I don't want to work one day more than I have to! Freedom is priceless!

My 2cents is stop working as soon as you can , don’t work anymore then you have to and Take what ever you can as soon as you can . I seen so many people die within a couple years of retirement after staying late because their going to live forever and there’s never enough money. Or your going to end up in some home that’s taking 75% of your pension while you share a room with someone who never worked a day in his life. Enjoy your retirement as soon as you can .

I took it at 60, because it allowed me to afford to work 4 days (32 hours) per week instead of 5 days(40 hours), right up until I retired at 64 due to COVID layoffs. Constant 3-day weekends makes for a much better work/life balance.

I plan on retiring next year at 50 years old. But not in Canada because our cost of living is ridiculous. I will live in Asia at a cost of 1500 CAD a month 3x less than Canada.

Thank you very good information

Assuming you can retire at 60, the most critical factor is how much more "useful" the money is from 60-70 versus 70-80. I had an acquaintance tell me that his 60th birthday was awesome since he still felt really fit and ready to really enjoy retirement, he also said his 70th birthday was _completely_ different, with age really starting to become "noticeable". He was still very able-bodied at 72, but he said there is absolutely no comparison to 62! Past 60, age-related effects are an *exponential* curve, so don't kid yourself into thinking that 40-60 is _at all_ the same as 60-80.

His completely RIGHT

Thank you

I took it early and it goes straight into a tax free savings account. Our financial guy said we would be farther ahead when I get to 65.

Excellent advice, I started collecting at 61.5 , at age 64 I sold my company money in the bank two months later Cancer ,chemo ,radiation , surgery ,today I am 68 o. ..k I am not going to make it to 85 plus at 85 one don’t need as much as in his sixties on top most people are afraid to spend the worry about their grand children . I have seen interviews on Tv when people are getting extra help from government and they are passing it to their grand children who are running around with a thousand dollar cell phones . I am not giving advice but I also don’t want to listen to complaints about pensions.

Another bigger factor is COL. I had 2 live in a high renyt area 2 retauin employment BUT when I retired 2 Elliot Lake ON, I reduced my COL by 400%, hence, a huge "raise"! Plus, lower stress, finasncial/economic/stress. PLUS, I just happened 2 retire 2 "God's country" a yr b4 covid hit!

Love the videos and expert, technical advice! I have a question that I’m not sure was addressed in the videos or comments. ( if it was I apologize for not picking up on it..). I have a Canadian Armed Forces pension that I’ve been drawing since 2017. I’m indexed. I’m also in a second mini career but retiring completely in 2025. My Army pension has a Bridge benefit that gets clawed back when I hit 65 earlier if I opt to take CPP at 60. I’m currently considering waiting to 70 but perhaps 65 is the better option. I think if I take CPP at 65 the Bridge benefit loss is almost cancelled out or equalized by the CPP benefit I’ll get. But waiting the 5 years might be better if I can eat the drop in my pension for the 5 years. Do you have general advice for those of us with a bridge benefit? Thank you Aaron!

I took my CPP @ 62. Reason: I am still working and am forced to pay CPP premiums until 65...with no increase my future CPP benefit! If I don't collect, I send about ~$20K in premiums out the window by age 65. Collecting ($10,245 in 2022) gives me needed income now, and allows me to start building the post-retirement benefit (PRB) which generated an additional $710 annually in 2022 and maybe up to $1500 annually by age 65 which offsets a good chunk of the original penalty. The overall penalty averages out to about ~$1500/yr if I live to 80 and my wife collects the survivor benefit for 5 more years. Worth it.

Thank you for sharing. I would like to know should I consult with the bank financial advisors or accountant for my CPP information? For example, I have company pension if I take earlier retirement but will my CPP deduction because I have company pension. Thank you for your response.

