5 Reasons To Start Collecting CPP At 70 | Canada Pension Plan Explained
My Service Canada: https://www.canada.ca/en/employment-s...
Episode One: • When Should You Start Collecting CPP? | Ca...
Episode Two: • Calculating CPP's Break Even Point | Canad...
Episode Three: • 5 Reasons To Start Collecting CPP At 60 | ...
Episode Four: • 5 Reasons To Start Collecting CPP At 65 | ...
In most scenarios, it actually will make most financial sense to delay your CPP until age 70. With that said, most people will start collecting payments for before that, even when the numbers tell you to do otherwise.
So why should you delay your CPP to age 70?
1) You redeemed your RRSP or other registered assets from retirement to age 70
2) You worked later in life and had other income to age 70
3) You took your OAS at age 65 and delayed your CPP for a larger benefit
4) You will get more money if you live longer
5) Avoid OAS clawback from age 65-70
OAS Clawback: https://www.canada.ca/en/services/ben...
CPP Benefits: https://www.canada.ca/en/services/ben...
CPP Break Even Calculator: https://www.taxtips.ca/calculators/cp...
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The content on this channel is for educational purposes only and does not provide specific investment or planning recommendations. Viewers should consult a qualified professional for retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for any decisions made based on this content.