Good job emphasising the value of delaying CPP! Well explained. Most people cannot accept that the money is safe, which is sad. I plan to take OAS at 65 if I need it, but wait on CPP to 70. Government could always change OAS eligibility, so I don't mind some loss of future increase there...not gonna live forever, would be nice to get something out of the gov't, and at 59, I'm already seeing that life will be slower after 65😢!. If things look good at 65, easy to delay taking it.
Thanks for the feedback! You're absolutely right-delaying CPP can make a huge difference, but it's tough for many to trust that the money will be there. I totally understand your approach with OAS. While the future is uncertain, getting something back earlier can give peace of mind, especially if life slows down a bit. If you're in a good spot at 65, delaying CPP could mean a lot more flexibility down the road. It's all about balancing what's right for you now and in the future!
If you work after 65 and have already taken your CPP. Would it not be advantages to stop contributing to CPP which is a option after 65. Then place this money into a RRSP or a TFSA. As opposed to continuing to contribute while working and receive a PRB.
Great question, Peter! Opting out of CPP after 65 might make sense if you believe RRSP or TFSA contributions offer better returns than the PRB. While RRSPs and TFSAs provide tax advantages and investment control, CPP's security and low-risk, lifetime income shouldn't be overlooked. The decision should ultimately depend on individual circumstances like risk tolerance, expected investment returns, available contribution room, and retirement income needs.
Actually I get this question a lot! I was born and raised in Alberta, and there's always been talk of separation. For Alberta to withdrawing from the CPP, it would require constitutional amendments, a process that is extraordinarily difficult. It would necessitate approval from both federal and provincial legislatures, and potentially even a national referendum, depending on the scope of changes. My thoughts and opinion are, if Quebec wasn't able to leave Canada, Alberta probably won't be able to either.
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Good job emphasising the value of delaying CPP! Well explained. Most people cannot accept that the money is safe, which is sad. I plan to take OAS at 65 if I need it, but wait on CPP to 70. Government could always change OAS eligibility, so I don't mind some loss of future increase there...not gonna live forever, would be nice to get something out of the gov't, and at 59, I'm already seeing that life will be slower after 65😢!. If things look good at 65, easy to delay taking it.
Thanks for the feedback! You're absolutely right-delaying CPP can make a huge difference, but it's tough for many to trust that the money will be there. I totally understand your approach with OAS. While the future is uncertain, getting something back earlier can give peace of mind, especially if life slows down a bit. If you're in a good spot at 65, delaying CPP could mean a lot more flexibility down the road. It's all about balancing what's right for you now and in the future!
If you work after 65 and have already taken your CPP. Would it not be advantages to stop contributing to CPP which is a option after 65. Then place this money into a RRSP or a TFSA. As opposed to continuing to contribute while working and receive a PRB.
Great question, Peter! Opting out of CPP after 65 might make sense if you believe RRSP or TFSA contributions offer better returns than the PRB. While RRSPs and TFSAs provide tax advantages and investment control, CPP's security and low-risk, lifetime income shouldn't be overlooked.
The decision should ultimately depend on individual circumstances like risk tolerance, expected investment returns, available contribution room, and retirement income needs.
CPP is well funded by Alberta but what happens if Alberta withdraws from CPP? Is this video like CBC (paid for by the government of Canada)?
Actually I get this question a lot! I was born and raised in Alberta, and there's always been talk of separation. For Alberta to withdrawing from the CPP, it would require constitutional amendments, a process that is extraordinarily difficult. It would necessitate approval from both federal and provincial legislatures, and potentially even a national referendum, depending on the scope of changes. My thoughts and opinion are, if Quebec wasn't able to leave Canada, Alberta probably won't be able to either.