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  #61  
Old 09-07-2019, 02:13 PM
badbrass badbrass is offline
 
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X2
Not getting OAS, max about $907 a month (single, no other income), or the Guaranteed Income Supplement, max $607/m for someone who has no CPP or other income beyond OAS, if you earn too much money, I am fine with. My big issue with this is someone who never worked, paid tax or contributed to the country is getting $1,500 a month in welfare payments, after probably being on welfare their whole lives. I also object to still having to pay income tax after I retire, I paid way more than my share already.
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  #62  
Old 09-07-2019, 02:39 PM
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58thecat 58thecat is offline
 
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Originally Posted by Buckhead View Post
If I’m pulling in $125K after I retire I could care less about CPP or OAS and count myself fortunate I do not need them.
Nope but your entitled to it so draw it.....or draw it and send it my way

Myself...take what I can get as soon as I am eligible.....

No brainer.....
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  #63  
Old 09-18-2019, 09:26 AM
graybeard graybeard is offline
 
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By taking the governments offering while you are still working or on your own retirement plan; you will pay more tax.

I personally deferred my CPP and OAS......Income sharing was an option to reduce your overall pensionable income, especially if your significant other has no pension.

If your family health history puts you on a short life expectation, then I would draw it now.

The longer you wait and you don't need it, then hold out....

Personal call.

Good luck and live long....
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  #64  
Old 09-18-2019, 09:37 AM
artie artie is offline
 
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The government gives you so much on CPP and Old Age security and then they take a bunch back for income tax. You can either pay the income tax on the pensions at the end of the year or have the government take it off monthly. The government always wins.
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  #65  
Old 09-18-2019, 10:14 AM
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I went to retirement seminar provided by my employer the host strongly emphasized if somebody going to give you money take it, if you don't need it flip it into RRSP'S or somewhere tax deductible. His opinion was your money is safer in your hands than the governments.

Life is a crap shoot I've known a few guys die shortly before or after retiring some lived to 90.
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  #66  
Old 09-20-2019, 01:01 PM
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beerhunter beerhunter is offline
 
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Lots of different opinions on this subject. Something I found. I think it is different for everyone. Talk to an advisor.

https://boomerandecho.com/take-cpp-at-age-60/
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  #67  
Old 09-20-2019, 06:44 PM
-JR- -JR- is offline
 
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Interesting read ,they say not to pull it at 60 unless you need it and you will still be working till 65.
I don't think they said anything about pulling it and retiring because you have
x amount of money in the bank.
How much does a guy really need in the bank to retire at 60 1/2 mill or must have a full million .

Last edited by -JR-; 09-20-2019 at 06:59 PM.
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  #68  
Old 09-21-2019, 01:05 PM
Buckhead Buckhead is offline
 
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Quote:
Originally Posted by 58thecat View Post
Nope but your entitled to it so draw it.....or draw it and send it my way

Myself...take what I can get as soon as I am eligible.....

No brainer.....
I was just commenting.
As I have stated, each individual should have their own plan.
I am well aware of what I am entitled to and have a plan to draw it when I decide. I am fully capable of handling my personal financial affairs.

There is nothing wrong with my brain....bub.

Cheers
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  #69  
Old 09-21-2019, 01:10 PM
Buckhead Buckhead is offline
 
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Quote:
Originally Posted by -JR- View Post
Interesting read ,they say not to pull it at 60 unless you need it and you will still be working till 65.
I don't think they said anything about pulling it and retiring because you have
x amount of money in the bank.
How much does a guy really need in the bank to retire at 60 1/2 mill or must have a full million .
Depends on how you want to retire. You have to factor in that if you live to 65 chances are about 80% that you will live to 80.
Is the return and use of principal on $500,000 going to last you 25 years or do you need more?

Last edited by Buckhead; 09-21-2019 at 01:20 PM.
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  #70  
Old 09-21-2019, 01:29 PM
HunterDave HunterDave is offline
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Quote:
Originally Posted by 35 whelen View Post
Haven't really looked into it yet but I will just wondering if anybody on here knows if I can collect my pension and still work full time what are the benefits and the non benefits thanks.
I haven't read the whole thread but I thought that I'd pass on my two cents.

Sure, you can start taking your CPP at a reduced rate at age 60 and still work. I'm not sure if that is such a great idea due to the tax implications though. There's an online calculator somewhere that will give you a comparison of how taking your CPP early compares to taking it at age 65 and even latter than that. I took mine at the reduced amount at age 60 and my break even point when I would start making more than the reduced amount was age 76. For me it made sense to do but if I was working and it added to my reportable income probably not so much.
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  #71  
Old 09-21-2019, 02:50 PM
Rastus Rastus is offline
 
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If you hit 60 you have appox. until 72 years old and you invest the money, you will break even.
If you wait until you catch up, total amount I mean, you will be appox, 92
You pay TAX on total income.
If you don't need it, why collect it.
HUMAN NATURE, being what it is says, at age 62 and you have a little pot, you will spend it.
And you are hearing this from an 81 year old man, heavy on the OLD.
So as what to do? I don't know. The choice is yours.
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  #72  
Old 09-21-2019, 04:37 PM
HunterDave HunterDave is offline
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I used a calculator similar to this one to help me decide what to do:

https://www.tridelta.ca/resources/early-cpp-calculator/
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  #73  
Old 09-21-2019, 04:56 PM
357Maximum 357Maximum is offline
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I retired at 55, took my CPP at 60. Who knows how long I'll live, however I'm quite sure I'm enjoying spending it more now then when I'm eighty.
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  #74  
Old 09-21-2019, 08:05 PM
Twin Valleys Twin Valleys is offline
 
