Does it ever make sense to take CPP at age 65? — via financialpost Retirement PersonalFinance CPP
: I’m 62 years old and planned to take my Canada Pension Plan at age 65. With all the talk about the benefits of delaying until 70, I wonder if taking it at age 65 is still a good decision?Mehmet, the three main reasons to delay your CPP benefits to age 70 are to protect yourself against rising inflation, poor investment returns and to provide you with a larger guaranteed income late in life, just in case you have depleted your investments.
Here are some common reasons to start CPP at age 65: early expected death; changing tax rates; Guaranteed Income Supplement and Old Age Security clawback; you need the money now to fund your lifestyle; and/or you expect to earn high investment returns. It’s the lack of survivor benefits that has many people starting CPP benefits at age 65. They’ve contributed to the CPP all their working lives and want to ensure they get some of their money back. But remember that the CPP is designed to protect you against inflation, poor investment returns and running out of money if you live a long life.
If you have a shortened life expectancy, it makes sense to start CPP early. If you’re not sure and you’re the male partner, with a shorter life expectancy than your female partner, then it may make sense for you to start at age 65 and your wife to start at age 70.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
It's not a normal sign of aging: Mild cognitive impairment takes tollAbout 60 percent of people with MCI are diagnosed with Alzheimer's disease within five years
Les mer »
Scientists Just Confirmed The Hottest Rock Ever Recorded on EarthIt's confirmed: The hottest rock ever discovered in Earth's crust really was super-hot.
Les mer »
Plugging an orphan gas well in Cleveland using market-based approach, not taxpayer dollarsA nonprofit called Well Done Foundation encourages corporations and individuals wanting carbon credits or simply the sense of doing good to help finance the plugging of oprhan oil and gas wells.
Les mer »
Alternate side parking coming back twice weekly as of July 5Police are continuing to piece together the death of Orsolya Gaal. The 51-year-old's body was found inside a duffel bag not far from her Queens home. LeahMishkin reports.
Les mer »
The Sixers are showing the heart of a champion | Sports Daily NewsletterAfter entering the NBA playoffs under scrutiny, the Sixers have provided a resounding answer to naysayers and taken a 2-0 lead over the Raptors.
Les mer »