Why You're Wrong About Taking CPP at 60

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Why You're Wrong About Taking CPP at 60

Рет қаралды 21,081

Күн бұрын

We've noticed a couple trends in the comments whenever we post informational pieces about CPP, and we're talking some trash back and backing it up with some interesting numbers. What is the real average age we should be looking at? Are we here at K4 on the government payroll? And why is the video quality down in the last couple of episodes? (spoiler: camera settings)
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0:00- Intro
1:08- Reasons to take CPP at 60
2:20- Comment 1: 65 or die
3:49- Comment 2: ITS YOUR MONEY
5:03- Comment 3: Most Die B4 70?
9:03- We Value Your Feedback
_________________________________________________________________
This presentation is just meant to provide information. The accuracy of its contents has been ensured using every available means. Certain statements made may contain forward-looking statements, which involve known and unknown risks, uncertainties, and other factors that could cause the Company's or the industry's actual results, performance, or achievements to differ materially from any projected future results, performance, or achievements. Returns are not certain, and performance in the past might not be replicated.
The content on this channel is provided solely for informative and educational purposes and does not represent investment advice.
The hosts are not liable for the viewers' financial decisions, and their content shouldn't be used as a foundation for investing transactions.

Пікірлер: 181

@robertbyers 9 ай бұрын

Thank you for this video. I have just turned 70 and I got my first CPP payment today. I have been "melting down" a modest RRSP to bridge my delayed CPP income from when I turned 65 unit il today. That way I could get a larger CPP payment that will carry on for as long as I live.

@TinTinner77 9 ай бұрын

Congratulations to you Robert Byers! I am very proud of you to hold on until 70 to take your CPP. I am currently 62 years old, working full time, and am starting to look into every angle about retirement......with the help from our friend Kent & Co.! Happy Retirement to you my Canadian Friend.....many good healthy, happy years ahead for you!🙏🙂🇨🇦

@robertbyers 9 ай бұрын

Thank you for your positive comment. Am early RRSP meltdown might be a strategy that can work for you. My CPP is much larger than at 65 and will get adjusted for inflation going forward @@TinTinner77

@paulpoco22 9 ай бұрын

I am 56 and retired. I will not take CPP until 65 or later as at 65 my DB pension drops. What is funny between myself and wife will make $10k more per year than ages 56 to 65.

@elbowstrike 8 ай бұрын

You’re living my retirement plan! How is it going? Is the 40% greater CPP payment good enough to live on?

@martinb896 7 ай бұрын

Are you glad you waited?

@GreatIaker 9 ай бұрын

Excellent video and analysis Kent. I am one of the 1% that plans to take CPP at 70. Many independent advisors and actuaries (eg. Fred Vettese, Bonnie-Jeanne MacDonald, Michael Kitces) recommend deferring CPP (or Social Security in Michael's case), but internet pundits continue to reject all their well thought out points. I got some good laughs out of your rant and sardonic responses to posters' reasons for taking CPP early. Thanks for the video!

@K4Financial 9 ай бұрын

You’re welcome. Glad you got some laughs.

@DevilishAbstractions 8 ай бұрын

Great advice. True that there's no one right answer that encompasses everybody.....A friend in good health suddenly became ill and within months she passed away at 64. On her hospital bed, she said to me that contrary to my advice to wait until 70, she was glad she started taking her CPP payments at 60.

@iana36s 9 ай бұрын

The trick to RRSP is to take it out in the lowest tax bracket possible. Taking it out prior to taking CCP and OAS just make sense.

@lorindaoconnor1680 9 ай бұрын

This was quite entertaining! 😅. I’ve been following K4 Financial for about a year now. You have taught me plenty. Thank you for sharing your knowledge. 😊

@K4Financial 9 ай бұрын

You’re very welcome. Thanks for supporting us

@lauraferguson6312 4 ай бұрын

As someone with heart disease and an Abdominal aortic aneurism I will be taking mine earlier rather then later !

@milbose 9 ай бұрын

Thank you! I can save my voice now and simply send this video to the people I know that start every conversation with "Well you know what "they" are going to do..."

