CPP… when should a person start collecting? 60, 65 or 70.

[Sundancefisher]

Article makes a good point.

https://financialpost.com/news/cpp-m...ousands-report

If you start collecting at 60… it’s half the amount than what you would get at 70.

So two things at play for me.

If I die at 71… I’m or my wife is worse off than had I been collecting since 60.

However if the numbers are crunched and we have the savings to bridge to 70… then one has a lot more money coming in.

So it seems a pull between money in your pocket today and a lot more in your pocket later.

If you burn through some savings is that good.

Also wondering if the survivor benefit also goes up for a surviving spouse.

Probably a few of on here either made the decision or going to make the decision.

Thoughts?

[3blade]

I have seen far too many people die at 65-70 to even consider waiting on retirement or pension. The minute I can I will, and if all I have is a dog and a gun, I’ll be happy for the rest of my days. You can’t buy time back

[cranky]

I guess I gambled and lost. I started taking it at about 62 years old. I’m coming up on 78 in a few months. But I’m still alive so shouldn’t complain to much I suppose. It’s only money.

[Dean2]

Originally Posted by Sundancefisher

Article makes a good point.

https://financialpost.com/news/cpp-m...ousands-report

If you start collecting at 60… it’s half the amount than what you would get at 70.

So two things at play for me.

If I die at 71… I’m or my wife is worse off than had I been collecting since 60.

However if the numbers are crunched and we have the savings to bridge to 70… then one has a lot more money coming in.

So it seems a pull between money in your pocket today and a lot more in your pocket later.

If you burn through some savings is that good.

Also wondering if the survivor benefit also goes up for a surviving spouse.

Probably a few of on here either made the decision or going to make the decision.

Thoughts?

Like my GPS is fond of saying, re-calculating!!!

If you wait till you are 70, yes you get more CPP, but you have to live to about 75, to break even on what you would have got from age 60 to age 70, and that is without figuring on any returns from investing the money you got starting at 60. If you die before you get to 70, you get nothing beyond the death benefit everyone gets.

All numbers are illustration only. $700(CPP reduced Payout)x120 months (Age 60 to age 70)=$84,000. 84,000/$1400(Double CPP at 70) = equals 60 months to collect the same 84,000, so you have to get to at least 76 years old to be ahead of the game.

If you invest the monthly CPP money over the ten years, instead of letting the government look after your money, and collecting zero if you die before 70, at 5% you will have $108,698. So you will still be getting the 700 a month, ignoring that the pension is indexed. So the 700 you gave up at 60, means that invested income will cover the foregone 700 bucks for 155 months. You now have to live to 83 to break even.

Might want to give that some thought and balance it off against expected longevity. I started collecting at 60, and so did my wife.

I used 100% CPP increase for easy calculating but in reality, the pension only goes up 78% from 60 to age 70, so collecting early you are even further ahead.

https://www.canada.ca/en/services/be...sions/cpp.html

[CBintheNorth]

Not sure what it is today, but 8 or 9 years ago I read that the average number of CPP payments given, based on the whole contributing population, was just 14 payments.

Obviously this includes people that didn't live till retirement, but it gives you an idea of what a scam CPP really is.
I'd be pulling it as soon as I was able to.

[Cement Bench]

started at 60 and never looked back

also you may pay some of the increase to the feds depending on your tax rate

get her and spend her NOW

with the first check I cashed it and bought a pile of 5 dollar bills

put them in a big balloon and blew it up

then held it over the wife’s head and her burst it with a knife

it showered her with money

I then gave her a smooch and told her I fulfilled my promise to,shower her with money
PRICELESS

no need to leave a few extra bucks to relatives or friends who don’t really care

take a friend to lunch that makes you smile and laugh

or a hooker


Jeff

[Big Grey Wolf]

What if you live to 90, calculate how much money$$ you will be ahead if you wait until 65 or 70. Average longevity is 82 in Canada . You could just do math until 82.

[huntinstuff]

Id take it as soon as you qualify as there are no guarantees in life

[Cement Bench]

Originally Posted by Big Grey Wolf

What if you live to 90, calculate how much money$$ you will be ahead if you wait until 65 or 70. Average longevity is 82 in Canada . You could just do math until 82.

presuming you will live to 90 is a stretch

mostly after 80 you are getting fed with a slingshot, lifted out of your bed to go potty and the only vacation is getting a warm and not scalding bath from a minimum wage worker once a week

or something like that



BUT getting the money now you can spend it how you wish, and KNOW YOU CAN ENJOY IT NOW TO THE FULLEST OF THE FUNDS


but please

BE SURE TO TELL YOUR BENEFICIARIES WHAT YOU ARE DOING ON THE OFF CHANCE THEY TREAT YOU BETTER UNTIL YOU PASS AWAY OR AT LEAST 90

all meant in good fun for the most part

[Dean2]

A quality private nursing home, with good full time care, runs about $9,000 a month. Whatever you in get in CPP payments is not going to decide whether you are in non-subsidised private care, or a government subsidised care home.