I received an Alberta pension from work. Will I have to do the income tax every year? Please let me know. Thank you

Just wondering if this also apply to the QPP (Quebec)... Always have to be different here :(

I took it at 60, I wanted to invest it myself. I continued to contribute for a couple years, and I retired at 63. My CPP is at $884 now.

Best to take it early, increase your quality of life and enjoy it while you are still healthy. Who knows whats down the road after 60

I don’t have much of a pension so I’m using rsp’s from 61 - 65 , taking as much out as possible to keep me in the lowest tax bracket. From age 65 - 69 I’m going to collect my small pension, oas and gis, using a little from my tfsa to supplement (tfsa is not considered income so it won’t affect my gis amount), then at 70 I will shift to the highest payout of all with my cpp. Cpp increases 8% per year by not taking it, great return on your money.

Or you took Level income option on your DB pension and it drops at 65, need at least the CPP at 65 to maintain same income.

David . in my opinion , taking CPP at 60 does not incur a reduction ( of 36% ) on the total amount showing at the end of the graph . in fact , the word “reduction” here is misleading , simply because you do not talk about the PRESENT VALUE of money . Please look at your graph at minute 5:27 and see what happens between age 60 and 73 , and all the money cashed in during those 13 crucial years . Crucial because money has a lot more value in that timeline than in the future . Also , the person who started getting money at age 60 did just that : started getting money !! and 5 or 10 years more than their counterparts . That is a lot of money compared to no money at all till age 65 or 70 . Not to forget , with age , quality of life also deteriorates , there is no way around that .. much like the purchasing power of money .. Who cares about the total amount received by the end of the graph which depicts the end of one’s lifetime , providing the individual actually lives that long and does not get hit by a bus , besides all the other probability and statistical challenges or negative odds that the individual is facing . I say live your life now . It would be interesting to see a graph that shows how misleading statistical graphs can be . This is my opinion . I am not an accountant or a professional financial planner , but I believe it is important to clearly explain to your audience the present value of money , the ever diluting purchasing power of currency , the trailing lagging index that our government portrays as the ultimate solution to inflation ( CPP GIS OAS ) . At this rate , many Canadian pensioners will never be able to make ends meet because the real purchasing power of money needed for say food , accommodation , energy is much much lower than any graph based on statistics and theory presents . just saying Thank you for your attention

What is the difference between the CAF or public service and non CAF

Saw too many people during covid that got the virus, got complications from it beit stress or health and passed before the age of 60 didn't even have opportunity to apply. Take it early if you can.

I once read about taking early CPP and it was put this way: They took an example of twins. Both earned pretty much the same throughout their lives and both had about equal net worth. One took early pension and the other did not. The one who did not take it early took 13 years to receive the amount the other did. Take it early since we don't know how long we've got.

So, i have worked so far 38 years. My 30 and out is end of this year. I'll be 60 this nov. Laid off now till April. Last 3 bad years,lay-offs, GM. Auto worker. I maxed out my payment for 27 years. 6 really low years, and 2022 to 2004 off no work. ? If I decided to delay my cpp for a few years and live off Rrsp and pension. Will I gain more or lose more in cpp payments because i won't be paying into cpp in 2025. I going to retire. CRA says 800 now at 60. Thanks. Vince

Real inflation in Canada is 12 percent! If you wait you are paid in debased currency. The government rate is a cruel joke.

Thanks for creating the video, there’s allot of information there and even more in many of the comments. I turned 60 last Nov. and decided not to apply for my CPP for several reasons but mainly because I did not need the extra money at this time. I have a great pension, a few RRSP soon maturing and a good chunk of money in my savings. Question 1 - Should I wait until I am 65 to begin receive it? On another note, my wife turns 60 this coming Nov. she also receives a fairly good pension but less than half of mine because she decided to retire early before reaching her full pension age and magic retirement number. We share equally our income and expenses (she has access to mine and I have access to hers) and we spend most of our winter where it is a much warmer climate than back home in Northern Ontario (I wish our Canadian $ was worth more, LOL). My 2nd question is because her pension is less, should my wife apply for her CPP at age 60? It is important to note that her family line has a very good life longevity in its history! 😂 Thanking you in advance for your advice.

