Those old bugger who thought they were going to work to 65 yo while doing less work while collecting the big bucks.... BUT the employer begs to differ & fires the old buggers' sorry @$$ because the young wipper snapper can do the job Better & Cheaper!!! -:)

Look at all those books...

Do you know OAS clients can stay 6 month out side Canada?read more

what a surprise

Very good and useful video, I'm about to do it

Starting CPP at age 60 is the earliest possible option. Those who choose this option will receive a reduced pension amount-approximately 0.6% less for each month before their 65th birthday, amounting to a 36% reduction at age 60.

Reasons expected retirement age doesn't match reality: Many people don't get to choose when they retire; either health problems or ageism in the workplace decide for them.

Great video. Buffet advice. I wish I'd bought SPY and VOO when I was a kid, bad advice when I was young many mistakes. I think now that I'm older that boat might have sailed and things seem so high right now.

I presume that once retired and drawing on RRIF income this would still be accurate (except no more CPP and EI deductiiins) correct ?

How long can you collect survivor’s benefit? I’m widowed close to my 40

Marry your gilfriend, boyfriend before you kick the bucket, other wise the govt will take most of it.

My husband has a pension and he is 58. He can retire at 60 but if he waits until he is 65 we will receive an extra $2,000/month. So we are on a 7 year count down. I on the other hand do not have a pension and am 57. I might retire at 60. I have to do the math.

I’m 57. I stayed home for 10 years with the kids and then worked a series of low pay retail jobs. Five years ago I finally got an ok paying job. But now my boss is sick and I don’t know how much longer my ok paying small business job will be around. My husband has a very good paying job but in order to access the most monthly payout of his pension, he has to work to 65. I’m thinking that maybe me retiring at 60 and getting CPP might be an option. I could spend the 5 years down sizing and maybe helping my adult daughter with child care before we move out of the city. Thanks for giving me something to consider.

I posit that most people take CPP at 65 because they are not aware of early or deferred options. Straight out ignorance. The spike at 60, AND the dearth at 70, reflects the fact that people don't trust the government as far as they can throw them.

If you die, everything goes back to the pool. No thanks, I will take it at 60. No brainer.

The Bank of Canada's Consumer Price Index rate of inflation is a complete joke ! It's so necessary to hedge yourself against inflation and taxation. Your principle residence is designed to increase in value for this hedge and the sale of it is tax free. Let's hope they don't go after it ! I find most Canadians are financially illiterate.

Thanks a lot for the video. If I do the opposite, say I borrow money from a HELOC and purchase investments in RRSP, are the interest still tax deductible?

How about taking CPP OAS at 65 and invest this amount to a point in time you want or need to bring it into your monthly income? How does that compare to the increase you will get waiting to age 70? The risk is waiting to 70 means you will live to that age.

If in the 80"s I had a homebased business, but I was not allowed to pay my CPP in my taxes each year, so, now I receive $336.30 each month, because I missed 10 whole years of CPP and I worked during this 10 year period, and did not retire till 2012, in June, while I was retired in 2010. The rules about CPP for entrepreneurs was very different then. I lost ten years of being eligible for receiving CPP during my retirement. Other people receive much mor CPP than I do now in my retirement.

Can one take the CPP at 60 and still work full time until the of 65?. After retirement at 65 or 66, will the person get the benefit amount of age 65?. Also for GIS, when a person retires at 65 and his or her income the previous year was over the amount needed yhen he sje can't qualify for GIS. but the next year, his or her income is only CPP and nothing else and is below the maximum of 21k, can the person apply for GIS at ahe 66? Not sure if my questions are clear. Thanks.

What happens to TFSA’s?

How can you retire with debt? Maybe if you have a defined benefit pension but even then you will not be getting as much. Rule number one in retirement. Pay off debt first and then live within your means.

The GREEDY government are going to take CPP early and not have it reduced. LET US EAT CAKE

I think more people, like myself, are waiting longer to get pensions because we have no choice but to work past 65, not because we want to...inflation is killing the ability to have a reasonably comfortable retirement at 65 and it's not going to change for the foreseeable future.

Damn too young to start over, too old to restart in another country

What happens if you are working self employed only making $1200 to $1500 per month. Can you still collect your CPP and how does the income affect it?