[Icallwalleyepickerel]

Obviously everyone’s situation is different, but for me I could use the money today. I may not “need” it, but I could certainly use it.

When I’m 70-75, my guess is that I’ll be selling my house and downsizing significantly. I expect a bit of a windfall at that point. Every year my needs and my spending seem to decrease. Today I’m still at the point where I’m doing everything I love.

I’ll take and use the govmts money as soon as I am able.

[KGB]

Originally Posted by huntinstuff

Id take it as soon as you qualify as there are no guarantees in life

Yep, it’s better to have a perch in your hands than a salmon in the river….
As for me, I told my family to hook me up on coke and LSD when I reach the tender age of 80. I will have nothing to loose and will spend my last years incredibly happy and high as a cloud! Combining it with some viagra once a month and a cheap hooker- what else can I dream of?

[graybeard]

I waited and took I it at 70, and I weighed a few factors:

1/ I looked at the family tree and the health and longevity on both sides. Both sides lived well into their late 80's and high 90's.

2/ My current health?

3/ I am debt free other than monthly expenses, and I could wait.

I don't have a crystal ball and sure something can happen. Everyone one is different for their own reason(s).

Some say take it ASAP others can wait. If you die early then at least you received something but your still dead and can't use it either way.

Good luck,

[zabbo]

I'm the spitting image of my Dad and Grandfather. They passed at 84 and 85 years. Used that age to calculate the difference between taking CPP at 62 and 65. Came out to a difference of about $30 K over 23 years. At a thousand per year I said what the hey, I'll take it now!

[Grizzly Adams1]

Originally Posted by graybeard

I waited and took I it at 70, and I weighed a few factors:

1/ I looked at the family tree and the health and longevity on both sides. Both sides lived well into their late 80's and high 90's.

2/ My current health?

3/ I am debt free other than monthly expenses, and I could wait.

I don't have a crystal ball and sure something can happen. Everyone one is different for their own reason(s).

Some say take it ASAP others can wait. If you die early then at least you received something but your still dead and can't use it either way.

Good luck,

If you die early, you've contributed your entire working life for nothing As for life expectancy, family history is irrelevant, you could get hit by a truck just as easily. If you're debt free, have a minimal amount of supplementary income with no unreal expectations, you can do quite well.

[Dale S]

Sad part is, if you're still working you still have to pay into it.

[Au revoir, Gopher]

Originally Posted by Big Grey Wolf

What if you live to 90, calculate how much money$$ you will be ahead if you wait until 65 or 70. Average longevity is 82 in Canada . You could just do math until 82.

And if you have already made it to 60, you can add another 4 or 5 years to that life expectancy.

ARG

[graybeard]

Originally Posted by Grizzly Adams1

If you die early, you've contributed your entire working life for nothing As for life expectancy, family history is irrelevant, you could get hit by a truck just as easily. If you're debt free, have a minimal amount of supplementary income with no unreal expectations, you can do quite well.

You are absolutely correct...now start warming up your dice...I hope you live a long and healthy life.....

[Fordman]

62 now. Started collecting at 60. Take the money while you can.

[landowner]

My best friend died at 59, paid all that money and the government just kept it. Take the money, no one knows the future.

[urban rednek]

If CPP is your only retirement income, might be wise to wait in order to maximize the monthly return. If you have a decent amount of other investments, take it while you can.

[igorot]

Take the money and enjoy it while you can.

I think life expectancy is getting shorter. I lost many friends my age due to stroke, diabetes, cancer, and kidney.

[Reeves1]

Originally Posted by Dale S

Sad part is, if you're still working you still have to pay into it.

Not when you turn 65.

[Talking moose]

Originally Posted by igorot

I think life expectancy is getting shorter. I lost many friends my age due to stroke, diabetes, cancer, and kidney.

Wouldn’t surprise me if government skews numbers to sway people to keep paying into it and not touching cpp as long as they can to avoid paying it out, banking on your death.
I keep hearing that life expectancy keeps going up, but with North American obesity, diabetes, lack of exercise, etc, the way it is these days, I don’t see how life expectancy is still rising. Even with advancements in the medical field.

[altex]

Originally Posted by kgb

yep, it’s better to have a perch in your hands than a salmon in the river….
As for me, i told my family to hook me up on coke and lsd when i reach the tender age of 80. I will have nothing to loose and will spend my last years incredibly happy and high as a cloud! Combining it with some viagra once a month and a cheap hooker- what else can i dream of? :sha_shakeshout:

yesssssssssssss

[badbrass]

Been taking it for the last 3 years! Best thing I'v done!

[finsnfeathers]

https://www.youtube.com/watch?v=fis1N3cFAlk

[esher]

Friend of my mine took it at 60, worked to 65. Last work year he paid well over a grand cpp and his benefits went up less than 10 dollars a month. He won't make it to 100 plus, even if he did breaking even don't cut it.

[Cement Bench]

my sister died a couple months before or after her 65 birthday

what a waste of money she paid in

[I’d rather be outdoors]

Take it while there’s still something to take. You were taxed your entire working life for it.