Thank you !!! This was very helpful : ) Much Appreciated, Cindy

Such an insightful conversation! Brett Martinson’s perspective on navigating uncertainty in today’s financial landscape is incredibly valuable. The way he connects financial planning with long-term resilience is something we all need to keep in mind. Thanks for sharing this - definitely going to apply some of these lessons moving forward!

Just look at GIS Table 1, 2, en interner and find out on your own.

So good! Thank you for your perspectives.

Great interview gentlemen!

Great discussion!!

good video- I do have a question. is what you see in the CPP what you will get? or is what you see can still be reduced?

Hi does the tax credits reduce your income on line 23600 ?

I think it's a very indivdual choose based on you finances, and your personal priorities. I'm more interested in survivor benefits and adding up the guaranteed indexed income the survivor will have if one of us passes early. We have a large RRSP to bridge between 65-70 and beyond. My partner has a DB pension but my survivor benefit is %66.6 . I will delay CPP until 70 so that will boost up my personal guaranteed income making it more equal survivor income.

Average life expectancy is not 90 years

I don't understand the pension insurance payment.

Using pure math is naive...quality of life is my #1 value...

What happens if you dont work. Zero income and delay?? Does it still go up?

Why don't you talk about lifetime payout annuities? If you don't have a DB pension, an annuity addresses this concern about longevity risk and worrying about the money running out.

In the video you mention a life expectancy calculator. Where is that link? Thanks.

I was wondering is the contributions room limit only apply to the money i put myself in the account or for that money + investment income that is still invested in stocks?

60. Cmon, people need to start thinking.

My husband has an rsp, and we have decided to withdraw the funds and close the it. We just started to receive GIS this year, we know when we draw this money out of the rsp the gis would be affected for the next year. When in the calendar year would be the best time to collapse the rsp.

If someone leaves work at 60 . Is it beneficial to wait till 65 OR just start taking CPP at 60

I have a DB Government Pension, so my RRSP contribution Room was very limited. I still maxed it out each year. So I used a RRSP Melt Down when I retired at age 60 along with the DB Pension Bridge Payments to finance my travel in my Go Go years and collected my CPP starting at age 70. I had my cake and ate it as well. At age 70 I used my first 6 CPP benefit payments to pay my daughter to stay home on maternity leave for her full 18 months to give my Grandaughter the best chance to get a leg up in her development. Best money I ever spent. Great planning pays off thanks to free financial education KZbin videos like yours David. Thank You.

I applied for my CPP on line in April 2023 and when the drop down menu came up for choosing the start date I made a mistake and chose Jan not realizing that it was Jan 2023. My first payment came at the end of May for 5 months worth of CPP. I panicked. I called Service Canada on the first business day and explained what happened. I followed their instructions to cancel my benefit. The Agent was amazing and very understanding. I put all my CPP payments into a special High Interest Savings account at 6% and the Service Canada Agent said it may take 6 months to correct the mistake and I would continue to receive CPP benefits but I would eventually have to pay all that money back to the Federal Government. I asked her if I would be charged any interest on these CPP Benefit Payments and she said no. Therefore my mistake wound up making me 6% interest on the 11 payments of CPP. Nice. Any my proper CPP Benefit payments started at the end of February 2024. I actually changed it a second time to December 2023 due to the Higher CPI for 2024 and the lower YMPE. Giving me a bonus 1 month payment (Dec) and still giving me the same amount ($1,754/mo) as I would have received if I had started in February after my 70 Birthday which was in Jan 2024.

If someone retires at 60, no income from 60-65, therefore not paying into CPP anymore after age 60. Then they chooses to start taking CPP at 65, does it affect your CPP benefits at age 65? That is in terms of taking it at 60 or at 65.

You can earn 5K in working income and have no GIS clawback...then reduced rates up to 15 K.

Sorry, but no way. Too much focus on "delay and you'll be rewarded". Retiring at 60 means you have +10years to truly ENJOY life this is the time you need $ Having an extra 40% when you are 70 will give you what exactly if your health is starting to go? Guys, at some point you need to say ENOUGH and start living while you still can.

Is it typical for an executor/trix to receive compensation? What is a reasonable amount?

I am the court appointed executor/administrator of my mom’s estate with a land trust. My brother was a grantee passed away suddenly with a lein on my mom’s paid off mortgage. Benefliciaries aren’t cooperating at all. What should I do?

Excellent episode!

You spend more between 60-70 and less after 70. Why wait until the time when you don't need as much money to get more money?!?! I'll be taking it at 60 and spending it on enjoying life while I'm young. I have $1M+ in RRSP and will let that grow more while I get back what I can from the government as soon as I can.

