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Discussion Groups: Finances and Investing

Topic: CPP at 60 or wait until 65?
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3/14/2017 6:19:08 PM
Member since:
Nov 2008
Total posts:175
CPP at 60 or wait until 65?

I know that this is dependant on a lot of factors but what is the consensus?

Fishin Guy

3/14/2017 6:34:51 PM
Member since:
Dec 2005
Total posts:6108
From Government of Canada Site


3/14/2017 6:41:11 PM
Member since:
Nov 2012
Total posts:300

Take it now. We don't know what the future holds. So if we ever need to go to a nursing home. The home will see your income because of revenue Canada. So if your making lots or not so much money your nursing care is the same . Take it now. Spend your kids inheritance!!!


3/14/2017 6:47:30 PM
Member since:
Oct 2009
Total posts:1126
Globe and Mail

There was a couple of really informative articles in the Globe and Mail, written by a financial advisor, worth searching their site. Or, depending on your circumstances, it is worth discussing with a local financial advisor. From the feedback to the articles there are clear arguments for and against.


3/14/2017 8:32:39 PM
Member since:
Jan 2012
Total posts:227
well I guess it depends

On your lifestyle, bill payments, etc. Do you have money socked away for your retirement....I can take mine out early but I would loose $300.00 monthly....I cannot afford to loose that kind of money....especially with the damn liberal government taxing us to death etc. but again it's a personal choice....sit down and figure out the pro's & con's.....

Skinny Moon

3/14/2017 10:06:42 PM
Member since:
Aug 2007
Total posts:499
CPP at 60 or 65

Take it at 60 the government is betting that you'll be dead by 65 .

2 cents

3/15/2017 8:13:32 AM
Member since:
Sep 2008
Total posts:1710
Friend says yes

Good friend looked into it said yes to it  
At 60 started getting 325 month and will collect over 18000 by the age of 65  
We still pay into CPP no matter what age over 17 until you quit the workforce so it's indexed each year  
Guaranteed income each month - personal choice

north of 54

3/15/2017 5:03:39 PM
Member since:
Jul 2012
Total posts:182
Took my CPP at 60

because the total payout over time from CPP at age 60 versus age 65 were equal at age 78 for me. For me, the choice seemed obvious but as others have said it depends on your circumstances.


3/15/2017 11:31:29 PM
Member since:
Dec 2013
Total posts:314
Like others have said that depends

How long do you expect to live? No one knows this but there are factors like health issues, genetics (how long your parents and grandparents live) and lifestyle, do you expect to live until 75 or 105?  
Do you need it now?  
This kind of leads from if you need it or not but if you are still working and making money and living comfortably you may just be paying tax in a higher bracket when you don't need the money and will have less coming in when you retire and do need it and are also in a lower tax bracket.  
My dad did not take his because he was still working so it would have just caused higher taxes, he also is healthy and is from a very long living family so to me and in his view he was in the category where it makes sense to wait. That being said he is 65 and could be hit by a bus tommorrow and missed out on the last 5 years of payments, it's unlikely though. He also didn't need it so if he was out the money and dead tommorrow it wouldn't matter much to him I don't think, if he lives to 100 he wins big.  
That being said if a person was forced to give a one size fits all piece of advice to all Canadians imho it would be everyone take it at 60. Only the people that expect to live a long time and/or don't need the money are the exceptions I think.  
Please consider what you paid for my opinion before putting it to use in your own life, I gave it with good intentions but I am not a financial planner.


3/16/2017 10:01:53 AM
Member since:
Dec 2013
Total posts:550
Interesting Topic

It seems to me the decision is a highly personal one depending on where one is sitting financial and health-wise at age 60. There are a couple of interesting reads on that touch on this very topic.

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