CPP… when should a person start collecting? 60, 65 or 70.

[Moe]

For me, I'm looking at 65 and take CPP and OAS at the same time. Seems like the perfect balance. Longevity in my genes as most of the elders lives into their 90's.

[Au revoir, Gopher]

Originally Posted by Dean2

To be clear, max withdrawal applies only to locked in RIFs once converted from RRPS. A standard RIF has not withdrawal max and can be totally collapsed at nay time.

I thought that was a LIF (Life Income Fund) not a RIF. Then again, my locked in RRSP was always referred to as a "Locked in RRSP" not a LIRA (Locked In Retirement Account) which, I think, is what it is supposed to be called.

ARG

[Geraldsh]

I know an immigrant who came here at age 55, worked for 10 years and retired with a pension- he loves this country.

[Buckhead]

Originally Posted by Dean2

To be clear, max withdrawal applies only to locked in RIFs once converted from RRPS. A standard RIF has not withdrawal max and can be totally collapsed at nay time.

No kidding. And that is what I originally stated.

[The Cook]

Originally Posted by chasingtail

Those that never paid into CPP end up getting close to the same as those that paid into it for 45 years when you factor in GIS.

Pretty sure you're talking OAS not CPP.
You and your employer have to pay into CPP to get the benefit.

[Dean2]

Originally Posted by Buckhead

No kidding. And that is what I originally stated.

Sorry, you are correct and you were talking about standard RIFS so your post was accurate, I misread what you were saying. Entirely my fault.. I realised that after the edit period was elapsed, that is why I clarified my earlier statement.

RIFs and LRIFs are similar but not the same. What I was trying to get at was if you convert an RRSP to a RIF, even at 50, you now have a minimum withdrawal you have to take out. That min increase every year after that.
(At age 50 it is 2.50% min, and max withdrawal for LRIF is between 4.34 and 6.27% depending on what Prov or Fed legislation it falls under. At 71 your min withdrawal has grown to 5.28%).

Where I was going with all that is you need to take those min and maximums into account when determining returns needed as well as impact of RRSP/RIF/LRIF withdrawals on your tax situation.

[Talking moose]

Originally Posted by The Cook

Pretty sure you're talking OAS not CPP.
You and your employer have to pay into CPP to get the benefit.

He’s saying that someone that worked all their life and is now receiving cpp benifits doesn’t make much more from cpp than someone that never worked a day in their life but receives gis(gaurenteed income support).

[The Cook]

Originally Posted by Talking moose

He’s saying that someone that worked all their life and is now receiving cpp benifits doesn’t make much more from cpp than someone that never worked a day in their life but receives gis(gaurenteed income support).

The people that worked (me) are usually not eligible for GIS but still get OAS so by collecting max CPP and OAS I'm sure I make more than someone on GIS. Just saying.

[Dean2]

Originally Posted by The Cook

The people that worked (me) are usually not eligible for GIS but still get OAS so by collecting max CPP and OAS I'm sure I make more than someone on GIS. Just saying.

You may want to check out this link before you decide you aren't getting screwed by the government pension system for having worked your whole life. Max GIS is 1,065, max CPP is 1,365, and the GIS payment isn't taxable CPP and OAS are. You can collect GIS and OAS at the same time.

https://www.canada.ca/en/employment-...ary-march.html

[chasingtail]

Originally Posted by Dean2

You may want to check out this link before you decide you aren't getting screwed by the government pension system for having worked your whole life. Max GIS is 1,065, max CPP is 1,365, and the GIS payment isn't taxable CPP and OAS are. You can collect GIS and OAS at the same time.

https://www.canada.ca/en/employment-...ary-march.html

Between the employee and your employer contributing $11,600 per year to CPP for 40 years you get an extra $3600 a year at best. Less when you take advantage of other low income programs. I don’t pay CPP for this reason. Almost no one gets back what they put in. It would be tough for Alberta to make a worse plan than CPP.

[-JR-]

Not only should you take it at 60 you should also retire at 60 .

[Dean2]

Originally Posted by chasingtail

Between the employee and your employer contributing $11,600 per year to CPP for 40 years you get an extra $3600 a year at best. Less when you take advantage of other low income programs. I don’t pay CPP for this reason. Almost no one gets back what they put in. It would be tough for Alberta to make a worse plan than CPP.

