Listener wants to know if he should start collecting CPP early

Oct 5th, 2016 – Comment

Break even point for Steve is age 74.


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Lou Schizas is an equities analyst, investor, entrepreneur, professor and television and radio personality – and a true believer in the happiness-inspiring powers of capitalism.


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Hey Lou,

I listen to you every day. Should I take the CPP now while still working. Six years to go. Pension will be around 68,000.

Thanks

Steve

 

Hey Steve,

Thanks for listening to AM640! Your support is very much appreciated!

Your question is one we all need to consider as we approach the promised land. There are many issues that need to be explored with regards to the CPP including your assumptions on life span, and survivor benefits. However you just wanted to make a go no go decision.

The research conducted on your behalf indicates that if you started collecting early at the lower monthly rate you would be up on the decision until you reached age 74 where its a break even situation. After that you are in the hole. Here is a link to the analysis for you to inspect in more detail.

https://retirehappy.ca/taking-cpp-early-the-new-breakeven-points/

I would advise that you conduct further research to confirm that your final decision meets all of your life outcomes.

Make it a loucrative day and happy capitalism!

 

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