|
|
04-29-2024, 09:47 AM
|
|
|
|
Join Date: Jan 2008
Location: Calgary Perchdance
Posts: 18,956
|
|
CPP… when should a person start collecting? 60, 65 or 70.
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?
__________________
It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
|
04-29-2024, 09:57 AM
|
|
|
|
Join Date: Aug 2011
Posts: 5,186
|
|
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
__________________
“Nothing is more persistent than a liberal with a dumb idea” - Ebrand
|
04-29-2024, 10:06 AM
|
|
|
Join Date: May 2011
Location: Edmonton
Posts: 1,471
|
|
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.
|
04-29-2024, 10:08 AM
|
|
|
|
Join Date: Dec 2008
Location: Near Edmonton
Posts: 15,178
|
|
Quote:
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
Last edited by Dean2; 04-29-2024 at 10:27 AM.
|
04-29-2024, 10:29 AM
|
|
|
|
Join Date: Apr 2010
Location: Communist Capital of Alberta
Posts: 3,802
|
|
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.
__________________
Social acceptance is NOT effective therapy.
|
04-29-2024, 10:33 AM
|
|
|
|
Join Date: Apr 2008
Location: alberta
Posts: 1,981
|
|
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
|
04-29-2024, 10:49 AM
|
|
|
Join Date: Sep 2012
Posts: 6,285
|
|
What if you live to 90, calculate how much money$$ you will be ahead if you wait until 65 or 70. Average longevity is 82 in Canada . You could just do math until 82.
|
04-29-2024, 10:54 AM
|
|
|
|
Join Date: Sep 2008
Location: Edmonton Alberta
Posts: 9,645
|
|
Id take it as soon as you qualify as there are no guarantees in life
__________________
When you are born, you get a ticket to the Freak Show.
If you are born in Canada, you get a front row seat.
|
04-29-2024, 10:55 AM
|
|
|
|
Join Date: Apr 2008
Location: alberta
Posts: 1,981
|
|
Quote:
Originally Posted by Big Grey Wolf
What if you live to 90, calculate how much money$$ 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
|
04-29-2024, 11:02 AM
|
|
|
|
Join Date: Dec 2008
Location: Near Edmonton
Posts: 15,178
|
|
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.
|
04-29-2024, 11:08 AM
|
|
|
Join Date: Apr 2013
Location: Close to Cochrane
Posts: 39
|
|
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.
__________________
We need to take a moment and realize that we have common interests, so let's just get along!
|
04-29-2024, 11:08 AM
|
|
|
|
Join Date: Jan 2014
Location: Edmonton
Posts: 5,680
|
|
Quote:
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?
|
04-29-2024, 11:15 AM
|
|
|
Join Date: Oct 2009
Location: Calgary, AB
Posts: 2,158
|
|
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,
__________________
Life is like baseball; it is the number of times you reach home safely, that counts.
We have two lives: The life we learn with and the life we live with after that.
|
04-29-2024, 11:24 AM
|
|
|
|
Join Date: Apr 2009
Location: calgary
Posts: 1,547
|
|
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!
|
04-29-2024, 11:50 AM
|
|
|
Join Date: Sep 2021
Posts: 3,883
|
|
Quote:
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.
__________________
Woe unto them that join house to house, that lay field to field, till there is no place, that they be alone in the midst of the Earth.
Isaiah 5:8
|
04-29-2024, 11:57 AM
|
|
|
Join Date: Nov 2007
Posts: 1,845
|
|
Sad part is, if you're still working you still have to pay into it.
|
04-29-2024, 12:03 PM
|
|
|
|
Join Date: Oct 2011
Location: Westerose
Posts: 4,104
|
|
Quote:
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
__________________
In the immortal words of Jean Paul Sartre, 'Au revoir, gopher'.
Quote:
Originally Posted by sjemac
It has been scientifically proven that a 308 round will not leave your property -- they essentially fall dead at the fence line. But a 38 round, when fired from a handgun, will of its own accord leave your property and destroy any small schools nearby.
|
|
04-29-2024, 12:08 PM
|
|
|
Join Date: Oct 2009
Location: Calgary, AB
Posts: 2,158
|
|
Quote:
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.....
__________________
Life is like baseball; it is the number of times you reach home safely, that counts.
We have two lives: The life we learn with and the life we live with after that.
|
04-29-2024, 01:20 PM
|
|
|
Join Date: Aug 2007
Location: Vegreville,alta
Posts: 187
|
|
60
62 now. Started collecting at 60. Take the money while you can.
|
04-29-2024, 02:03 PM
|
|
|
Join Date: Nov 2009
Posts: 981
|
|
My best friend died at 59, paid all that money and the government just kept it. Take the money, no one knows the future.
|
04-29-2024, 02:18 PM
|
|
|
|
Join Date: Jul 2016
Posts: 3,475
|
|
Choose wisely
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.
__________________
“One of the sad signs of our times is that we have demonized those who produce, subsidized those who refuse to produce, and canonized those who complain.” - Thomas Sowell
“We seem to be getting closer and closer to a situation where nobody is responsible for what they did but we are all responsible for what somebody else did.”- Thomas Sowell
|
04-29-2024, 02:51 PM
|
|
|
|
Join Date: Jul 2008
Location: calgary
Posts: 860
|
|
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.
__________________
“It is not the man who has too little, but the man who craves more, who is poor.”
|
04-29-2024, 03:01 PM
|
|
|
|
Join Date: May 2007
Location: Westlock
Posts: 5,535
|
|
Quote:
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.
|
04-29-2024, 03:04 PM
|
|
|
|
Join Date: Sep 2014
Location: McBride/Prince George
Posts: 14,632
|
|
Quote:
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.
|
04-29-2024, 03:18 PM
|
|
|
Join Date: Oct 2009
Posts: 230
|
|
Quote:
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
|
04-29-2024, 03:24 PM
|
|
|
Join Date: May 2007
Posts: 1,781
|
|
Been taking it for the last 3 years! Best thing I'v done!
|
04-29-2024, 04:05 PM
|
|
|
Join Date: May 2011
Location: Airdrie
Posts: 574
|
|
|
04-29-2024, 04:51 PM
|
|
|
Join Date: Feb 2021
Location: Grande prairie, alberta
Posts: 514
|
|
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.
|
04-29-2024, 05:13 PM
|
|
|
|
Join Date: Apr 2008
Location: alberta
Posts: 1,981
|
|
my sister died a couple months before or after her 65 birthday
what a waste of money she paid in
|
04-29-2024, 06:21 PM
|
|
|
Join Date: Mar 2020
Posts: 955
|
|
Take it while there’s still something to take. You were taxed your entire working life for it.
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
All times are GMT -6. The time now is 04:49 AM.
|