@michaelfisher3468 6 ай бұрын

Exactly!!! Me as well. I'm definitely living into my 90"s Unless I get hit by a bus...if I do I won't know the difference and really what are my chances of getting hit by a bus

@northerngal777 9 ай бұрын

Keep up the good work Kent. Too many people make this decision with emotion, rather than with facts, and without the numbers. I also think that too many people do not understand how to read their tax returns. Glad to have had your input. You and Chad are great advisors, and for those who don't want to heed your advice, they will be the ones to suffer the consequences at the end of the day.

@ronwright9650 9 ай бұрын

Hi Kent, I was chuckling watching this video last night. You sounded just like me when I'm at the pub. I'm usually surrounded by old friends, all 60 somethings, mechanics, plumbers, accountants, engineers etc. Without exception, they all took CPP at 60. When asked, I tell them they have all got it wrong. Why add CPP to your income and pay 45+% marginal tax ? When I stop working soon (65 ish), we will use our savings to support us, then take CPP at 70. I don't think we are in any danger of running out of money either way, but to have more guaranteed later and pay less tax, makes waaaaaay more sense. You shouldn't have to be a finance expert to figure this out. Maybe you should come up with a catchy tagline, "Tilley's Theory of Stretching Your Dough", or similar. Good job 🤣

@K4Financial 9 ай бұрын

Haha, thanks Ron. I love videos where I respond to commenters. They’re fun to film. We’ll try to come up with a catchy tagline and maybe even a sweet jingle

@niceguy8305 14 күн бұрын

I know some who passed at 60, 61

@hilary1904 9 ай бұрын

Good video and I like your rant. It also confirms my decision to take it now at 68. I was planning to take it at 70 but when I looked at my projected assets to 90, delaying CPP didn't make that much difference so I decided I might as well take it now and offset some of the increased living costs due to the high inflation.

@TinTinner77 9 ай бұрын

As usual, another fantastic video Kent & Co.!! I absolutely enjoy your quick wit, ever so slight sarcasm, & the patience you have regarding some of the turnips that write comments always complaining. To those of you who are writing negative comments (or are thinking about it) towards Kent...start your own utube channel you negative Nancy's and pessimistic Pete's. Personally, I appreciate Kent's knowledge, explanations, & the advantages/disadvantages. He is my "go to" financial/pension person. Thank you Kent, for being a solid Canadian helping us fellow-Canadians...you are really appreciated. I will continue to follow (already subscribed) and "share" with everyone/anyone your videos. Many many thanks Kent.🙂🇨🇦

@K4Financial 9 ай бұрын

Love it. Thanks 😊

@TinTinner77 9 ай бұрын

You are most welcome Kent (& the other team members).....you deserve more credit and appreciation, believe me! Take Care & keep on assisting us, (your Canadian audience)....we really do value the information you bring to your videos......and a little note to the other audience members, please keep this channel positive - less criticism and more good questions/comments for this great channel!👍🙂

@michaelbutler6561 28 күн бұрын

I hadn't given any consideration to putting off CPP to 70. I plan to retire at 65 in a couple of years and it didn't make sense to me. Sat down with my financial planner, looked at the data e) understood everything and left that meeting with my mind completely changed. I think we all get wrapped up into this idea that we have to beat the system and the very thought of dying before we get CPP is probably what drives most of us to take it early. But melting down my RRSPs and RRIFs in the early stages of retirement should allow for a more comfy retirement so that if something did happen at least I can say I enjoyed life as much as I could.

@annesmith5192 7 ай бұрын

My former co worker started collecting CPP at 60. She was so sickly, that I thought maybe she was doing the right thing. I thought she might not make it to 65. But now she's nearly 70. So she should have waited. I'm 63 and retired. I haven't started collecting yet. I found this video very helpful in deciding when you apply for it.

@davidmarchand6371 9 ай бұрын

Another good reason for taking it at 60 which you overlooked is if you are receiving a Survivor's Pension and your CPP/QPP combined (if taken at 60) will be more than the maximum allowable amount. You won't get more than the maximum amount combined so then there is no advantage to waiting five years until 65.

@K4Financial 9 ай бұрын

That certainly would be a good reason to take it early

@davidhughes6048 7 ай бұрын

Yup that is a rarely mentioned point, and it can be compounded by the larger RRSP/RRIF that may pass to the spouse when the other one dies!

@kengilbert2620 9 ай бұрын

I'm happy I found you on YT and appreciate all your content. Thanks for all the info shared. I'm 2 yrs away from retiring and have gain a lot of insight thru your videos. Cheers for that (and I'm delaying CPP to 70, RSP meltdown to get there). My situation is rarely if at all covered where my spouse is 7 yrs younger, so I have some additional parameters to account for and consider.

