5 Reasons To Start Collecting CPP At 60 | Canada Pension Plan Explained

My Service Canada: https://www.canada.ca/en/employment-s...

Episode One:    • When Should You Start Collecting CPP?...  
Episode Two:    • Calculating CPP's Break Even Point | ...  
Episode Four:    • 5 Reasons To Start Collecting CPP At ...  
Episode Five:    • 5 Reasons To Start Collecting CPP At ...  

Taking your CPP at age 60 will reduce your payment by 36% versus waiting until age 65.

We find that most of our clients jump to take CPP at age 60...it’s something they have paid into for many years and are eager to get something back out of it. While I understand the eagerness, it doesn't always make sense.

Maybe you're still working or you have a pension along with registered investments to fund your early 60s...if that is the case, it's probably not best to start collecting CPP payments at 60. When does it make sense though?

1) You need the extra income stream to support you and pay your bills.

2) You didn’t work between age 55-60.

3) You have a shorter life expectancy – either from a current health issue or based on family medical history.

4) You are a conspiracy theorist and think that CPP will run out of money and you better gets yours now – this is a surprising large number of people.

Based on the 2019 CPP Chief Actuary report the CPP is sustainable for over a 75 year projected period. https://www.cppinvestments.com/the-fu...

5) You are concerned for OAS clawback and would prefer to have a lower amount for longer.

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.