Top Eight Compelling Reasons to Consider Taking CPP at Age 60: Exploring Canadian Retirement Benefits

Most of the time I do not recommend taking Canada Pension Plan early. But there are some cases where it makes sense. And sometimes a lot of cents. So if you’re wondering when to take CPP, you’re in the right place. Business Inquiries: info@wellbuiltwealth.ca Well Built Wealth: Links: CPP, OAS & GIS Deepdive: Doug Runchey CPP Calculations: Sunlife CPP Study: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/ ------ Intro (0:00) Consequences of Taking CPP Early (0:35) #1. Need the Money (2:02) #2. Shortened Life Expectancy (2:32) #3. GIS Eligibility (3:12) #4. Invest the CPP Benefit (4:13) #5. Avoid OAS Clawback (5:28) #6. Market Turmoil (6:15) #7. 8+ Years of Past Low Income (7:57) #8. Do Not Trust the Government (9:12) Planning It Out First (10:26) ------ DISCLAIMER: All videos on this channel (including this one) are for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and, therefore, does not provide specific investment recommendations. Those looking for specific investment advice should seek out a registered professional....(read more)

---

LEARN MORE ABOUT: Qualified Retirement Plans
REVEALED: How To Invest During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing

---

Canadian Retirement Benefits (CPP) is a program designed to provide financial support to retirees. While the eligibility to receive these benefits starts at the age of 65, there is an option to take CPP as early as 60. Here are the top 8 reasons why someone might consider taking their CPP benefits at the age of 60. 1. Financial Security: Taking CPP benefits at age 60 provides individuals with an additional source of income, which can contribute to their overall financial security during retirement. This could be particularly important for those who have not accumulated enough savings or who need extra funds to cover their expenses. 2. Early Retirement: Choosing to retire early might be an attractive option for those who are looking to make the most out of their retirement years and have the financial means to do so. Taking CPP benefits at age 60 allows individuals to enjoy their retirement earlier and fulfill other personal goals and ambitions. 3. Health Concerns: Some individuals face health problems that may hinder them from continuing to work until the age of 65. By taking CPP benefits at age 60, they can ensure that they have a reliable income source throughout their retirement, especially if they are unable to continue in their current employment. 4. Lifelong Benefits: Once an individual starts receiving CPP benefits at age 60, they will continue to receive these benefits for the rest of their life. By taking CPP early, individuals can maximize the number of years they receive these benefits, potentially resulting in a higher total payout over time. 5. The Break-Even Point: While it is true that taking CPP benefits at 60 will result in a reduced monthly amount compared to taking it at 65, it is important to consider the break-even point. The break-even point is the age at which the total amount received by taking CPP early surpasses the total amount received by waiting until 65. The break-even point typically occurs around age 72-74, which means that waiting until 65 might not always be the most financially beneficial option. 6. Uncertainty of Future: We never know what the future holds. Economic conditions, health issues, or changes in personal circumstances could impact an individual's ability to work until 65. Taking CPP benefits at age 60 offers a sense of security by guaranteeing a steady income during retirement, regardless of any uncertainties that may arise. 7. Tax Benefits: Taking CPP benefits at age 60 can also offer certain tax advantages. At 60, one may have fewer taxable income sources, resulting in a lower tax rate overall. This can potentially lead to higher net income during retirement compared to staying in the workforce until 65. 8. Intergenerational Wealth Transfer: By taking CPP benefits at age 60, individuals have the opportunity to use these funds earlier in their retirement, potentially reducing the burden on their savings or investments. This could, in turn, allow for intergenerational wealth transfer, where individuals can use their existing savings to support their children or grandchildren during their lifetime. In conclusion, while it is ultimately a personal decision, taking CPP benefits at age 60 comes with several advantages. It provides individuals with financial security, the opportunity for early retirement, and a source of income throughout their retirement years. It also offers tax advantages, potential intergenerational wealth transfer, and flexibility in light of future uncertainties. Ultimately, individuals should carefully consider their financial situation, health concerns, and personal goals when deciding whether to take CPP benefits at age 60 or wait until 65. https://inflationprotection.org/top-eight-compelling-reasons-to-consider-taking-cpp-at-age-60-exploring-canadian-retirement-benefits/?feed_id=125476&_unique_id=64d285d149e95 #Inflation #Retirement #GoldIRA #Wealth #Investing #canada #canadapensionplan #canadian #cpp #EarlyRetirement #Finance #financial #financialeducation #FinancialIndependence #howtoavoidtax #howtoreducetax #income #invest #investing #investment #Investments #martel #personalfinance #Planning #Reece #reese #retire #retireearly #Retirement #retirementplanning #tax #taxes #wellbuiltwealth #wellbuiltwealth #QualifiedRetirementPlan #canada #canadapensionplan #canadian #cpp #EarlyRetirement #Finance #financial #financialeducation #FinancialIndependence #howtoavoidtax #howtoreducetax #income #invest #investing #investment #Investments #martel #personalfinance #Planning #Reece #reese #retire #retireearly #Retirement #retirementplanning #tax #taxes #wellbuiltwealth #wellbuiltwealth