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Retirement in Canada | Canada Pension Plan | Should I Take CPP EARLY?
When is the best time to collect CPP?
This video will give you a step by step approach whether or not it makes sense to take CPP early.
So you can help yourself or the people you know to make a smarter retirement in Canada
Canada Pension Plan, CPP for short,
is a pension plan backed by the government for Canadian’s retirement
You can only receive CPP payments if you have worked and made contributions to the plan.
The amount you receive depends on how much and how long you contributed in Canada.
In 2020, the maximum Canada Pension Plan payout is $1,175 per month.
The standard age to start taking CPP is at age 65
But you have the flexibility to withdraw as early at age 60,
you will get 36% less compare getting it at age 65.
vice versa, you get 42% more if you delay the benefits to age 70
So the question is should I take Canada Pension Plan early at age 60,
wait until the standard 65 years,
or defer CPP benefits until I’m 70 years old?
Enjoy!
#CPP #CanadaPensionPlan #takecppearly
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Hey I’m 60 year widow and I’m complete 10 year canada. So please tell me I’m eligible widow benefits
Excellent Video and VERY WELL EXPLAINED!
the question is….if you don't take early,we don't know if we still alive at 65.
Thank you. I appreciate the information and the calm way in which you deliver it.
It's unfortunate that myself and millions more hv NO SAVINGS LIVING PAY CHECK TO PAY CHECK……AND CPP ONLY SOURCE OF INCOME….MILLIONS AND MILLIONS ARE FACING HOMELESSNESS…THE FUTURE IS DISMAL AND DISCOURAGING AT BEST…. MASS SUICIDES TO COME !!!!!
Woww 🙂 Now this is how it's supposed to be EXPLAINED!!!!!!!!!! thank you 🙂 Mary
I took my CPP at 60 and I am still working , will my CPP increase when I retire at 65?
I agree!!
Hello thomas i have a question we came to canada in 1982 as refugees in quebec since then both wife and me been working and contribute to ccp present now my wife is full time retire she only get ccp and old age security not a complete pay as i am still working but me next year i will be 60 yrs old what will happen financial for my wife pension pay and mysefl if i retire full time at 60 what will happen to both of our pension pay ? thank you Thomas
Am in Vancouver, where in Vancouver can I get help?
Retired at 55. My ex may get a portion of my CPP. Should I start CPP at 60 and deal with a potential drop if the ex applies for a portion later?
Can you fire it into an RRSP and use it for a deduction?
THINKING OF LIFE AFTER RETIREMENT is really a pain in the ass…. What’s the best advice for someone worried over Retirement.
Excellent video. Thanks
Hi Thomas. Thank you for what you are doing, spreading good information to educate people to hopefully make the good choices.
If you wouldn't mind sharing your thoughts on my question here pls…
I would like to hopefully stop/retire early.
Been working since 18 yrs old (1991) full time and would like to retire now (30 yrs of working full time) or in 2-3 more yrs.
If I were to do this now (49 yrs old) and take cpp at 60 yrs old, how small of CPP do you think I will end up receiving at 60, pls? Will it make a difference if I keep working for another 2-3 yrs? My mom and dad died in their 60s (health related) which is why I am thinking to live a life and see what else is out there other than the 9 to 5 grind.
I have been planning to use CPP as the largest share of income I use in retirement and use my RRSPs as little as possible…as you accurately stated, once you pass on, part of your CPP disappears. Your RRSPs remain intact if you pass away early. Once you reach 71 and have to begin drawing on your RRSPs, I can help my grandchildren through their life challenges. I have my expenses under control so I will not require huge expenditures and most of our future repair costs on the home have been completed already.
I was receiving 36% cpp for 4 month. And I got sick applied for disability & got approved. I'm on disability for 10 months & going back to work cause I'm a lot better and my doctor approved me to go back to work. Is my former cpp I'm receiving before be back? Or do I have to apply again.
Awesome advice I worked for a Pension Plan and took my pension early. I will also take cpp early – the sad thing regarding stats – People sometimes die much sooner than they expected.
So just take in at 60 is the best way
dam right i took mine at 60 think i gonna let govt take my money if i die later f that
subed
I decided to take it a 60 and don't regret it at all.
What happened somebody injure to collect CPP before 60 breaks down 36%
Do you know if i am allowed to start receiving qpp at age 64 while still working but less hours? Im working now for 12-13 hours a day to make 2.500$ a month. If i start receiving ~ 500$ from qpp i can work 8 hours a day, which is important to me now due to my health issues. Im 63 and im self employed delivery courrier. Thanks in advance.
I would. I’m not sure if I will be alive at 65. I plan to invest it if I don’t need the money.
Excellent video
While a lower cpp may discourage taking it early, it's worth pointing out that at 65 you also get the OAS which is currently around $614/mth and is adjusted yearly – and for those making less than $18,000 per year the GIS would top up cpp and oas (at least up to $18,000).
Another reason to take it early, is if you expect some income to come in at a later time. I'll probably be retiring by 65 and wind up my business and rent out or sell my commercial property.
In my case that I have health issues, I will take my CPP at age 60. Why because I want to enjoy my hard earned money before I die. I want to travel maybe take a vacation every year because when I was working very hard I hardly take my vacation. Third I want to enjoy my moneyvwhile I'm still able to do so and still young. So, yes, I will take my CPP early.
I am 60 years of age I don’t have a job or any income. If I take CPP now, would it be better? At age of 65 I will have old age security. Will I have less of OAS if I collect my CPP now?
Better take it at 60 life is too short we don't know What's tomorrow comes
Yes I'll be taking it at 60
I am currently at age 66 working full time job while on CPP. Can I stop my CPP payment till later year ?
For those who don't have a work pension or only have a small one…
If you have savings in TFSA, collect OAS at 65 and apply for GIS while waiting for your cpp.
Using your TFSA (which doesn't count as income), you can collect a good amount of GIS and when you turn 70, start collecting cpp. It's at this time that you won't be able to collect GIS anymore as you will be making too much each year.
If married I would consider taking it early because if something happens to either of you it will be topped up to the maximum.
If you're single I would consider taking it later because you only have yourself to count on and you may need extra funds as you age.
That being said – it also depends on your health when making these decisions…. think wisely.
Taking mine at 60. It's the difference between a pittance and… a pittance.
cpp is such a ripoff. You get much less than you paid.
Hello Thomas, great video. I just want to let you know, in case you don't already know, that you have a bunch of scammers in the comments. roughly around march 19th…
I am lucky I have a Military Pension, however as with all Canadian Federal Government Employees who receive a Pension (That we paid for by the way); Once we draw CPP, That amount is clawed back from our Military or Government Pension. So in effect we receive nothing.