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Quote:
Originally Posted by 357Maximum View Post
I retired at 55, took my CPP at 60. Who knows how long I'll live, however I'm quite sure I'm enjoying spending it more now then when I'm eighty.
yep, a bird hand vs 2 in the bush
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  #75  
Old 09-21-2019, 08:13 PM
badbrass badbrass is offline
 
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Quote:
Originally Posted by 357Maximum View Post
I retired at 55, took my CPP at 60. Who knows how long I'll live, however I'm quite sure I'm enjoying spending it more now then when I'm eighty.
I'm 58 and retired two years ago!, or just tired! haha! Everyone said I was to young to retire! It's not that hard, live within your means! getting rid of some RRSP's, then in 2 years collecting some pension from work! Then CPP ! oas! Lower Taxes! LOVING IT!

Last edited by badbrass; 09-21-2019 at 08:29 PM.
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  #76  
Old 09-22-2019, 05:29 AM
Rastus Rastus is offline
 
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I love the one about not spending. It seems that you spend less on gas, well I'm here to tell you that you will spend more on gas then anything else. What do you do with your time? Well when you were working an hour job took an 1/2 hour because you contracted it out. That same job takes you 4 hours because you are interested in the outcome, that is where your time goes. Oh well!! I would not trade for the world.
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  #77  
Old 09-22-2019, 08:44 AM
Big Grey Wolf Big Grey Wolf is offline
 
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When to take your pension is very simple, first of all you need to know the day you will die then you can calculate best time to apply for your CPP.
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  #78  
Old 09-22-2019, 08:49 AM
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58thecat 58thecat is offline
 
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Quote:
Originally Posted by Buckhead View Post
I was just commenting.
As I have stated, each individual should have their own plan.
I am well aware of what I am entitled to and have a plan to draw it when I decide. I am fully capable of handling my personal financial affairs.

There is nothing wrong with my brain....bub.

Cheers
Bub.....ok so take what you can and throw it into a tax free savings account if you don't need it....just saying. Going to go,out and get a few ruffies now
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  #79  
Old 09-22-2019, 08:50 AM
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58thecat 58thecat is offline
 
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Quote:
Originally Posted by 357Maximum View Post
I retired at 55, took my CPP at 60. Who knows how long I'll live, however I'm quite sure I'm enjoying spending it more now then when I'm eighty.
Spot on....that's me next year
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  #80  
Old 09-22-2019, 08:38 PM
silver silver is offline
 
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This is a subject of interest to me as I will be 65 next month. I will be waiting till I am 70 to collect my pension. The larger pension at 70 will match the early pension at 65 by the age of 78.

Three out of four grandparents made it to their 80s, of my parents and aunts and uncles, most in their 80s, two in their nineties, one made a hundred.

The odds are I will live a long time unless I do something stupid, I will live a long time. I have a pretty good trade and plan on working for another 10 or 15 years. I the spring of 2018 I worked the turnaround at the Co-op refinery in Regina. One of the crew was a guy of 78, and his opinion was what else am I going to do, hang around the coffee shop?

I have friends that are planning on taking their early pension and the numbers they will be getting sound like hard scrabble to m
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  #81  
Old 09-23-2019, 07:53 AM
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58thecat 58thecat is offline
 
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Quote:
Originally Posted by silver View Post
This is a subject of interest to me as I will be 65 next month. I will be waiting till I am 70 to collect my pension. The larger pension at 70 will match the early pension at 65 by the age of 78.

Three out of four grandparents made it to their 80s, of my parents and aunts and uncles, most in their 80s, two in their nineties, one made a hundred.

The odds are I will live a long time unless I do something stupid, I will live a long time. I have a pretty good trade and plan on working for another 10 or 15 years. I the spring of 2018 I worked the turnaround at the Co-op refinery in Regina. One of the crew was a guy of 78, and his opinion was what else am I going to do, hang around the coffee shop?

I have friends that are planning on taking their early pension and the numbers they will be getting sound like hard scrabble to m
Ya I know a few like that keep on working but if you got a bunch of hobbies then work gets in the way.
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  #82  
Old 09-23-2019, 04:09 PM
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KegRiver KegRiver is offline
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I'm not good at math but I can read just fine.

My CPP checks were $740.00 per month. I took early retirement at 62.

This year my checks went up $607.00. I believe that works out to 1,347.00 a month. My wife gets a US pension. If she filed for a Canadian pension she would get only $580.00 per month.

That would have given us a combined pension of just $1320.00 a month.

We opted to go with the US pension for her. She got full pension at 62, all be it somewhat reduced due to leaving the workforce early.
Her pension is almost $1,500.00 a month so it worked best for us.


Your pension is tired to your contributions. A couple could receive as little as $1100.00 a month combined or as much as $3200.00 a month combined. Depending on how much each paid into the system.


With our combined pensions our household income is considerably more then it was when I was working for wages. And my expenses are considerably less.

But each individuals situation is different, and for the most part so is their pension.
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