I am getting pwd check for last 3yrs. I have not worked and don’t plant to again I’m 59. I want to get my CPP at age 60 but will it come off my pwd check? Is CPP like an income where i can make 15 k a yr with out my pwd check being touched? Appreciate your help

one consideration that i havent seen discussed yet ( as im new to this ) is the opportunity cost with respect to investing the $$ should you decide to take CPP early. For example, if you took CPP at 60, but invested the $$ because you dont actually need it, youd have that $$ to invest in RRSP's to reduce your taxable income and hopefully make you some profit as well. your thoughts ?

Another think that is never discussed is the survivor benefit with CPP. I was 60 and my wife was 59. She had breast cancer and would probably die. I phoned SC and discussed my options knowing my wife was going to die in the next few months. In simple numbers if I took CPP at 60, 65, & 70 I'd get $600/$1000/$1400 per month assuming my wife would also get her max CPP since she was fully paid up. Since it was pretty sure my wife was going to pass and I would get a survivor benefit which would be about 40% of her CPP. So I figured at 65 I'd get $1400 per month. But the agent told me at 65 there is a max benefit payout of $1100 (round numbers) so the this all I'd get and the govt would keep the rest. So taking CPP at 60 made more sense because I'd get my $600 plus the 40% death benefit and even then, they would still claw back $25 per month. So if either of you and your spouse is terminal take the pension early. I asked why that max payout number isn't published but didn't get an answer - because they didn't really want people to know about the claw back.

My philosophy is take CPP early if you really need the money to make ends meet,, or take it early if you DON'T need the money and you want to invest it or play with it. If you're not sure, wait and take it later.

I some questions: I am widowed. Am receiving widowers pension. And i decided to get my early CPP at 61 yrs old. And am still working permanent full-time still contributing CPP as a compulsory deduction from my work. My question is if i retire at the age of 65. Is my monthly CPP will increase at my to top rates since am still contributing my CPP at work

Covid took my business away, so i applied at 62.

I'm 70 years old took my pension @ 60 and retired do you think at 86 you are going to do a lot of traveling you have only so many good years left, money at your later years how much do you need.

Yeah this was a good video I still need to formulate some more questions on 56 and a very poor saver but my taxes are up-to-date and I’ve paid everything to the max but I’m looking to want to retire out of the country I have a wife in Indonesia and like I said I’m 56 right now I’m in limbo because I’m taking care of my 90-year-old mother I’m just waiting for her to do her thing and then I figure I haveFour years to crush it and get out of Dodge

Another consideration might be if your spouse is 65 and you are (at age 60) eligible to collect the GIS allowance between 60 and 65. This is something that is rarely discussed. Great video!

I am retiring at 58yo and my wife will retire at 62yo. We both have Derived Benefit Pensions. Women in her family live to 95-100yo, there is no history on my side of the family. In my retirement at 58yo till 60yo I will get $4200/month while My wife will be making $92,000/year over those 2 years while still working. Wondering if I should take my CPP at 60yo since I have no family history of longevity? By my calculation if I take CPP at 60yo I will make $4200/mo Pension, $770/mo CPP and about $600/mo OAS for $5500/month or $67,000/year. My wife in retirement will get $3,000/mo Pension, $770/mo CPP and about $600 OAS for $4370/month or $52440/year. Total income will be $120,000/year. We will both be under the OAS clawback amount. We will also still both be under the OAS clawback amount if we took CPP at 65yo. Is having an uncertain family longevity on my side of the family a good enough reason to take CPP at 60yo? or should I wait till 65yo so if I die after that my will will get more money? We will have our home paid for and our vehicles when we retire.

