3 Reasons To Take CPP At Age 60 - Boomer & Echo
Taking CPP early may not be the most optimal decision but there are some cases where it makes sense. Here are 3 reasons to take CPP at age 60| Boomer & Echo
*Updated for October 2025* If you’re a high-income earner staring at a mountain of unused RRSP room, you’re not alone. Many Canadians with strong salaries struggle to come up with enough cash flow to max out their RRSP deduction limit each year. And while we can debate whether middle- and low-income earners are better off…| Boomer & Echo
I spend a lot of time telling people to automate their savings, keep costs low, invest in index funds, and stay the course. But do you know what might be even harder than saving? Spending. I see this all the time with retirees. The math says they can safely spend $120,000 a year, yet their…| Boomer & Echo
You’ve probably seen the meme: “The perfect financial plan does not exi—”. But if one did exist, it would probably look something like this.| Boomer & Echo
For a while now I've dithered over when to sell my portfolio of dividend stocks and implement my two-fund ETF solution. The tanking stock market didn't help - particularly with oil and gas stocks plummeting and a few of my holdings underwater. Behaviourally, I wanted badly to wait until oil…| Boomer & Echo
Is it possible for investors to build a diversified portfolio with just one ETF? The simple answer is yes. With exposure to global stocks and bonds, these one-ticket solutions from Vanguard and Horizons offer broad diversification at a very low cost.| Boomer & Echo
Canadian investors tend to suffer from home bias – a preference to hold more domestic stocks over foreign equities. Here's how I plan to solve my home bias:| Boomer & Echo
I get plenty of questions about my two-ETF retirement portfolio. Some advisors think it’s too simple – stating that a properly diversified portfolio should contain at least six asset classes. Further to that, some clients and blog readers ask me whether it’s wise to add a dash of gold, REITs,…| Boomer & Echo
The initial asset allocation for your investment portfolio is fairly straightforward. The challenge is knowing how and when to rebalance your portfolio:| Boomer & Echo
In today's money bag we look at the best way to invest $1M, compare VGRO to my two-ETF portfolio, and dig into labour sponsored investment funds.| Boomer & Echo
Why haven't I become a full-fledged indexer? The answer lies in a whole bunch of hidden behavioural biases that cloud my judgement. Here's why:| Boomer & Echo
I sold 24 Canadian dividend stocks worth about $100,000 and switched to indexing, a two-ETF solution. Here's how my portfolio performed in the last 3 years:| Boomer & Echo
It’s worth knowing a little more about how that Canada Pension Plan (CPP) deduction will one day magically appear in your bank account when you retire.| Boomer & Echo
When should early retirees take CPP? There's no definitive answer, but having the right data will help inform your decision.| Boomer & Echo
When can you retire and how much you need to save? Here are 5 retirement planning options to help you adjust course and reach your retirement goals.| Boomer & Echo
If you're under 50, you're more likely to become disabled than die. Here's why you should protect your earnings with disability insurance:| Boomer & Echo
Young families need to know the options available for childcare so they can manage their finances accordingly. We compare the costs, including daycare:| Boomer & Echo
Your CPP benefits calculation is a recipe that never comes out the same way twice, because the ingredients - while similar - are always slightly different.| Boomer & Echo
Would you be willing to voluntarily increase your CPP payroll deductions to secure a larger pension payout that would last for the rest of your life?| Boomer & Echo
Of more pressing concern to current retirees, and not addressed – or even on the radar – is the issue of CPP survivor benefits.| Boomer & Echo
The problem many people face is they don’t know if they have the resources to be able to retire at 55, or even at the standard retirement age of 65.| Boomer & Echo
It was a rough end to the week for markets, with a sharp sell-off on Friday reminding investors just how quickly sentiment can turn. For anyone who sold in late summer anticipating a correction and then bought back in at the start of October, that one-day drop might have felt like confirmation that they…| Boomer & Echo
A reader sent me a CTV News story that made the rounds this week titled, “Daughter hit with $660,000 tax bill when both parents died in same year.” The reader wondered if this was proof that retirees should drain their RRIFs early to avoid a crushing “estate tax.” It’s the kind of story that spreads…| Boomer & Echo
This week I want to highlight the upcoming Canadian Financial Summit, taking place October 22–25. This annual online event brings together some of the top personal finance experts in the country - and the speaker lineup this year is incredible. You’ll hear new insights from David Chilton, Canada’s Wealthy Barber…| Boomer & Echo
A major Canadian bank brokerage recently said that it wants 25% of client portfolios in “alts” within five years. Translation: high-fee, hard-to-leave products.| Boomer & Echo
When you are 1-5 years away from retiring, a checklist like this can be helpful to get yourself into the retirement readiness zone.| Boomer & Echo
