Exploring 5 Compelling Reasons to Begin Collecting CPP at Age 60: An in-depth Analysis of the Canada Pension Plan

My Service Canada: Episode One: Episode Two: Episode Four: Episode Five: Taking your CPP at age 60 will reduce your payment by 36% versus waiting until age 65. We find that most of our clients jump to take CPP at age 60...it’s something they have paid into for many years and are eager to get something back out of it. While I understand the eagerness, it doesn't always make sense. Maybe you're still working or you have a pension along with registered investments to fund your early 60s...if that is the case, it's probably not best to start collecting CPP payments at 60. When does it make sense though? 1) You need the extra income stream to support you and pay your bills. 2) You didn’t work between age 55-60. 3) You have a shorter life expectancy – either from a current health issue or based on family medical history. 4) You are a conspiracy theorist and think that CPP will run out of money and you better gets yours now – this is a surprising large number of people. Based on the 2019 CPP Chief Actuary report the CPP is sustainable for over a 75 year projected period. 5) You are concerned for OAS clawback and would prefer to have a lower amount for longer. OAS Clawback: CPP Benefits: CPP Break Even Calculator: 6 ways to level up your financial plan: Personal Finance for Canadians for Dummies: Free Credit Report with Borrowell: Open an EQ Bank Account: Financial Calculator I use: Financial Masterclass for Canadians: 20% off an online Will at www.willful.co use promo code: PWFG ----------------------------------------- DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades....(read more)

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Canada Pension Plan (CPP) is a national social insurance program that provides financial support to retired Canadians. CPP benefits are designed to replace a portion of an individual's income after retirement. While the standard age to start collecting CPP is 65, individuals have the option to begin receiving CPP as early as age 60. In this article, we will discuss five reasons why starting to collect CPP at 60 may be a wise decision. 1. Early retirement: Many individuals dream of retiring early and enjoying the freedom that comes with it. By collecting CPP at 60, you can kick-start your retirement plans, allowing you to pursue other interests, hobbies, or even part-time work. Starting to receive pension income from CPP can provide financial stability and allow you to enjoy your retirement years to the fullest. 2. Longer life expectancy: Although the standard age to start receiving CPP is 65, it's important to consider your life expectancy. If you have a family history of longevity or are in good health, the decision to start collecting CPP at 60 can make financial sense. Remember that the longer you live, the more you will receive in total CPP benefits. 3. Bridging the income gap: Some individuals may choose to retire from their main careers before they are eligible for other forms of income, such as Old Age Security (OAS) or employer pensions. In such cases, starting to collect CPP at 60 can help bridge the gap between retirement and other sources of income. This can help cover your expenses until you become eligible for other retirement benefits. 4. Financial need: Life is unpredictable, and unforeseen circumstances such as health issues or job loss can lead to financial challenges. If you find yourself in a situation where you require additional income, starting to receive CPP at 60 can provide some much-needed financial support. It can help supplement your savings or other sources of income during difficult times. 5. Enhanced quality of life: The decision to start collecting CPP at 60 can have a significant impact on your overall quality of life during retirement. With additional income, you may have the ability to travel, indulge in hobbies, or spend time with your loved ones. Starting CPP at 60 can open up opportunities that you may not have otherwise had if you waited until the standard age of 65 to begin receiving benefits. While the decision to start collecting CPP at 60 is enticing, it's important to weigh the financial implications carefully. Collecting CPP early can result in a reduced monthly payment, as you will receive benefits for a longer period of time. Additionally, if you continue to work while collecting CPP before the age of 65, you may be subject to a CPP reduction threshold. Overall, starting to collect CPP at 60 can be a strategic move for those who are financially prepared and considering early retirement. However, it is advised to seek professional financial advice to evaluate your individual circumstances and determine if this option aligns with your retirement goals. https://inflationprotection.org/exploring-5-compelling-reasons-to-begin-collecting-cpp-at-age-60-an-in-depth-analysis-of-the-canada-pension-plan/?feed_id=110384&_unique_id=649531cedd009 #Inflation #Retirement #GoldIRA #Wealth #Investing #canadianpensionplan #canadianpensionplanexplained #cpp #CPP60 #CPPAGE60 #cppandoas #cppcanada #FinancialPlanning #ParallelWealth #realestateinvesting #Retirement #retirementplanning #savings #TaxPlanning #wealth #RetirementPension #canadianpensionplan #canadianpensionplanexplained #cpp #CPP60 #CPPAGE60 #cppandoas #cppcanada #FinancialPlanning #ParallelWealth #realestateinvesting #Retirement #retirementplanning #savings #TaxPlanning #wealth