7 Reasons To Take CPP At 60

In this video we'll go through 7 reasons why a lot of our clients think it's a good idea to take CPP at 60. Regardless of your thinking, it's extremely important to run the numbers so you can make an informed decision!

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TIMESTAMPS
0:00 - Intro
0:23 - Reason One
1:11 - Reason Two
2:36 - Reason Three
3:40 - Reason Four
4:35 - Reason Five
5:21 - Reason Six
6:25 - Reason Seven

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DISCLAIMER: This presentation is for informational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments carry risk, and past performance does not guarantee future results. Any forward-looking statements are based on assumptions and may not reflect actual outcomes.

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.

[martelbaran]

Both my husband and I began our CPP at 60, and we were both still working full time. We placed the monthly amounts into our TFSA accounts without using the payments. Our decision was based on loosing a close friend quickly to cancer and he had not retired nor received his OAS or CPP, he signed his work pension however, passed before he received his first payment. Life is short and we both wanted even if not full amount, what we could get just in case we did not live out the time to reach the full payments amounts.

[humanze]

I've lost friends every decade of my life. I take nothing for granted. I turn sixty this year and don't necessarily need it now but i will be taking it. The best years of your life are usually the ones right in front of you. You may not enjoy it as much at 70 depending on how your life pans out. Jmo.

[jimfaulkner]

I took CPP at 60 with no regrets. 60 to 65 are your best travel years so the money is more valuable than at 80 if you are trying to enjoy retirement. One factor some forget is once you draw CPP there is a cost of living increase each year so you will get 5 increases before 65. So compare the 65 pension number to the 60 pension number plus 5 cost of living increases. It worked for me, having the money when young enough to enjoy it is a consideration.

[rongrant]

Always interesting to hear your take on things. I think the first rule is: If you need it at 60, take it at 60. I'm all for compromise between 60 & 70...I took it at 65. Best of both worlds to my thinking.

[candacec]

I retired at 59 took cpp early and w/d RSP to top up Income. I was concerned that the 5 years of not working would effect the non working years. I have a very meager budget and will be better off once OAS kicks in at 65 and I plan to get GIS too. I expect to live until 80/85. My home will pay for my retirement home if it comes to that, but hope to age in place. Basically I'm house poor, but glad I have a roof over my head.

[tombernard]

Great words of advice ....however "a smaller balloon is better than no balloon" ... Nobody knows how many days we have left here in this journey… as Steve Miller said.." Take the money and run!!"""

[jimmybattiston]

Take it at 60forget about savingnit investing it. Spend it have fun u have saved all your life. Enjoy it now

[DLN-ixvf]

my two brother both dies at 61 & 62 and never took their CPP like I told them.
I took mine at 60 and am now 70 and spending every nickel they give me to help the economy. lol

[danib]

I retired at 60 and did a quick calculation. How much money am I leaving in the pool for 5 years if I wait until I’m 65, and how long will it take me to earn back that money after 65. It was an easy decision that allowed me to retire from full-time employment at 60 and work part time as a freelancer doing what I love. Happiness also has a value. But I agree that one size doesn’t fit all, so I’m happy to hear another POV on the subject. If only I had a nickel for every time someone told me not to do this!

[markknox]

I am 59, I have had 3 cardiac events in the last 11 years . I am taking it at 60 !

[ingridmorgan]

My marriages ended and that means less money in. I hadn’t wanted to take CPP but I need to live.

[MegsCarpentry-lovedogs]

Adam! Goodness! Reading the comments indeed there are die hard opinions. (pun there :)]. It was so important that you produce a video like this. You are listening to your audience and their concerns. Thank you. Clarifying your position that you are educating Canadians and the like to the financial landscape of taking cpp early, middle or later. It is up to the individual, you are not there to take away their decision, you are there to support with awareness. Your hard work is noted. Closing in on 100.000 subscribers. Well deserved! As with CPP and waiting, Subscriber 100K is worth the wait! 👍💯 Chiming in, Atlantic Canada always a fan and supporter.

[suzannerwt]

I retired at 44 and started collecting at 60, I’m 61. I’d rather have it now and use than waiting until I’m too old to travel or do things I enjoy. I won’t need the same amount of money in 10-15 years. If I’m still around.

[DragonscalesJournals]

I turn 60 this year. I’m already the working poverty so absolutely I’m going to collect asap! I don’t trust it will even be available for me at 65

[markshaw]

Listen to how he's telling you why you should take it at 60, but at the same time trying to deter you from taking it based on the money you could have. I plan to take mine at 60 and live somewhere with a lower cost of living. The world's a big place and there are many places you can live where that little bit of money can make a big difference, you're not stuck where you are unless you want to be stuck.

[therealsparkman]

I gambled and threw the dice on taking my CPP at age sixty-five because my pension will be reduced by almost 60%. The phone company's pension plan isn't the what it's built up to be. That said, because of the huge reduction, I need to maximize my CPP payment along with my OAS to bring me almost back to where I am currently.
My wife on the hand took hers at sixty. Thanks for sharing.

[DavidWilson-psgx]

Martel, sorry to hear about your friend and you are completely correct to take Cpp whenever you choose. Despite being a financial decision it's also a very emotional and personal reason as well. I am sure everyone has a reason why they took their Cpp at a differing time.

[Josie]

I started collecting CPP at 60 based on 2 reasons. My husband retired at 62. Less than a year later had a stroke and with more tests has brain tumour. 2nd reason I would have lost 5years of benefits even at reduced amount. I also retired at 61. That last year of working FT and collecting CPP all went to taxes.(big error there). Ten years retired now and I don’t regret my decision. I guess I’m fortunate because I also have a company pension that I opted to collect early at reduced amount. I get OAS because my overall income qualifies.

[luciedaze]

Thanks for this info. Definitely waiting till I’m 65 if I can. I’m 62, single, renting, have a good job but no assets. So CPP, work pension and OAS will be my only sources of income when I can no longer work. Having to move into a retirement residence in late 70s or 80s will be very expensive and that’s a big stress for me currently. If I pass away before I collect that’s ok. I’d much rather be able to afford living in a decent retirement residence and not live below poverty if I make it to 80. If I’m healthy and still enjoy working at 65, then I may hold off on CPP and work part-time instead and collect OAS, I believe that in a previous video you mentioned that OAS increases less than CPP if we hold off on collecting.

[MTN]

This is a great video and this is always a hot topic and a lot of people are unfortunately confused between taxes and cpp thinking the higher the income the more taxes they pay the more pension they will be entitled to not factoring the YMPE in additional to the impact on OAS clawback and GIS for low income seniors 65+ these things should be thought early on but as the saying goes if you thing the government will help you fix your life than you have 2 problems 😢. Good luck to you all know your numbers live within you means budget invest have Financials goals and discipline it will all work out at the end👍🏽