4 Advantages to take CPP at age 60 | Canada Pension Plan Explained

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Information 4 Advantages to take CPP at age 60 | Canada Pension Plan Explained

Title	:	4 Advantages to take CPP at age 60 \| Canada Pension Plan Explained
Lasting	:	14.25
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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
Comment from : mike masch

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
Comment from : Astrophysics321

Sweet spot age 70 ✅
Comment from : Billy Rock

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!
Comment from : jim bellingham

CPP CAN'T PAY RENT
Comment from : Brian

Covid took my business away, so i applied at 62
Comment from : Kathryn Janzen

I am in my early 60s and retired at 53 Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to I looked at my life as stages I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life In my case I left the country after I retired and live in Latin America It allowed me to get away from all the negative things happening in America while appreciating my new environment I have yet to meet anyone who regrets retirement
Comment from : Giller Heston

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
Comment from : Robert Schwarz

Real inflation in Canada is 12 percent! If you wait you are paid in debased currency The government rate is a cruel joke
Comment from : Voltaire 7

If i have no plan of retirement Should i take cpp at 60? Thanks
Comment from : Khoi Ma Vlogs

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?
Comment from : Vincentorix

The break even age (assuming I have the contribution room in my RRSP and earn 75 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
Comment from : Blair

What about taking it at 60 and putting it in tax free savings for five years
Comment from : Lisa Dixon

Tax is theft Fing government ass holes
Comment from : Chris Doge

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?
Comment from : Rob Leonard

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
Comment from : paul poco

LOL imagine you die when your 60 and they give your wife a one time payment of $2500 after you just payed in for 40 years, now that's an insane mandatory scam canada is garbage
Comment from : Alien Wizards

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
Comment from : Johnny K

It’s better to get it at 60 so you can qualify for GIS when your turn 65 which is not taxable
Comment from : Lightning Sparksky

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
Comment from : D Ash

effective financial management made me rich and it is all you need if you want to build a strong financial future tomorrow I started with 1000USD, 3 years ago I invested in a diversified stock market and fast forward to now I am worth 500000USD and am currently finishing my 8 unit apartments I'm only 35 years old Diversified stock investments have always proven to be very profitable, especially with the help of experts
Comment from : Proc Barkley

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
Comment from : Doug Ferguson

If you are born after 1974 you will not have a cppbrThanks to pierre trudeau giving Canada's banking power to the central banks we are forced to pay interest and compounding interest on are nations debt In other words your cpp is paying for this debt
Comment from : epsteindidntkillhimself

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 ?
Comment from : culluc44

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

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
Comment from : Badger M3

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
Comment from : N T

His completely RIGHT
Comment from : ramazouti eros

What about OAS
Comment from : d t-robinson

A welfare person makes more I don't understand that one
Comment from : Tim Wernicke

Good video! I’m in the “show me the money!!!” camp With my pension and personal savings, hopefully I won’t need my CPP 🤞 But I just want it ASAP because I don’t want the government to keep what I’m owed for a single day longer than they need to And average life of 86… It’s an average Some live until 60 and some until 100 You never know where you will fall in that calculation My advice, even if you don’t need it, take it ASAP and invest that amount You may accumulate more than what you would get at age 65 if you do it right Not just because I don’t like the government, but I think it makes sense when you do the math
Comment from : Golfer

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
Comment from : Highmilagerider

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 🤣
Comment from : WarfarenotWarfair

Great video! I just turned 40 and am starting to think more and more about retirement goals This helped! Cheers from New Brunswick
Comment from : Jason

I am thinking of retiring in India can I get my cpp in India ( without having to comeback every 6 mo? )
Comment from : Rajib Joshi

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
Comment from : Romeo Ramos

This is a joke, we will all be in the streets
Comment from : x13xMoNkeys

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
Comment from : Rick Gaudreau

I like 👍/subscribe thanks 😊
Comment from : GREENER

Thank you very good information
Comment from : Rangini Jeyatharan

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
Comment from : Creative Custom Designs

Just wondering if this also apply to the QPP (Quebec) Always have to be different here :(
Comment from : Serge Ayotte

The average death rate in Canada is 71, Best to start collecting CCP at age 60
Comment from : Darrell Lang

Open a binance account, but Tron and Dogecoin to get rich and retire
Comment from : Michael Tessier

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

Stupidity percentage less than 65 or 67
Comment from : Bff1

Never take CPP at age 60, I've been telling people this for years and everyone that has not listened to me has regretted it
Comment from : Randy Murray

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
Comment from : Doug Buchanan

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

Govt paid ad You lose 1/3 of your CCP by withdrawing early Don't do it unless you are wealthy
Comment from : Free Insults

-what about taking it and still paying into it im still employed
Comment from : Jim Baker

Take it while its there folksbrAny big sum of money is NOT safe from the gubberment PERIODbrI basicly considered it another tax at my jobbrI am too young to ever see itbrIt is a house of cards I would be taking the lump sum every time
Comment from : vaginalaids

