRA sign-in services

Show notes:Retire Ready Podcast Episode 7 Page

In this episode we're joined by Dr. Preet Banerjee to discuss his recent doctoral thesis that sheds light on the value of financial advice

Links and resources from today's episode:

• Preet Banerjee Website

• The Thesis: A multi-dimensional analysis of the value of financial advice to households in Canada

• Publications: Globe & Mail Money Sense

• LinkedIn YouTube

Dr. Preet Banerjee

Originally trained as a neuroscientist, Preet Banerjee now excels within the world of finance. Best known as a financial panelist on CBC's The National and as a contributor to The Morning Show on Global, Banerjee inspires others to become financially empowered through his world-class expertise and unique ability to take the complexity out of money matters. He speaks on behavioural finance, economics, and personal finance.

Banerjee is currently a partner and director with Wealthscope Portfolio Analytics and a consultant to the wealth management industry, specializing on the commercial application of behavioural economics. He is also the founder of MoneyGaps, a hybrid-advisor financial technology startup; the host of the podcast, Mostly Money; the author of three books; and a creator with over 120,000 subscribers to his "Money School" YouTube channel.

Prior to this, Banerjee was a financial advisor and worked in institutional investment sales and product development. He is a Fellow of the Canadian Securities Institute and holds both the Derivatives Market Specialist certification and Financial Management Advisor designation.

In 2009, Banerjee won the inaugural Ultimate W Network Expert Challenge, a reality show competition that led to him becoming the host of Million Dollar Neighbourhood on The Oprah Winfrey Network. Since then, he's been named one of Canada's Top 10 Financial Visionaries by Advisor.ca and is a past first-place prize winner in the Portfolio Management Association of Canada's Excellence in Investment Journalism Awards.

Banerjee earned a doctorate of business administration from the Henley Business School in the United Kingdom and holds a Bachelor of Science in neuroscience and a Master of Science in business and management research. He is currently the chair of the Foundation for the Advancement of Investor Rights Canada and was previously a governor of the University of Toronto.