@terryevp4084 9 ай бұрын

Top-notch Video. Many Thanks for the great explanation and debunking the false theories....!!! People live lot longer these days...!!!

@andyr571 9 ай бұрын

First time watching great info for a ham and egger like myself! The one thing I know is you don’t want to have to go back to work in your 70s if you don’t make enough. So be patient and wait. Makes sense to me.

@markvandinther2064 9 ай бұрын

Love your message. When in doubt rely on the supporting data to make an objective decision.

@edsedlak6827 9 ай бұрын

Good advice, makes a lot of sense. I decided to take it at 60 when I retired because, divorced, need the money. I was surprised to find out that CPP is actually really good at managing our money.

@davidfisher3396 Ай бұрын

Thank you, so good to finaly hear from someone who actualy knows how to run a calculator and understands the effect of the inflation increase when delaying CPP. As an aside if I die early I won't care that I did not collect the highest possible CPP benefits, I will be dead and my heirs will get to spent thei time fighting over the pile of cash I left behind

@WisdomOfTheAged 9 ай бұрын

I watch your videos for the information AND the rants. It's entertaining hearing someone tell the trolls how stupid they are.

@TinTinner77 9 ай бұрын

👍👍👍

@markbutler154 9 ай бұрын

I agree with you 100% A lot of ignorance out there, but people need to be educated and you are doing a great job. keep up the good work. I love your videos.

@K4Financial 9 ай бұрын

Thanks Mark 😊

@markm5002 9 ай бұрын

Thanks Kent for the free advice you provide to viewers. However, constantly keeping this topic trending in the world of Canadian financial planning videos is getting to be a bit much. Of course if you need the money to put food on the table you should take CPP and OAS as soon as you need it. But for others, it is entirely a personal choice that has no right and wrong answer. Of course, if you defer the payments you will get more money over your lifetime. This could also be said for a company pension or RRSP withdrawals. However, CPP does provide a secure income that is not subject to stock or bond markets. For many people, this income is critical to a diversified retirement income that does not force selling at market lows. For those retirees that are fortunate enough not to need CPP and OAS to survive, this topic is not that serious a question as many KZfaq financial planners make it out to be.

@K4Financial 9 ай бұрын

I agree 100% with everything you said.

@user-rx1ml5cx3c 7 ай бұрын

Hi Kent. I just wanted to say THANK YOU! I recently retired and a coworker who hasn't was berating me on NOT having started my CPP yet (I'm over 60). I am waiting to hear from my financial planner to advise me when to start. I really needed to hear what you said in this video, and I just wanted to thank you for your helpful advice 😁😉

@K4Financial 7 ай бұрын

You’re very welcome. It’s a fun subject where everyone has a pretty strong opinion on what everyone should do and it’s certainly not that simple.

@Expedition18 9 ай бұрын

Your intro is friggin hilarious and sarcastic discription of commentors cracks me up. We are working with Chad and hope we can prolong to 70 👍

@KanDog 4 ай бұрын

The video was great and the rant was a great bonus. I am delaying taking CPP but I review my situation as time goes on. I do agree there is no perfect answer but an informed decision based on facts goes a long way.

@James-ye7rp 7 ай бұрын

Thanks so very much. I go on these rants myself with people I care about. These things can be so difficult.

@mcbain35 9 ай бұрын

Great advice as always. I am also planning on taking my CPP at 70 in order to maximize the amount of continuous / inflation adjusted income that I will receive. I did my best to estimate how long I would live and though it is not an exact science, I am looking at the upper 80's. That being said, financially it makes sense to wait.

@kevinthailand2567 9 ай бұрын

I have chosen to take it at 60 because I retired at 55 and waiting to 65 meant a lower monthly payment than taking it at 60. I will take my OAS at 70 though

@jcgolf159 9 ай бұрын

Hey Kevin, did you retire to Thailand? If so how's that expat life there cost wise? I'm torn between Philippines and Thailand. I'll be taking my CPP at 60 as well due to the exact same reason. Unsure as to when I'll take OA, likely at 65. Ultimately no one is wrong taking CPP at any age, as it's a personal decision. I also strongly believe in value of money and rather have extra in my prime "old age"

@moonshine3396 9 ай бұрын

Great video, great channel. 👍✌️

@mrslcom 9 ай бұрын

Look at your own health history and your family’s life expectancy history to estimate your own mortality in financial planning.

