This guide lays out the puzzle pieces: what to do before you retire, what happens in the first year, and how three different retirement scenarios look in practice.| Boomer & Echo
Let’s dive into everything you need to know about RRIFs – from opening a RRIF to what happens when you kick the bucket (yes, we’re going there).| Boomer & Echo
The CPP decision doesn’t start at 65. It starts at 60. And if you frame it that way, the difference between taking CPP at 60 and waiting until 70 isn’t 42 percent. It’s 121.9 percent.| Boomer & Echo
One of the biggest decisions as you edge closer to retirement is when to take CPP. Early, late, or somewhere in between:| Boomer & Echo
I often recommend deferring CPP until age 70 to secure more lifetime income in retirement. It's also possible to defer OAS to age 70 for a smaller, but still meaningful, increase in guaranteed income. While the goal is to design a more secure retirement, there can be a psychological hurdle for retirees to overcome. That hurdle has to do with withdrawing (often significant) dollars from existing savings to fill the income gap while you wait for your government benefits to kick-in. Indeed, the ...| Boomer & Echo
In previous articles I've looked at reasons to delay taking CPP until age 70, along with explanations why you might want to take CPP earlier at age 60. But in this article I'm going to explain why you shouldn't take CPP at age 65. The most compelling reason to defer CPP is the increase or enhancement of your benefit - 0.7% for every month you delay past 65. Wait until age 70 and you'll receive 42% more CPP than if you took it at age 65. Taking CPP early can also be an attractive option for th...| Boomer & Echo
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