My husband would like to play music when he retires ...so we are selling stuff we don't need alongwith with his old equipment ....he buys equipment from Kijiji and getting ready for retirement 😊

Wasn't impressed by the fact that you've never lived by a budget. Budgeting BEFORE you retire is essential so you are used to it when you retire.

rceived a letter in january 2024 this past year phoned them dont qualify until 65 as i am a recipient (odsp) only part time work years ago .... shame on them.. (govt) abuse of power position ...

There is no downsizing your home nowadays.. the prices are ridiculous!

On retirement would we not need more money? Medical expense and money to travel

I’m 62 and took it at age 60 because I don’t trust the Liberal government at all and worry the NDP/Liberal coalition will spend our CPP money and give to to some random country. On another note, when we pass away, our benificiaries should be paid the balance of the money WE contributed. Not the government. I work full time so my decision was not based on financial obligations. I’ve just lost trust in the government.

Thanks Rhys!

QUESTION: OAS, for those people, like myself, that has no other pension income, and waiting to age 70 to collect both OAP and CPP, is the BENEFIT of waiting to age 70 a fallacy, when one can do a top up with OAS? EDIT: I will also add, I may have substantial investment income at age 70, so the OAS would be a moot point for me.

Thank you for explaining this so thoroughly. Now following for more :)

Well…currently in the go go go phase of our retirement. Have been in Spain for a month. Leaving next week for Portugal…also a month. Then on to Switzerland for the same. Have to leave Europe after that (stupid 90 day Schengen Zone rules) and haven’t decided where we’re going but England for September and Montenegro/Albania/Turkey October/November sounds good. Christmas in the Philippines and then January in Thailand and February in Vietnam. We met a Kiwi couple doing something similar to us and they invited us to NZ for March and I think we’ll take them up on it. Maybe head home in April to check up on our kids and check in with our friends. Wife is already saying she doesn’t want to stay home too long as we won’t have seen Morocco or Kenya or Italy or Greece or Sri Lanka or Argentina or Cambodia or… The funny thing is I was the one pushing for the World travel but she told me the other day that she’s having the time of her life. I’ve created a monster. 😂

My question is lets say you live to the age of 80, If you start taking the CPP at age 60 how much have you taken by the age of 80? Same thing with taking it at the age of 65, to the age of 80? And if you start at the age of 70 to the age of 80? So pick a nice average rate that you would take at 65 and do the decease for early take out and do the inverse with the overage at the age 70. Would you get more by doing a early decreased rate for a longer term or the age 65 or 70? Thank You Don

Good stuff. Interesting. But I’d like to see you fight the Parallel Wealth guy. Fight until one of you taps out. Like, a full on screaming hair pulling shrieking schoolyard fight. Only then will we know when is really the best time to take your CPP.

If you leave Canada, CPP wont increase with inflation depending on the country you go to.

The main reasons I can retire about 12 yrs earlier than most are due to life choices - no ownership of anything (therefore no debt), no brats, no vehicle, good $$ saver, happily single. If you had kids in the last 30 yrs - you are screwed. Have fun working til you're 70. Sounds like fun.

Canada Peanuts Plan...

Hi. Your numbers? Before or after taxes? Thank you

It would be interesting to see at what age people who retire at age 60 or earlier are taking their CPP? I wonder if the spike at age 65 is due to people who don't retire until age 65.

Lol start melting down traps 2 years ago. But have more in it now than when I started

The catch 22 to waiting until 70 to take CPP for me is that it would mean I'd have to work to 70. Defeats the purpose, if retirement is the focus. I suppose if you can retire and not need your CPP until 70, that would be a good option. As for me, I need my CPP when I retire, and I don't want to wait to 70. There can be a big difference in health between 65 and 70, and I think it's a mistake to assume your health will not decline at all during those five years. A bird in the hand.....

They told me I’m gonna get $57 a month. That’s what happens when you raise your kids and not go to work.

Way too much rambling on...your videos would be much shorter if you would repeat yourself less.

Whenever you take it . Early or late and die, your not going to know you missed out on it, cause your dead.

The figures might be correct in delaying until 70, but I would rather spend the governments money at 65 rather than my own.

i never spend a nickle in to cpp but i am sure i will get old pension , but i will never send money to greedy goverment , it makes no sense to me .....why give it to them when you can simply save it in your bank, also its getting harder now days just to do that with all high bills lol