{"id":535007,"date":"2026-07-06T01:42:23","date_gmt":"2026-07-06T01:42:23","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/535007\/"},"modified":"2026-07-06T01:42:23","modified_gmt":"2026-07-06T01:42:23","slug":"the-wealthy-barber-is-retiring-heres-how-to-check-your-own-retirement-plan","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/535007\/","title":{"rendered":"The Wealthy Barber is retiring \u2014 here’s how to check your own retirement plan"},"content":{"rendered":"

\"David<\/a> David Chilton at the Nikki Beach Pop-up in 2014 + Cover of The Wealthy Barber <\/p>\n

David Chilton \u2014 the barbershop philosopher who turned “pay yourself first” into a Canadian household phrase \u2014 is stepping back. After almost 40 years building the Wealthy Barber persona, the 64-year-old author says he is ready to “drift away” from public life at the end of 2026. In a recent interview (1), he confessed that watching his friends battle health issues, plus the arrival of his first grandchild, were the biggest reasons for his decision. <\/p>\n

For nearly four decades, Chilton’s message barely changed. Save 10% of every paycheque before you spend a dime. Keep investment fees low. Do not wait for a windfall to start. It was simple advice, and it worked partly because Canadians trusted the messenger as much as the math. <\/p>\n

Don’t Miss What happens when the trusted voice steps back <\/p>\n

That trust is exactly what his retirement puts to the test. Financial guidance built around one recognizable voice can quietly become a substitute for an actual plan. When that voice steps back, retires or simply falls out of favour, the habits built around it need to survive without it. <\/p>\n

Despite stepping back from the limelight, Chilton believes a few people will step in to fill the personal finance gap. As he explained in an interview with Globe Advisor reporter, Deanne Gage, Chilton believes Canadians can turn to financial influencers, including Ben Felix, chief investment officer at PWL Capital Inc. and co-host of the Rational Reminder podcast and pay for help from specialists like Calm Money Coach, a CPA based out of Halifax, NS. <\/p>\n

The more useful question for readers is not who to follow next, but whether their own retirement basics will hold up without a single influencer. <\/p>\n

Take control of your money. You can’t control inflation, interest rates or market swings \u2014 but you can control where your money goes. When every dollar has a job, money feels less stressful. Find the budgeting app<\/a> that helps you take control of your finances. Compare Canada’s Best Budgeting Apps<\/a> <\/p>\n

Read more: 3 essential money moves to make once you’ve saved $50,000<\/a> <\/p>\n

Do your retirement basics still work in 2026? <\/p>\n

The good news is that the tools Chilton spent decades promoting have only gotten stronger. <\/p>\n

For 2026, the Canada Revenue Agency (CRA) held the tax-free savings account (TFSA) limit at $7,000 for a third straight year, bringing total available room to $109,000 for anyone eligible since 2009 who has never contributed. The registered retirement savings plan (RRSP) limit climbed to $33,810 for 2026, up from $32,490 the year before, based on 18% of a saver’s 2025 earned income. The first home savings account (FHSA) still allows up to $8,000 a year toward a $40,000 lifetime maximum for first-time buyers. And each account rewards a different kind of saver. <\/p>\n

The TFSA suits anyone who wants flexibility, since withdrawals are tax-free and the room comes back the following year. The RRSP works best for higher earners today who expect a lower tax bracket in retirement, since contributions are deducted now and taxed on withdrawal. The FHSA is narrower by design \u2014 it only helps first-time buyers, but it stacks the tax break of an RRSP with the tax-free growth of a TFSA. <\/p>\n

No matter what your goal, using a registered retirement account (or more than one) is a key part of Chilton’s pay yourself first philosophy. <\/p>\n

Are you in a profession that puts you in the top tax bracket? Then you need to work with fintech and finance companies that know your needs. For instance, eligible professionals can unlock up to $1,313 in annual savings<\/a> when banking with National Bank<\/a>. This special offer includes up to 3 bank accounts with no fixed monthly fees, and an eligible Mastercard rewards credit card (certain fees apply). See if your profession qualifies<\/a> <\/p>\n