@K4Financial 9 ай бұрын

Yeah, it’s certainly a good way to try and make an educated guess. That’s really all we can do. Try to make the best plan based on fair assumptions at the time.

@jimbertrand2499 9 ай бұрын

Excellent information AND entertaining!

@K4Financial 9 ай бұрын

Thanks Jim, we try

@lmelin1959 2 ай бұрын

Some people may be trusting biased advice from advisers in banks, to take their CPP early. Banks have an incentive to persuade people to take CPP early, because when you do, your other investments (RRSP/TFSA etc) stay with them longer, earning money for them.

@K4Financial 2 ай бұрын

For sure. When I was with a big firm, the only thing I had been told when I asked was for them to take it at 60 and invest it.

@derekcox6531 9 ай бұрын

Well said. I think for a guy like me I won’t get the max CPP regardless. So I think it will make sense to delay it in order to get more. Having said that,I have my own retirement nest egg,so CPP isn’t a significant piece of my security in retirement,but I’ve still factored it into my financial plan! People should understand though, CPP is funded. It IS secure and FUNDED and will continue long into the future. Anyone who thinks otherwise is truly just ignorant of the facts. CPP managers are not going to Vegas with Canadians’ money,they’re investing it in very conservative investments

@wandagreen3381 9 ай бұрын

This is excellent!! Thank you for telling it like is is!👍

@K4Financial 9 ай бұрын

We try. Thanks Wanda

@rg4530 9 ай бұрын

Great video Kent. There is one benefit to retirees that many people do not know 'enough' about. That is the GIS spousal allowance, available to your spouse if they are under 65 and you are at a low 'reportable' income. This benefit can be up to $1343.94 CDN/MTH 'tax free'. I capitalized on it by using my TFSAs and some non-registered savings until that GIS benefit ran out. How about doing a video on that and let people know about it. Mind you the combined threshold income is a very low but if you plan properly and your spouse is a few years younger than you its like free cash.

@K4Financial 9 ай бұрын

Thanks. Yeah, that’s an interesting way to work around it. It takes a few factors that are quite specific to make it work, but it’s something to put on the list.

@rg4530 9 ай бұрын

@@K4Financial Yes, and its a benefit very few are aware of. Keep up the good work!

@kevlar111 9 ай бұрын

Thanks for the video Kent, another great one. I know you don’t like to dunk on other channels directly but have you seen the CPP videos from Control and Compound and Behind the Vault? I’d love to hear yourself, Adam, and Reece respond to these, they just seem terrible! i’m constantly recommended your channel to co worker who are being told to take their CPP as early as possible. I’m just under 50 and will reaching out to you guys for my retirement plan. Mine is tricky and I have a sizable collectible collection to consider in my plan. Thanks again!

@K4Financial 9 ай бұрын

I’ve seen a bit of the behind the vault guy. Never heard of the other one. I don’t hate calling out people who are profiteering off of lies, but I also like to play the long game. Bad apples will weed themselves out over time. If I see a blatant lie, I’ll call it out, or maybe just recommend voices that I believe you should follow.

@rogercharbonneau4250 7 ай бұрын

hello i just want say thank you for giving me all the information i do not have enough money to pay someone for it important and useful for me.

@evadeanu1 9 ай бұрын

I entirely agree.

@tjh3744 9 ай бұрын

I also, anything to stick it to 'The Man'

@dnl2165 7 ай бұрын

And this is why I love your channel. Plain and simple fact-based financial education and no politics. Unfortunately another channel you named decided they should get into political commentary so it was bye-bye for me and hence more time to watch your great videos. Thanks and keep them coming.👍🏻

@jopb1811 7 ай бұрын

Thank you for the clarifications. Very helpful

@davidbeise7385 9 ай бұрын

One thing that is never mentioned or factored into this decision is that once you get money out of the cpp it becomes part of your estate. It's all fine and dandy to talk about life expectancy but it is important to know that if one departs early all the money you paid into the cpp goes up like a puff of smoke. I realize there is a survivor benefit. Like the cost of lost opportunity this money in the hands of your estate has value too. Just an observation.