At 60 i'm just going to tell the Gov give me more money you sonsofbics
Comment from : CHUCKBALLER

I took my CPP @ 62 Reason: I am still working and am forced to pay CPP premiums until 65with 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
Comment from : Patrick Coghlan

2 clandestin communist chinese police station found in the province of Quebec CanadaHow many more are they in Canada? 2019 Trudeau invited the ccp communist military to train in our country what does that tell Canadians? cANADIANS DID not give this mandate to Trudeau and never willTHis is called TREASON and treasonous ones will be held accountable But a question: Where were the RCMP and the Canadian military when that invitation was givent by Trudeau? Too many Canadian military gave there lives to protect freedom of Canada and other countries Now Trudeau has betrayed all thos young men and women military who died for freedom?????? Where are Canadians on this life threatening issue? FReedom truckers did the right thing awaken this planet up Now the peoples of the planet not the evil puppets the good people need to stand up and demand Trudeau's liberals resignation and hold new electionsThe lst one was a fraud and the NDP betrayed Canadians by backing the liberals on the Emergency act vote So all Canadians concerned with there children's freedom and health better wake up and stand up soon?
Comment from : Victor Joseph

What is the difference between the CAF or public service and non CAF
Comment from : Clyde Wagner

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
Comment from : THE CHINADIAN COUPLE

there's going to be no money in the CPP governemnt scam
Comment from : EDouglas Brown

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
Comment from : brian petersen

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
Comment from : RedMapleLeaf

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
Comment from : Female Crusader

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
Comment from : Raymond Polley

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!
Comment from : Gordon Cheswick

Inflation, taxation, dollar devaluation, digital currency and a corrupt ruling bureaucratic oligarchy will ensure your retirement will be like life in the middle ages - nasty, brutish and short Prove me wrong
Comment from : Schrodingers Cat

Trust me this statement is of a nut head brYou are exactly saying that canadians should take retirement at 60? Is that what you implying? Oh yes very nice brYou little rascal In this cold artic brYou cannot reach age 40 to 55 before you all tired and broken down , with some form of durability brThank you
Comment from : Marie Faisal

I had my 60 birthday last August and opted out on receiving my cpp early My reason: I'm reducing my rrsps so I don't need the extra cpp income to drive up my taxes 2nd reason: due to covid inflation has skyrocketed If I drew my cpp early it would be less and won't buy much with the crazy inflation I will prolong my cpp using it as a security blanket knowing that inflation is present but my cpp is increasing before I actually take it Having rrsps in addition to my company pension and future cpp is giving me a very comfortable retirement This is my way of keeping up financially with inflation! I can give myself a raise if I should need it!
Comment from : Barry S

As the years pass your tax rates will increase
Comment from : ROBERT SCHIVES

To cheap earnings even if we retiremet at 67 Too bad too bad
Comment from : Sandra Erazo

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
Comment from : Albert Wayenberg

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!
Comment from : Dan Smith

Do you really live longer if you are married or does it just seem longer?
Comment from : Blue 04 MX 5

I've only invested into savings and stocks I don't like RRSPs
Comment from : T

More you safe less is government paying you and you are always a looser in thi system
Comment from : marek szczesny

You are forgetting that Canada is a country of immigrants No planning possible in their case Government is controlling your retirement income through the GIS and Table 1 used for accounting your GIS About 25 million retired Canadians are forced to collect to survive Old Age Pension doesn't work for all former immigrants and in my opinion is discriminatory Canada is using foreign income in canadian retirement system but is not adding years of work in foreign country to the years of OAS Simply the money is used but the time of working years to make that money is not used, like the foreign income was dropping down the heaven Very smart covering part of retirement income in Canada with pension from other country because of lowering the amount of GIS by using Net income in Table 1 used in Retirement system
Comment from : marek szczesny

I left freedom 56 west Africa beach Soon pension and livin free like a king here 5 new wives all beautifull ladies
Comment from : Ian Jaeger

Retired and live outside canadacant live with in pension in canada Goverment screwed up you , your familly and your life in taxes
Comment from : Suresh Patel

Excellent advice, I started collecting at 615 , 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
Comment from : Makk Fitty

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
Comment from : ApresSavant

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 brI say live your life now brIt would be interesting to see a graph that shows how misleading statistical graphs can be brThis 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 brThank you for your attention
Comment from : Vasken Der Boghossian

Am I wrong about thinking that the numbers are incorrect? For each year you delay, the amount goes up 84, 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 84 increase is now on $1020?
Comment from : iliumboy88

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

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
Comment from : Jimmy Bordeos

Iam 63 and I live in China for 13 years, am I entiltled to get a canadian pesnsion
Comment from : Tim T

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 ?
Comment from : Bargain Bob

I was thinking to do this at 57
Comment from : Shay Sdy

Thank you
Comment from : Ravy Khith

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?
Comment from : DIFFUSION BDM INTL

When are you going to do a video on " Canadian Economic Refugees "
Comment from : Rob Harker

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?
Comment from : Steve Jeffares