40: Beyond the Numbers - How Retirement Planning Affects Your Mental Health & Soul with Gillian Stovel Rivers

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Episode Summary

In this final installment of our three-part financial wellness series, Kristen and Gillian dive deep into retirement planning—but not in the way you'd expect. While we cover the essential numbers (spoiler: Canadians need $1.5-1.7 million for comfortable retirement), this conversation explores the profound connection between financial security and mental wellbeing in your golden years.

From understanding why social isolation hits retirees as hard as smoking and obesity, to discovering how whole life insurance can become a tax-free investment vehicle, this episode challenges every assumption you have about what retirement really means. Gillian shares her revolutionary "Five Good Adventures" program and explains why "retirement means stopping" is one of the most dangerous misconceptions Canadians hold.

Warning: This episode may cause you to completely rethink your definition of wealth.

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Key Takeaways That Will Change How You Think About Retirement

✨ The Magic Number Revealed: Current retirement goals for Canadians ($1.5-1.7 million) and why millennials need even more ($2-2.5 million)

✨ The Love Language Strategy: How understanding your emotional drivers can create the perfect retirement transition plan

✨ Social Isolation = Health Crisis: Research shows loneliness impacts health as severely as smoking and obesity

✨ Money ≠ Wealth: Gillian's powerful manifesto point that will shift your entire perspective on financial planning

✨ The Tax Blend Method: Smart strategies for drawing from RRSPs, TFSAs, and other accounts to minimize tax burden

✨ Whole Life Insurance Secrets: How to create a tax-sheltered investment vehicle that grows at 6%+ tax-free

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Chapter Breakdown

[00:00] The Retirement Reality Check

• Current economic climate and recommended savings amounts
• Why the "magic number" keeps growing for younger generations
• Understanding the building blocks: CPP, OAS, pensions, and personal savings

[03:01] The Legacy vs. Living Balance

• How early planning increases your chances of leaving something behind
• Strategies for enjoying retirement while preserving wealth
• The luxury conversation: when legacy planning becomes possible

[06:00] Tax Strategy Masterclass

• The RRSP to RIF conversion at age 71 (5.28% mandatory withdrawal)
• Blending tax-free and taxable income sources
• Why drawing down everything tax-free first can backfire

[09:13] Beating Inflation While Living Longer

• Planning for 45-50 years of expenses in retirement
• Real return expectations: 4-5% after inflation
• Why that $300,000 kitchen renovation needs to happen while you're working

[12:09] The Mental Health Crisis No One Talks About

• Research on social isolation and health impacts
• Identity loss when leaving career behind
• The "first 100 days" retirement strategy

[14:59] Building a Retirement That Flourishes

• Gillian's "Five Good Adventures" 12-week program
• Using love languages to design your ideal retirement
• Case study: The retired physician who found purpose in insurance consulting

[17:50] Busting Dangerous Retirement Myths

• Why retirement isn't a "holding pattern"
• The all-or-nothing work misconception
• Finding the conversation partners you need for this transition

[20:56] Planning for Long-Term Care Reality

• Home equity as the primary funding source for most Canadians
• Memory care costs: up to $20,000-25,000 monthly
• The trade-off conversations every couple needs to have

[23:58] Whole Life Insurance as Investment Vehicle

• How to create tax-sheltered growth at 6%+ annually
• Borrowing strategies for long-term care funding
• Why Gillian finally got her own policy after 15 years of recommending them

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Resources & References

Gillian's Contact Information

• Email: [email protected]
• LinkedIn: Gillian Stovel Rivers
• Website: surroundwealth.com
• Instagram: @gillianstovelofficial

Canadian Government Resources

• Canada Pension Plan (CPP): canada.ca/en/services/benefits/publicpensions/cpp
• Old Age Security (OAS): canada.ca/en/services/benefits/publicpensions/cpp/old-age-security
• Tax-Free Savings Account (TFSA): canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account
• Registered Retirement Savings Plan (RRSP): canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans

Research References

• Social Isolation & Health: Robert Putnam & Julianne Holt-Lunstad's research on social isolation impacts
• Art Reference: "Precipice" by Diane Twombly (Hamilton artist)

Theme Song

🎵 "Suddenly I See" by KT Tunstall - "There are moments in your life where you feel like you're digging through murkiness... then one day you wake up and it all feels clear."

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Why This Episode Matters

If you've been putting off retirement planning because the numbers feel overwhelming, or if you're approaching retirement and feeling anxious about what comes next, this episode offers a completely different framework. Gillian doesn't just talk about money—she talks about flourishing, about creating a life of meaning and connection that happens to be financially secure.

This isn't your typical retirement planning conversation. It's a masterclass in designing a life worth living, with the financial foundation to support it.

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Catch Up on the Series

• [Part 1]: Financial Wellness & Mindset Shifts
• [Part 2]: Investing, Growing Wealth & The Power of Compounding
• [Part 3]: Retirement Planning & Mental Health (this episode)

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Ready to transform your relationship with money and retirement planning? This episode will change everything you thought you knew about what it means to plan for your future.