Am I wrong about thinking that the numbers are incorrect? For each year you delay, the amount goes up 8.4%, but isn't the amount adjusted for inflation too? Let's assume inflation adjustment is 2% and at 65, the CPP benefit is $1000. So if you delay 1 year, isn't the benefit now $1020? And the 8.4% increase is now on $1020?

I've only invested into savings and stocks. I don't like RRSPs.

Iam 63 and I live in China for 13 years, am I entiltled to get a canadian pesnsion

I applied last year and I have been overseas so I didn’t see the letter of acceptance, calling them from here is a nightmare, I paid cpp through the years but I was a self employed musician, what could get you rejected for your pension at 60. I believe when I played the Olympics in Calgary for the opening ceremonies with Ian Tyson I paid CPP, there were other jobs too through the years, my question is did I pay enough to even expect the minimum?

The break even age (assuming I have the contribution room in my RRSP and earn 7.5% return before and after retirement) is age 93 .. if I live an average life (age 86) the fund I created ($152,470) will pay me out at about $200 a month more between 70 and 86 than the max CPP payment .. food for thought

Maybe I missed it, but the cummulative 60 line is the minimum, and the cumulative 70 line is the maximum with 65 not quite the middle. So the plot would be better represented with colored areas showing where your CPP could be if you deferred to say 62 and 6 months or 66 and 3 months, because your circumstances required it. There is also no discussion about those with indexed pensions and bridge amounts vs savings only retirees, where pulling CPP leaves their capital intact a few more years, etc.

Another reason (and the one which I took early CPP for) is that I knew I will definitely be a GIS recipient at age 65 due to lower income over my years of work. Right now I have a situation that allows me to live 'ok' on this lower CPP amount and I know that at 65, both the full OAS and a certain amount of tax free GIS will apply. The lower my CPP plus OAS is at 65, the greater the amount of tax free GIS I will receive. (I knew this from others in similar situations and searched and searched until I found this on a financial website to be true....so decided to go this way. So far, so good! Am 61)

Thank you for this video and the information. I'll be 59 this Aug. and currently on med. leave from my employer. Despite having 3 doctors submitting documentation to our SunLife work insurance as to my medical situation I've been declined STD (short-term disability). We've already been in consultation with lawyers and that's going forward. However, I'm now considering the age 60 CPP option just down the road as it's doubtful at this point whether I'll be able to return to work. Fortunately I'm able to draw on E.I. med benefit payments - but that's only good for 26 wks...and then I go into the twilight zone. I've worked all my life and now find myself unsure of the future due to health reasons.

None of these retirement benefits videos address taking the benefits at 60 but still working and paying into them until your ready to fully retire? What would be the advantages and disadvantages of doing that?

I am a dual citizen with an American military pension working on a provincial pension. By the time I'm in my early 60s I will have two more pensions from two countries with a total of 4. The tax accountant stuff isn't so fun though 🤣

If you don't take cpp and you die, what happens to your money, does some go to spouse?

Re CPP - I am 61 and divorced, I have already accumulated enough credits to receive the maximum monthly benefit at 65 (approx. $1,250 at 65) minus the credits I will need to give to my ex wife which may bring me down to say $900 \month. If I continue to work and pay CPP can I accumulate additional credits so I could possibly get the $1,250/mth even after giving my ex some of the credits?

I'm 36, and my husband is 43. Where can we start investing in our retirement and kids education fund? Calgary ab

What if you retire with pension that provides a bridging benefit until 65? Then at 65 you can start collecting full CPP benefit of approx $ 1200 and your pension is only reduced by no longer getting the bridging benefit.

I like 👍/subscribe thanks 😊

PLEASE - if you are in you late 40’s - go to a good advisor. It could be to your advantage to take you benefits early - but I doubt it. There are 50 scenarios! Think about just this one: it is pretty standard knowledge that ya if you are 30 or so, medical science will give you excellent chance to live to 100. If you retire and take benefits at age 60 - your CPP would be about $600/mo. But you would live another 40 years. From age 60 to age 90 (for example) with inflation @ 3% - your $600 would be worth just about $300! If you are living to 100, keep paying into CPP. At age 70, your CPP will be over $1400/mo. @age 90, it will still be worth about $1100! Like I said - see an advisor!