@K4Financial 9 ай бұрын

When did I say that isn’t factored in? If that is the objective, it changes the decision.

@davidbeise7385 9 ай бұрын

Interesting response Kent. @@K4Financial

@colinmagee5155 2 ай бұрын

Very much agree with the math of delaying CPP and melting down RSP. Only caveat to that is how much risk willing to take that you won't die earlier than the average. Yes, emotional factor but not even thinking of missing out on CPP but how well wife would be after. Have a DB pension. Wife still gets 60% of it. Remaining RRSP and TFSA goes to her. OAS, gone. Both are 85%+ of CPP so hardly anything extra there.

@sweetmallow 4 ай бұрын

I love this guy. Easy to understand and makes sense.

@user-rk1mb8jl1d 5 ай бұрын

Most importantly, what is your situation ? You must live comfortably during your retirement time. Family genetics, most of your family's members die in the 70s, then 60 is the best time to start. As you know, 74 is a breakeven number for cpp. So assess your situation and enjoy life as much as you can every day. Good luck, and thanks to Ken.

@gaillittleton2504 6 ай бұрын

Thanks for being honest!!! I'm 2.5 years from 65 and I'm going to delay as long as I can.

@LittleGardenSK 9 ай бұрын

Thank you! I need my husband to watch this and listen!

@K4Financial 9 ай бұрын

Haha, good luck

@brl6219 9 ай бұрын

One thing I don’t see talked about is taking CPP early (approximately at age 63-I think age 60 is too early so that you can afford to gift an adult child who is studying in university some money to build up their FHSA and or TFSA so they have a chance of having a down payment for a house or a head start on their retirement

@K4Financial 9 ай бұрын

I mean, if you don’t need it and plan to use it to help your kids, I love that idea.

@highwayblues638 9 ай бұрын

Hey Kent , What are your thoughts on Alberta bowing out of the CPP ?

@K4Financial 9 ай бұрын

I’m filming it next week. We’ll have it out soon. A lot to unpack in that one

@michaelanthony3776 7 ай бұрын

Good vid; love the honesty

@Orange_You_Glad 9 ай бұрын

Give it to us straight - actuaries are nerds.

@K4Financial 9 ай бұрын

Haha, I’ve never met one, but I have a vision of them being pretty nerdy. I like nerds.

@garmin1488 4 ай бұрын

Always take it at 60, I know people still working full time who took it at 60. You don't live forever (trust me on that) your best years are 60 to 65, if you want to travel or just enjoy life. The break even point is age 74, not many years left after 74. Go visit a retirement home for proof.

@iBOT-R3 2 ай бұрын

I work in a care home. Most residents are well into their 80s and increasingly 90s and even 100 is becoming more common.

@garmin1488 2 ай бұрын

@@iBOT-R3 I'm sure they're enjoying the extra money now.

@christinenatareno-lau3562 3 ай бұрын

Kent, you ard so funny, thanks for such amusing and informative video

@K4Financial 3 ай бұрын

Haha, thanks. You’re very welcome

@pjm3005 Ай бұрын

you don't even know. A brain aneurysm killed my mom out of nowhere. I plan on delaying CPP until 70 (lol - my kiddo will just be GOING to college/university/trade school when I'm 63...) but I could get hit by a bus at 68. But that 42% bonus is too enticing.

@K4Financial Ай бұрын

My dad got sick at 57 and died at 58, so I’m well aware of what can happen in this life. We have to plan around averages, but consider the unknowns.

@kitty4tify 9 ай бұрын

I love watching your vids.

@K4Financial 9 ай бұрын

I love that you love watching them

@michaelfisher3468 6 ай бұрын

Omg ....I am by know means a rocket scientist... but finally someone who agrees with me and wait till 65. If I hear one more person say I have to take it at 60. I'm pretty good with simple math. By the time I'm 65 I will have worked 40 years and hit the Max amount for CPP contributions in each year. planning planning

@douglasthompson9482 5 ай бұрын

In my particular case, I had to take it at 60. My government bridging plan changes at 65 so I was advised to take it.

@ryanmitchell4266 9 ай бұрын

Is the CPP amount calculated by removing your 8 worst income earning years from 18 until you take CPP or 18-65? Assuming someone has the max contribution from 20-54 then retired at 54. If they take CPP at 60 they have 8 "non-max" years 18/19 and 54-60. If you delay until 65 does that now become 13 "non-max" years and hurt your potential payout calculation? or is it just a blanket "The average of your best 39 income years" (47 working years from 18-65 minus the worst 8) - I can't find an answer to this anywhere

@K4Financial 9 ай бұрын

Yes, that changes it. It becomes a factor for those who retire early.

