Why Most Financial Plans Fail

Many people who work with us to figure out their retirement plan, have created a financial plan before.

You can get a financial plan from a bank, online methods, financial advisors or fee-only financial planners, but often these financial plans fail. They do not give you the life you want.

In my latest video and podcast episode, I outline what is wrong with most financial plans, how we create retirement plans with our clients, and exactly what you need to be confident in your future.

Watch the video to find out:

  • How do we know most financial plans fail?
  • What exactly is a retirement plan?
  • Common bad assumptions.
  • Why bad assumptions are used.
  • Why you need a growth mindset.
  • Risk of a Fear-Based Mindset.
  • Generic plan vs. custom plan.
  • Importance of confidence in your plan.
  • “One option plan” problem.
  • How an “interactive financial plan” gives you confidence. 
  • “Interactive Financial Plan” Process.
  • Why you need a higher risk tolerance.

I hope you enjoy it!


Planning With Ed


Ed Rempel has helped thousands of Canadians become financially secure. He is a fee-for-service financial planner, tax  accountant, expert in many tax & investment strategies, and a popular and passionate blogger.

Ed has a unique understanding of how to be successful financially based on extensive real-life experience, having written nearly 1,000 comprehensive personal financial plans.

The “Planning with Ed” experience is about your life, not just money. Your Financial Plan is the GPS for your life.

Get your plan! Become financially secure and free to live the life you want.


  1. Ed Rempel on November 27, 2023 at 10:39 PM

    Hi Leonard,

    Thanks so much for the kinds words. I’m glad it has helped you, Leonard.


  2. Ed Rempel on November 27, 2023 at 10:38 PM

    Hi Bruce,

    OAS does not have a pension fund. It is not a pension, like CPP. It is paid out of current government taxes. It is workers’ taxes this year being transferred to retired people.

    OAS is clawed back for people with higher incomes. Today, it’s relatively high with the clawback starting at about $87,000 taxable income per person. All OAS is not clawed back until you earn $143,000 per person. However, governments have debt levels spirallling out of control. It may be a fundamental flaw of democracy, since voters rarely vote out governments that spend too much.

    It’s easy to imagine governments thinking why should they take taxes from middle class workers and give them to retired people making $143,000 each. That’s $286,000/year for a couple.

    The average worker in Canada makes $65,000 and part of their income tax goes to retirees making up to $286,000 for a couple.

    Governments today are on a “tax the rich” delusion. (They do not realize that all taxes are paid by the consumer.) It’s not hard to imagine governments reducing the clawback from $87,000/year to a much lower amount, so that only poor retirees get OAS. It seems reasonably likely that OAS could eventually convert from a retirement income to a version of welfare for the old.

    In that case, most retirees could have some or all of their OAS clawed back. Retirement is long – over 30 years for most couples.

    We want to include only income that we are pretty sure we will get. We are just not that confident that current frivolous spending governments with socialist tendencies can be relied on to pay our retirement incomes.

    Having said all this, removing OAS totally has surprisingly little effect on your “Number” – the total amount you need to save to retire with the lifestyle you want. It has only a minor effect on the rate of return required to retire comfortably.


  3. Leonard on October 25, 2023 at 2:08 AM

    I am 64 and have been retired for just over three years. I 100% (pardon the pun) agree with the 100% equity retirement investment strategy that Ed proposes. It does of course mean to have the RIGHT investments, but bonds are a disaster in a retirement plan. I have learned and continue to learn so much from Ed. Thanks for your passionate service to us DIY’ers!

  4. Bruce Garrod on October 24, 2023 at 4:15 PM

    It doesn’t seem like a reasonable approach to say OAS level will be dramatically reduced in “10, 20 or 30 years” and then completely remove it from a retirement plan. Perhaps its fair if the plan is for someone in their 30’s but few others in my opinion. It’s an ultra-conservative approach.

    It then strikes me as odd to pivot to needing to invest aggressively and assume 8% returns for life.

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