Nice video, but I would ask that you explore the growth of pension benefits accumulated between early and late start.. and factor in the compounded interest over the interim years. Notably, if you can afford to delay the pension start date, then you can afford to save 100 percent of what you would collect if you start early. By my math, this is a win win for an early start as the pensioner is the winner over both a long life or early death. At least the pensioner would have had a chance to collect something if he dies early and not risk collecting nothing if he waited. If they live longer than the cross over, then start drawing down the difference from the growth balance from collecting early. If you were to collect $40k over a 5 year period then invest in a simple GIC at 5 percent, it will be around $100K by the cross over date, which moves the cross over date out significantly. If I put all my pension collected from 60-65 while still working, into a tax free savings account, and the same amount into an RSP, the tax is deferred on the boosted income while still working. But the best part is the growth of the money in a TFSA is tax free forever.

The best way is donnot pay or pay minimum CPP, then you have everything under your own control.

I think the comment about married people living longer and the exact percentage in the graph is mistaken. Men do live longer by having a good women by their side, but the graph is the percentage that one of you lives to that particular age. Also: I am not totally sure, but was reading that there is a reason to take CPP early if you retire early and don't have a full number of years paying into the system. I think the number of years counted changes if you take CPP early so you have less 0 years in the average. feel free to correct this if you know better.

One problem with taking benefits early is…..if your have an accident or a debilitating disease, before 65 you cannot apply for a disability pension. This happened to a guy I worked with. He started taking his CCP at 60, but developed a severe blood disorder at 61. He applied for a disability pension but was denied……because he was already receiving his CCP.

For many years I worked in Canada. Now I am in Europe. I am over 65 years old. I am trying to find my record of total number of my employment there. And Projected estimate of what I will get. Also the link about how sign on to My Service Canada pages. I have spend days to get record of my employment and what I am entitled to. Please help with clear instruction if you could.

Take it early as you are not accounting for cost of living raises I took mine at 50 it was 1k it has climbed to almost 1300 now at 55 so your friggen doesn't add up ,u loose very little if you plan and die then you get zero .best early

-what about taking it and still paying into it im still employed

Hi David, I’m receiving survivor benefits and turning 60 next year . Is it a good idea for me to take my cpp at 60?

Great video, Can I have the Records organizer please.

It’s better to get it at 60 so you can qualify for GIS when your turn 65 which is not taxable.

Embarking on this new chapter of retirement in Canada? Remember, proactive financial planning is the key to unlocking a secure and fulfilling future. Instead of solely relying on CPP, OAS, and GIS, consider staying invested with a trusted financial advisor. They can guide you towards strategic investments, ensuring your retirement is not just stable but prosperous. Take control of your financial destiny and embrace the retirement you've always envisioned!

that's all good, but I am in line to get only $200 per month with my CPP. One of the disadvantages of being self-employed at minimum wage.

Do you really live longer if you are married or does it just seem longer?

Take it while its there folks. Any big sum of money is NOT safe from the gubberment PERIOD. I basicly considered it another tax at my job. I am too young to ever see it. It is a house of cards. I would be taking the lump sum every time.

Unless you are financially inept, you should be 100% retired at 60 with other sources of income plus the pittance from CPP and OAP.

When are you going to do a video on " Canadian Economic Refugees "

I was told that if take CPP at 60 it remain that way for ever, and there will be no increase. But What if you still working part time and still contributing.

What about taking it at 60 and putting it in tax free savings for five years

Thanks for your video. I remember clearly calling Service Canada. They told me I could not collect CPP before 65 y/o. Do they blatantly lie?