If taking CPP at 70 is such a good idea, why not also defer OAS to age 70? Here are 3 reasons why you should defer OAS:| Boomer & Echo
A recent Financial Post Family Finance column profiled a 71-year-old woman who found herself in a financial mess. She owned two rental properties, was forced into mandatory RRIF withdrawals, and was receiving CPP and OAS. The result? A giant tax bill and a lot of frustration. Her mistake was waiting until her 70s to get…| Boomer & Echo
Losing your spouse changes everything. But it does not mean you have to surrender control of your money or your future. Surround yourself with people you trust. Take the time you need before making big decisions. Get clear on the numbers.| Boomer & Echo
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
A guide to Old Age Security, including OAS payments dates, when to apply for OAS, and how much you can expect to receive from the government.| 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
Millions of investors keep their retirement savings in the same bank-managed balanced mutual funds. They pay about 2% a year for mediocre performance and little to no advice.| Boomer & Echo
What I wish I’d known at 18, 24, and 30 - from parents and grandparents who’ve been there, and a financial planner who can translate those experiences into actionable advice for today| 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
Why rent cheques aren’t the retirement jackpot you think. Unlock your property’s equity to boost lifestyle, cut stress, and enjoy your go-go years.| Boomer & Echo
Mental accounting tricks us into treating money differently based on where it comes from or how we plan to use it. Here’s how these mental shortcuts can lead to costly financial mistakes—and how to avoid them.| Boomer & Echo
A Canadian personal finance blog with smart ideas on how you can achieve financial freedom at any age.| Boomer & Echo
A few months ago I wrote about some changes I plan to make to our kids' RESP portfolio. We've used TD's e-Series funds for this account, but will switch to an ETF portfolio using Justin Bender's excellent RESP strategy. Along with this portfolio reboot, I'll also change how we fund…| Boomer & Echo
I got a three-month head start on working from home after I quit my full-time job in December 2019. At first, I worked from a laptop at the dining room table. It wasn't ideal, especially when our kids were sent home for online school. We later carved out a section…| Boomer & Echo
My DIY investing journey began after the global financial crisis in 2008-09. It wasn't until markets crashed by as much as 50 percent that I started to take notice of my investment statements and performance. Aside from the significant decline in my portfolio, the most alarming number was the 2.7%…| Boomer & Echo
One way you may be able to increase your CPP benefits is by taking advantage of the Child Rearing Dropout Provision. Here's how it works:| Boomer & Echo
This article is about something I call the retirement risk zone: The period of time between retirement and the uptake of delayed CPP and OAS.| Boomer & Echo
Old Age Security (OAS) was originally intended to be a universal program to provide income support payments to Canadian seniors. Here's how OAS works:| Boomer & Echo
My inbox has been flooded lately with worried investors who feel anxious about the current market environment. It seems once again we find ourselves in unprecedented times. While the future is always uncertain, the stock market is a forward-looking machine and is constantly gathering new information to assess the outlook of individual companies and the broader economy. If you're worried about the impact of tariffs, you can rest assured that millions of other investors share the same sentime...| Boomer & Echo
It was my tremendous honour and privilege to speak with the one and only David Chilton (aka The Wealthy Barber) on his latest podcast episode.| Boomer & Echo
Prospective clients come to me when they're on the cusp of retirement and looking for answers to key questions like when can I retire, how much can I spend, how long will money money last, and, ultimately, am I going to be okay? I gather information about their current situation (income, account balances, asset allocation, expected income from a pension and/or government benefits, property value, debts, etc.), and ask them to list their financial goals and burning questions. Then I plug those...| 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
This post explains why I switched my investment portfolio from a two-ETF solution (VCN/VXC) to the new Vanguard All Equity ETF (VEQT):| Boomer & Echo
Taking CPP early may not be the most optimal decision but there are some cases where it makes sense. Here are 3 reasons to take CPP at age 60| 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
I share how I invest my own money to help you simplify your portfolio, reduce your costs, and ultimately lead to a better long-term outcome.| Boomer & Echo
Fee Only Advice You can call me a fee-only advisor, fee-for-service planner, advice-only planner, or a money coach - it does not matter. What does matter is that you get unbiased financial advice from someone who's knowledgeable and trustworthy. But what exactly is fee only advice? At Boomer & Echo financial planning, I don't sell products or get paid commissions to refer you to someone who does. Instead I offer sound financial advice to help you get out of debt, manage your spending, and dec...| 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
