It's generally not wise to voluntarily take up to a 36% reduction in income, especially if that income is paid for life. But that's exactly what happens when retirees choose to take CPP at age 60. I'm a big proponent of delaying CPP up to age 70 to help protect against longevity risk and enhance your monthly pension benefit in retirement. Only a small percentage of retirees do so, however, as many prefer to take CPP as soon as they're eligible. Why Take CPP at Age 60? Taking CPP early may not...| Boomer & Echo
The amount of your CPP payments depends on two factors: how much you contributed, and how many years you made contributions between 18-65.| Boomer & Echo
It might seem counterintuitive to spend down your own retirement savings while deferring government benefits such as CPP and OAS past age 65. But that's exactly the type of strategy that can increase your income, save on taxes, and protect against outliving your money. Indeed, the key to more lifetime income for many retirees is to defer CPP until age 70. Why Take CPP at age 70? Here are three reasons to take CPP at age 70: 1. Enhanced Benefit - Take CPP at 70 and get 42% more! The typical ag...| Boomer & Echo