What is not mentioned here are the many Canadians who take their CCP early and forgo the loss because they need that money to retire from a job that has ended or which they are no longer able to perform of because they simply hate it and want to leave. Do you have non taxable TFSA savings that can get you to 65 because then you could be eligible for OAS and non taxable GIS which can help carry you to 71 and RIFF income. What is also not mentioned here is that if they wait to draw it at the age of 70 - theoretically because they are rich enough to live without it earlier - they will start to draw this higher taxable income just before they are forced to draw taxable income from their RRIFs which could make them eligible for a higher tax bracket and a loss of of OAS income. I totally agree that everyone should consult a professional to help them plan for their retirement before or even after retirement starts but there is no one right answer for how and when to take from which pot of income. The plan is entirely custom to each retirees situation and these guys are only presenting one possible plan which may not at all be the best one for you. If you are someone in retirement that has great investments and a great pension and earn $90,000 or more in retirement of course you can afford to wait - but many Canadians need CPP to help bridge them to mire benefits at 65 allowing any investments to accrue value to help later after 71. It would be foolish not to take as much non taxable income as the government will give you.

Another government propoganda disguised as financial advice! 😡 Take it before 65 if you need it or have very low income! DEFINITELY TAKE IT BY 65!!! Bird in hand... Remember, if you defer taking it & dies, game over! Nothing to your estate/heirs!

Spam will not happen

What if I die and I'm not collecting CPP yet? How can I have whatever money I've accumulated to go to my children or it's lost to the government?😂

Not sure how the title of this video has anything to do about the discussion. The discussion is related to when to take CPP. Nothing new here, well known fact that if you live past your early 80’s it’s best to wait till 70. Hundreds of videos on KZbin on when to start CPP.

am more confused

Do you pay CPP if you work after you are 65? If you do do those years count toward your work years in calculating CPP

The remaining life i have is more unpredictable than the stock market. Investing my cpp money in index fund/stock market, i will get more or worst the same as i waited on later date - i rather enjoy it and/or give it to my love ones.

Wasn't there a rule change for early/delayed CPP sometime in 2012 or so? The increased percentage of people who are deferring taking their CPP statistic since 2012 (@10:09) doesn't seem to take this into account.

1.I have noticed many of my colleagues (federal public Servants) taking the CPP benefit at age 60. Have you noticed this as well? Many are being advised to do so because of their federal pensions. 2. Does this impact the graph when the bridging stops at 65? Good video!!

You have to factor in health, not just life span. At 65 you can still travel and enjoy life. At 75 your energy is lower, the money has less value. By foregoing CPP at 65 you maybe foregoing life experiences you will later not be capable of.

Can you provide a link to life expectancy at current age vs. Birth??

Wait until the age of 70 while Trudeau drives up inflation. ???

Who can afford to defer until they are 70 years old... to get even more CPP... not the people who need that support the most? I wonder if it's an advantage for the government to offer this incentive... as some people who defer won't live too many years past 70. Why do they have to make it so stressful?

Didn't talk about the number of working years in the formula, waiting also will keep working until later

It should be noted that CPP is calculated using the YMPE (yearly maximum pensionable earnings). Not only do you get the 8.4% annual increase by deferring it by one year but you also get the increase in the YMPE.

Good Video on opening Service Canada Account. Did not know. I wish investment world would look at 60 for people continuing to work taking pension with no taxes and putting it into RRSP and buying monthly high yield ETFs that generate 10-15% then spreadsheet the snowball at 65 add money income and what you will have. Do the math!?! Think about it if you monthly invest in ENCL BANK BKCL etc etc at 65 look at the math and to income added to taking early and equity you have and protects against those healthy ones that die at 64 waiting until 70.

If the deceased has named an executor who lives in another province, which estate and tax rules apply? The province of the deceased or the province of the executor? Thank you.

It strikes me that this question is more complicated than your analysis suggests. Does the cost (and loss of subsequent returns) of self funding retirement for the years one defers CPP need to be considered? The source of those funds (savings vs RRSP)? What about one's overall tax rate given that only a portion of retirement needs come from CPP? Does that significantly affect this calculation?

ALLONS NOUS AVOIR UNE AUGMENTATION DE RETRAITE.....?? je suis francophone et je seche sur la traduction google

My seemingly healthy father in law died from a massive heart attack at age 64. He was a healthy weight and had no known health problems. My mother in law died just before her 71st birthday. I don’t know if either of them took CPP early or not but it would have benefited them both.

Thanks. I'm also interested in hearing examples of the impact of early retirement (ie. end contributions to CPP) on CPP payout.