@bw99999 8 ай бұрын

Hi. Does that also become a factor for those who immigrated to the country in their adult life? @@K4Financial

@1973Enya 9 ай бұрын

I’m a BC hospital social worker and it’s so sad to see the number of people who haven’t planned retirement well. Either retiring early at age 60 and now realizing that their sources of income isn’t sufficient to live on (especially with current housing rental cost). Or they never planned on developing a chronic health issue and having a forced early retirement and hadn’t saved or put enough away for retirement. Thank you for making these videos to educate the public.

@K4Financial 9 ай бұрын

Yeah, I can’t imagine some of the circumstances that may exist out there. We hear some of them, but a lot of lower income people don’t reach out to us. We’re happy to help them too and I’ve done my best to create a compensation structure that is affordable for everyone and fair value for our work.

@robertheintz8017 8 ай бұрын

If we keep electing dictators like Trudeau and Singh, we will have to work until we turn 80 (unless we die first).

@peterjohnson5586 3 ай бұрын

Take it when you retire. If you retire at 50, you NEED to take it at 60.

@alhumphreys5784 9 ай бұрын

One thing I do know is the peeps that run CPP love it when you take it at 60 because it saves them $120,000 at 4% growth. Higher interest widens the number astronomically

@dnl2165 9 ай бұрын

Excellent video! Thank you. Farcical those comments you receive. But then again there are lots of crazies out there who don’t trust our government. Sigh…..

@nickyenkelaar8178 Ай бұрын

I’m sorry to say we are one of the seniors that were miss lead in taking cpp at 60 😢 wish we had this seen this before. Unfortunately, now we are stuck with our decision. Is there thing you could suggest to erase our mistake?!

@K4Financial Ай бұрын

Probably not, but there are probably some strategies that can help you make more of your situation. You could certainly contact us for a call and if we can help you, we’d probably a few service options.

@edcouto3711 4 ай бұрын

Loads of people in their 70,s that need full time care and are placed in longterm care facilities! No worries folks rich or poor you will get the same care ! Enjoy life stop worrying about your millions

@Ian-of9oi 4 ай бұрын

Kent can you do a video talking about eligible dividends? There’s probably other videos out there explaining them but everybody else talks too fast. Thanks.

@markconnolly9651 7 ай бұрын

Nice job Kent! Hope you’re doing well.

@K4Financial 7 ай бұрын

Thanks Mark. I’m pretty good, hope you are too.

@robertheintz8017 8 ай бұрын

All of these so called "experts" miss one very important fact. I am very fortunate to have parents that are still alive in their 90's. What I have observed from my parents, is that money decreases in importance as you get older. My parents travelled and were much more mobile from 65-75. Now in their 90's, they rarely go out. They no longer drive so there are no vehicle expenses. Simply put, you need less money at 80 than you do at 60. Take that CPP as soon as you can and enjoy it while you can still get around.

@K4Financial 8 ай бұрын

Yeah, we’ve never considered that there are different outcomes or spending needs for different people at different ages.

@robertross8565 8 ай бұрын

Important financial decisions are best made with facts, math, and statistics not emotion, hearsay, and BS.

@sireland8094 9 ай бұрын

Greetings from extremely crappy London Ontario... I truly appreciate you and your no BS approach. Thank you ! I'm wondering if perhaps you could do a video that sheds a little bit of light on the new CPP douchebaggery that begins next year . I have tried reading and digesting all of the wank on the government websites... I would really appreciate your help with this . I'm also absolutely sure that I'm not alone. I really look forward to that paycheck when the CPP deduction has disappeared. Any insight you could provide would be deeply appreciated. Cheers

@K4Financial 9 ай бұрын

Well, I’m doing a video where I will kind of explain it when I talk about Alberta trying to leave the plan. I know I have one somewhere in the library that talks about it, but it would certainly be a good idea since phase 2 of the enhancement is coming. It’s certainly going to hurt the pocket books of small business owners who have had to keep paying way more every year. I get why they have to do it, but it has been a painful transition, especially since times are so difficult right now.

