A common question we get is “When should you start taking your CPP or OAS?” –
First, you will receive the maximum CPP if:
1. You contribute the maximum for at least 39 years
2. You start CPP at age 65.
So, at what age is best for you?
Consider this: CPP drops to about $10,000 / year at age 60 but doubles to about $20,000 / year at age 70.
Do the math!
In an ideal world, a couple could draw $20,000 x 2 from age 70 PLUS $10,000 each for OAS. That’s $60k in government guaranteed, inflation protected pensions from age 70. Don’t forget, you’re expected to live well into your 80s.
The team at Pension Solutions Canada is here to help. We specialize in helping individuals prepare for retirement and understand their pension options. Let us assess and review your income streams in retirement and help you with retirement planning.
Call 1-888-554-6661 to speak with us today or visit our website for more information to help you with retirement and your pension….(read more)
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straight forward , thanks
The Government does all their calculations so that we work until we are almost dead. Most people die before 80 so you won't even get your money back. This is done on purpose. Take a look at how the Government treats veterans or Indians without drinking water. It makes me want to live in North Dakota where they don't pay taxes. Imagine no taxes. We here in Canada are taxed on everything. There isn't anything we don't pay tax on. The Government always has their hand out and claims they need more money. The truth is the Government doesn't care about anyone of us. They are purposely making people poor with taxes so they will have to struggle and work until 70 just to survive. People are waking up to the corruption in the Government and the insult of the crumbles (small pension) that the Government gives us at retirement.
Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals.
Good morning sir. My name is Krikor Alexanian. I have been leaving abroad for about 10years. On Oct. I will be 65years old. I would like to know if your company is able to apply for my retirement pantion plan of course for a fee. Because it is very hard for me to travel to Canada. I am leaving in Philpen. I will be waiting for a reply thanks. Hoping to hear from you soon.
It’s astounding to me how many comment to take it right away as opposed to ensuring a higher, indexed payment. Sure, if you need the money to live, by all means go ahead but you are giving up a boat load of money. It’s best to work with a planner to truly understand the best decumulation plan that maximizes indexed pension and OAS. Great advice here.
Where are you located?
Great explanation. Thank you
Hmmm, but if I take the CPP at 65, then I will have received 5 x $15,000 by the time I’m 70 (i.e., $75,000). If I wait until 70, the I receive $5,000/year more, but it will take me 15 years to get the equal amount. I have some room in my RRSP, and a private pension plan and so can invest in my RRSP, and so get at tax break as well. Can do the same with OAS (but just put it into TFSAs). Anyhow, the situation isn’t so cut and dry.
A boring yet practical presentation.
Thank you.
Thanks for your information. This is the most clear and practical explanation I have watch in YouTube. Great help in my situation
How are CPP benefits adjusted for inflation?
Great explanation of CPP/OAS and sound advice about when to start taking CPP/OAS. Of course, I'd add one note, Longevity. If you have a history of early death then taking CPP early is the obvious, otherwise good direction from this video.
Don't wait. You don't know how long you will live. At 60 start taking the minimum out of your RRSP ( 5000 at 10% tax) run that for 5 years..remember the more you take out of your RRSP the higher the withholding tax.. if you can flip that 4500 after tax money and fund your yearly contribution to TFSA. At 65 take your CPP. This video doesn't say anything about OAS clawback. To say at 70 you and your spouse will get 60 k of indexed income, because that's just not true. Between 60 and 65 you will have the best health and the most money you have to enjoy.
You cant take it with you
Take the CCP at 60. The government knows there is a higher odds that you’ll be six feet under at 65-70. Don’t wait. Don’t take the bait.