A habit beats a hero <\/p>\n

Why is Chilton’s mantra of save first so important? Take, for instance, a 30-year-old Canadian who commits to saving $500 each month, split between a TFSA and an RRSP. At the end of the year, that saver would have saved $6,000. At a conservative 5% average annual return, the habit of setting aside $500 per month would grow to roughly $416,000 by age 60 \u2014 without ever needing to time the market or follow any particular guru’s stock picks. As Chilton consistently pointed out, the math rewards consistency, not personality. <\/p>\n

That does not mean influencers and personal finance authors are useless. Chilton’s own books sold more than two million copies in Canada precisely because plain-language advice reaches people, while dense jargon-based guides do not. In the end, though, Chilton’s eventual departure from the Canadian personal financial space shows that no single voice should dictate your entire retirement plan. If Chilton, or any other financial personality, disappeared tomorrow, your contribution habits, account choices and fee awareness should not disappear with them. <\/p>\n

Speaking of fees: What you pay matters <\/p>\n

Fees matter just as much as the account type. A 1% difference in annual investment fees, compounded over 30 years, can quietly shrink a $416,000 balance by tens of thousands of dollars. Chilton spent 40 years hammering that point home. As a result, checking your fees \u2014 and looking for ways to save \u2014 is one habit that should outlast any single voice teaching it. <\/p>\n

Tired of high commissions eating your returns? Compare Canada’s top discount brokerages<\/a> and switch to a $0-commission platform today<\/a>. <\/p>\n

What to do now <\/p>\n

To continue building sound financial habits, consider implementing each of the following as part of your money management habits. <\/p>\n

Log into your CRA My Account and confirm your actual 2026 TFSA and RRSP room before contributing to any registered retirement fund <\/p>\n

Automate a fixed percentage of every paycheque into a TFSA, RRSP or FHSA, rather than contributing whatever is left over <\/p>\n

Compare the fees on your current investment accounts against low-cost options such as an EQ Bank TFSA savings account or a Questrade self-directed account <\/p>\n

If you rely on one financial personality for guidance, name a backup source, such as a fee-only planner, before you need one <\/p>\n

Get your money working for you. Every dollar you save on fees is a dollar that stays invested and working toward your future. Whether you’re building a TFSA, growing your RRSP or investing in a non-registered account, the right brokerage can help you keep more of your returns. Compare discount brokerage accounts<\/a> or check out Questrade<\/a>, the online brokerage that combines low-cost investing with powerful research tools. Open an account and pay $0 commission<\/a> on stock and ETF trades. Get $50 cash back (plus new customers can get up to $500 using code GET500<\/a>. Offer ends July 23, 2026.) Start investing with Questrade<\/a> <\/p>\n

The takeaway once the guru logs off <\/p>\n

Chilton is not leaving Canadians without options. Younger financial educators are already stepping into the space he built, and the registered accounts he championed are more generous in 2026 than at almost any point since they launched. The real test is whether the habit survives the personality. <\/p>\n

A plan that depends on checking in with one trusted voice every few months is still a plan worth having. But a plan that could run on autopilot for a year without that voice is a stronger one. Use this moment, not to find a new guru, but to confirm your own numbers are current and your contributions are automated. <\/p>\n

What To Read Next <\/p>\n

The most expensive financial mistakes are often the ones you don’t see coming. Join 19,000+ Canadians who get the money moves, risks and opportunities shaping their finances \u2014 delivered free each week. Subscribe now.<\/a> <\/p>\n

Article sources <\/p>\n

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines<\/a>. <\/p>\n

The Globe and Mail (1<\/a>) <\/p>\n

This article originally appeared on Money.ca<\/a> under the title: The Wealthy Barber is retiring \u2014 here’s how to check your own retirement plan<\/a> <\/p>\n

This article provides information only and should not be construed as advice. It is provided without warranty of any kind. <\/p>\n","protected":false},"excerpt":{"rendered":"David Chilton at the Nikki Beach Pop-up in 2014 + Cover of The Wealthy Barber David Chilton \u2014…\n","protected":false},"author":2,"featured_media":535008,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,17515,227447,176,61,227448,60,174,175,1611,1830,2354],"class_list":["post-535007","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-canadians","tag-david-chilton","tag-finance","tag-ie","tag-investment-fees","tag-ireland","tag-personal-finance","tag-personalfinance","tag-retirement","tag-retirement-savings","tag-warren-buffett"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/535007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=535007"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/535007\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/535008"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=535007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=535007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=535007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}