@bradgould6563 9 ай бұрын

whats wrong with waiting for a higher return?

@markknox182 15 күн бұрын

I just turned 59 , I have had 3 cardiac events . I am taking CPP at 60 . Am I wrong in thinking this way ?

@K4Financial 15 күн бұрын

@@markknox182 no, I don’t think so, but I’m not a doctor. I know a lot of people who have lived long and healthy lives after successful procedures. We would always suggest to take it if you believe that you have a shortened life expectancy.

@K4Financial 15 күн бұрын

@Prairieshutterbug64 9 ай бұрын

Good info on CPP...the clip with the rifle scope is a little weird.

@mcmaestro9443 9 ай бұрын

One size doesn’t fit all so yes having someone coming up with a plan for your individual situation is beneficial. Hopefully there is greater followers looking to educate themselves than critique. I think showing a breakdown of the tax Implications would help solidify the advice you’re giving but understand that is part of your paid services. Anyways keep up the good content.

@lemino10 9 ай бұрын

Great info Kent. I'm a 60 year old retired teacher with a pension. I don't need the money at the moment. I'm thinking of delaying my cpp payments until 70. I have a part time job and I'm contributing about 80$ a month to the CPP. My estimated monthly cpp at age 70 is 1700$. Can you explain to me why that number is going down a bit every month? Thank you.

@brianxyz 9 ай бұрын

The estimates you see in your Service Canada account assume that what you earned up to today will continue until age 65. In your case that is not true so your estimated monthly amounts will drop.

@douglasdick4674 9 ай бұрын

Thank you for the video. I am 59 and working on "Freedom 70". My wife is not working currently and is 57. I plan to work and defer CPP/OAS to 70. Does it make sense for my wife to defer CPP when she is not working?

@K4Financial 9 ай бұрын

I’m not sure. Could probably make a case for either option. Would depend on some other factors

@paulpoco22 9 ай бұрын

What going on with your background? Set the bitrate higher. Edit: ah it is changing sun from window.

@waffles1ca 9 ай бұрын

Because I have a defined benefit pension, I took my CPP at 60 , handed it to my wife who deposited it into her RRSP, she will be able to delay her CPP and OAS until 70.

@leok888 8 ай бұрын

I’ve always been curious about what happens to the people who retire at 60? Doesn’t the CPP go down each year they leave it? So would they still be better off to wait till they are 70 to collect CPP?

@K4Financial 8 ай бұрын

They can potentially see it go down, but the increase in the delay is higher than the drop. However, that doesn’t mean they should delay until 70, or that everyone should. There are a number of factors to consider in each case.

@reddawg9400 8 ай бұрын

When looking at break even point, are the continued contributions considered? The fact that you are saving that money every year has to be considered so I assume it is in the calculation

@K4Financial 8 ай бұрын

Like, if you’re still working?

@rick_. 9 ай бұрын

Love your videos.

@K4Financial 9 ай бұрын

Thanks

@timkopacsi7517 4 ай бұрын

I took mine at 61 after a heart attack

@K4Financial 4 ай бұрын

Makes sense. I would have too. Hope you’re doing well now

@smallmj2886 9 ай бұрын

I plan to delay CPP as long as I can, depending on how much RRSP I have saved up by the time my wife turns 65. Maximizing CPP will be especially helpful for me since my wife's pension plan is only indexed to inflation when it is funded above 90% (which hasn't happened in 15+ years). So maximizing the indexed piece of our income be very helpful, assuming we are still healthy. Please don't be too quick to delete comments. Some channels delete every comment that dares disagree with them in any way, and it starts to feel like a cult (*cough* PII *cough*).

@K4Financial 9 ай бұрын

I don’t care if people disagree with me or correct me. Of course I’m wrong sometimes. I mostly just hate rude people. The comedian in me wants to treat them all the same way I would treat a heckler.

@smallmj2886 9 ай бұрын

@@K4Financial Do you ever come to the East Coast for comedy? I'd like to see a show.

@K4Financial 9 ай бұрын

@@smallmj2886 unfortunately not, as I don’t really do much in the way of comedy anymore. Maybe one day

@robertross8565 8 ай бұрын

Fred Vettese who is a retired actuary backs you up.

@camd5348 8 ай бұрын

How about sharing your spreadsheet? Might help people.

@dwaynecunningham2164 8 күн бұрын

What if i get it at 60 and invest it all because i am still working?