My buddy told me the earlier you take it, the more taxes are taken. Is that true ? He told me no earlier than 65. Thanks

Respected sir. I'm from india. I worked in Canada from 1981 till 1993. Now I'm living in india since then. I'm 63 now Am I eligible for cpp benefits

Correct me if I'm wrong. Your CPP is based on your income over the years. Not everyone gets the money you are showing it will vary.

So if one is single, decided not to take it until 70, wife has passed, I die 2 days before I turn 70, what happens to all the money I contributed for 54 years.

What about OAS .

Open a binance account, but Tron and Dogecoin to get rich and retire.

I'm in Canada for 8 years now, I've been hearing that I have to be in Canada and contributed with the CPP. I'm now 66 y/o, Is it okay to claim CPP now how will it affect for I have contributed only for 8 years. Please advise and thanks.

If i have no plan of retirement. Should i take cpp at 60?. Thanks

CPP is peanuts, barely pays for my home heating bills in the wintrr.

I took my CPP because of the COVID 19 Pandemics.

If you take CCP at 60 and continue to work and pay into CCP does your CPP payment increase? If so how does it work?

Retired early at 56 with modest unreduced pension. Haven't contributed to CPP in 4 years. Should I start receiving my early CPP at 60

I would grab it while you can. It’s insolvent. It’s been overloaded with older new citizens and bankrupt

I was thinking to do this at 57

Everything explained is based on the maximum. If you didn't contribute the maximum you don't get that income.

Average age of death is 86?

I am thinking of retiring in India can I get my cpp in India ( without having to comeback every 6 mo.? )

hi David,I am 59 yrs,and considering taking Cpp at 60, I have been over the past year laid-off ,short term on multiple occations,and it may be that way for the next 2 years,How does Cpp affect my EI claim?and is it wise to collect at 60,or should I wait.

To cheap earnings even if we retiremet at 67. Too bad too bad

Hello David - I enjoyed the video - Is it safe to say, if you DONT need the money, deferral is always the best option? I know life expectancy is important, OAS clawback etc. This always seems to be the 'classic gamble' scenario, so since you cannot predict lifespan, health, defer if you have money, seems to be the defining variable, and therefore if you dont need it wait as long as you can?

With this title I thought you were going to do an analysis because of inflation... the real inflation which is I guess at least double the government 6% fake number. Doesn't this have an effect on what age we take the CCP ?

Sweet spot age 70. ✅

So in your opinion a retiree is better to take CPP at 60 rather than drawing down his investment portfolio.

Govt. paid ad. You lose 1/3 of your CCP by withdrawing early. Don't do it unless you are wealthy.

I do think that people worry far too much about OAS clawback. If you have over $129,000 a year in retirement income (almost $11,000 a month, double that for a couple) and your OAS is entirely clawed back then I would say you have little to worry about financially in your retirement. It seems like the OAS tail wagging the retirement dog to me. Of course planning your retirement finances is never a bad idea and if you can reduce the amount of OAS claw back why not but realistically, if you are in clawback territory, is some portion of the $600/month that OAS pays really going to affect your finances appreciably?

Financial/economic collapse, bank bail-in"s, inflation, increased taxes? The way things are going, there won't be anything to spend your money on anyway. Jobless people don't buy stuff or manufacture stuff or pay rent. The pension ponzi scheme and debt economy is not sustainable. Eventually the debt ridden unemployed population won't be buying new vehicles, houses or TV's. Then the manufacturing get curtailed, laying of more people who can't afford to support manufactured products. It spirals down to a system of government support, with conditions. Do you see where this is going?

Hi David, thanks for the very informative video. Taking CPP at the age of 60 in this video is assuming one works until the age of 60, correct? It would be interesting to know, for someone leaving the work force after 20 years, at the age of 55, would there be any benefit from delaying CPP until the age of 65? Thank you.

Stupidity percentage less than 65 or 67.