Add your CPP and OAS, that puts you over the basic personal exemption so you pay income tax. Then figure the tax. Then think about OAS, it does not bring you up to the personal exemption not even close, and GIS is tax free, so basically you pay zero tax on both. Net, you are in about the same income level.

Get your money out while you can, and invest it. The government is not here to help you, unless you are a lazy slug who has never contributed Dick all.

[badbrass]

Not only retired at 60 did that at 57. Alright! Best thing Iv'e done! Spent the last 3 months in Mexico! and love it!

Originally Posted by -JR-

Not only should you take it at 60 you should also retire at 60 .

[Sundancefisher]

Originally Posted by badbrass

Not only retired at 60 did that at 57. Alright! Best thing Iv'e done! Spent the last 3 months in Mexico! and love it!

What does it cost to live in MEXICO for 3 months and can you fish a lot and tour around or is it 3 months of beach suntanning and ocean dipping? Safe?

Something I’m considering….

[Mr Flyguy]

Originally Posted by Dean2

You may want to check out this link before you decide you aren't getting screwed by the government pension system for having worked your whole life. Max GIS is 1,065, max CPP is 1,365, and the GIS payment isn't taxable CPP and OAS are. You can collect GIS and OAS at the same time.

https://www.canada.ca/en/employment-...ary-march.html

Huh, where did that number come from?

[Talking moose]

Originally Posted by Mr Flyguy

Huh, where did that number come from?

Sent from my iPhone using Tapatalk

[igorot]

Originally Posted by Sundancefisher

What does it cost to live in MEXICO for 3 months and can you fish a lot and tour around or is it 3 months of beach suntanning and ocean dipping? Safe?

Something I’m considering….

Half of my life has been spent in a third-world country; fortunately, half is in Canada. I can live with $100/month if I choose to live in any third-world country as long as I am healthy. Medical expenses will drain you, thinking you can live in a third-world country with a minimal budget that includes me. I hope my health will stay at its best in the coming years if I choose to go back home.

[ORV]

Originally Posted by Dale S

Sad part is, if you're still working you still have to pay into it.

We took at 60 Both still working at that time. our c.p.p. Did increase every year we worked. The whole amount went into r.s.p. so we didnt lose half of it.
Btw. if you are both getting it & your spouse passes away you get a percentage.
of theirs based on what you get. For me that was a wopping $200. a month
compared to over the thousand plus she was getting.
Total b.s as far as i am concerned. It we had waited till 65 i would not have gotten a cent other than the piddly Death benefit that might have helped a lot
in 1960 or whenever they came up with that amount.

[Mr Flyguy]

Originally Posted by Talking moose

Sent from my iPhone using Tapatalk

OK. I just wondered 'cause I started in 2011at age xx. Too old now to do the math if I lost or gained!

[badbrass]

$10,000.00 if you want! Depends on what you want! Keep your head up! Don't do something stupid! You should be fine, been doing it for 20 year's (2 weeks!) Very safe! Been doing 3 months for 6 years! Get out of the cold!

Originally Posted by Sundancefisher

What does it cost to live in MEXICO for 3 months and can you fish a lot and tour around or is it 3 months of beach suntanning and ocean dipping? Safe?

Something I’m considering….

[roper1]

Originally Posted by Talking moose

Sent from my iPhone using Tapatalk

Thanks Moose. That is what my MSCA statement says also

[Sask Bearman]

I am with the "take it at 60" crowd. It's my money, let me mis-manage it rather than our government.

[chasingtail]

Here’s another scam, say a married couple not eligible for CPP can collect yearly $28,560 from OAS and GIS. Now if they get a fake divorce they can collect $43,348. Extra 15k a year might as well divorce. That guy with 5 fake wives is bringing in a small fortune.

[waldedw]

Lots of things come into play when trying to make a decision, myself I was diagnosed with Leukemia 9 years ago at age 61, I stopped working 2 years later when I had to start treatment and started drawing my CPP as did the wife, we shut the consulting company down an neither one of us has worked since, we were both 63 at the time.

When we live and worked overseas we never paid into CPP and the last 8 years with our consulting company as joint shareholders we also opted out of CPP, we took the employees portion and the employers portion for both of us and put it into joint spousal RRSP's, was way better than giving to the Fed's to pea away.