@K4Financial 8 күн бұрын

@@dwaynecunningham2164 The main issue is tax, because you are still working, you will have less to invest after taxes, but you will also still pay into CPP and your payments will increase over time, so it’s a hard thing to suggest unless your specific situation makes sense. I think Chad has a video on the subject and I have one that talks about the post retirement benefit. I’m wearing a hard hat in the thumbnail.

@dwaynecunningham2164 8 күн бұрын

@@K4Financial thanks, King!

@ronbailey4297 4 ай бұрын

100% every person's situation is different for me at this time. I'll take cpp after I'm done working, not taking it at 60 unless I was injured and couldn't be productive. Besides, inflation in Canada is forcing more and more retirees back to work ! Very sad state of affairs!

@seang3538 9 ай бұрын

For me it's all about cashflow. If I take CPP at 60 and it's say 700+ / month which is above average vs. taking it at 65 then it's 1,300 / month. Almost everyone will spend that 700 and not invest it, and even if you do, it still won't match what you will get.

@DC-nj8kv 9 ай бұрын

I like what your doing 😊

@K4Financial 9 ай бұрын

Haha, thanks

@kevinfinley8275 8 ай бұрын

If someone retires at 57 should they take the cpp at 60 as i understand it your payments will actually go down because you are not contributing for 8 years

@K4Financial 8 ай бұрын

It can change the math, but doesn’t necessarily mean that you should take it at 60.

@ornothopter188 9 ай бұрын

how do reach out to you, i have little money that i want to more money sooner

@K4Financial 9 ай бұрын

Info@k4financial.ca

@rossmunro8559 29 күн бұрын

Some good points , sure. Just don't eat so many gummies before-hand

@K4Financial 29 күн бұрын

@@rossmunro8559 I am way more vibrant if I have gummies

@russellpedersen5212 9 ай бұрын

So the question is. These numbers are averages. So if a male lives to 82 yrs; is that only 50 percent of the people benefiting by delaying CPP? With percentages the other 50 percent may not benefit from the delay in taking CPP . I would also like to state that in the USA they discovered that pension plans paid out a pension for 28yrs to someone who retired at 55 yrs; but, only 3 yrs to those who worked until they were 65yrs and then started their retirement. So there are a lot of factors when it comes to taking CPP early or late..

@K4Financial 9 ай бұрын

Oh yeah, I’m not of the camp that everyone should delay. I tell people to take it earlier all the time based on what I learn from our conversations, but I just like to clap back at people who write bad advice and false information in the comment section. What I hate to see is when people took it way too early and it makes it way harder for us to help them plan for a good retirement due to a mistake. That’s the only time I get upset about the misinformation.

@timwernicke8824 5 ай бұрын

your wrong life expectancy of a men is 73-78 women is 80 -83 were do you get your data

@barbarianarmwrestling8695 9 ай бұрын

Another reason to take it at 60 is you no longer will be contributing and don't wish to water it down its average with non. contributing years

@K4Financial 9 ай бұрын

Math still enjoys the delay

@Lpmeff 6 ай бұрын

lol truth

@bobbush5339 5 ай бұрын

I have applied to take at age 60. I still work but does not trust CRA. Yes it will be taxed as income instead of going to Ukraine.

@brucecampbell7347 9 ай бұрын

3. You want the money when you are young enough to use it doing something other then paying for medical expenses.

@brucecampbell7347 9 ай бұрын

Having said that if you are able to stay healthy till 70 it still makes the most sense to take it then for the 2 other reasons that are stated in the video. I dont like it when there is blanket statements made that you should take it the earliest you can take it cause it doesnt work out best for everybody that way.

@TheAmorchef 8 ай бұрын

take cpp at 60...why? if you have nothing other than Canada Pension. GIS will make up half of your lost CPP after 65...

@K4Financial 8 ай бұрын

If all you have is CPP, OAS and GIS, I suppose that you could make a case for that, but I’m not sure how one survives from 60 - 65 in that case?

@DcArmy9015 9 ай бұрын

Can you please adjust the camera it seems to fade in and out with he lighting..messes my eyes up..lol good video I like the straight answer. I already know about the strategies behind taking CPP. Most people just do not understand how the system works.

@K4Financial 9 ай бұрын

Sun was weird at the time we filmed. Shouldn’t be a problem in the future