Why You're Wrong About Taking CPP at 60

We've noticed a couple trends in the comments whenever we post informational pieces about CPP, and we're talking some trash back and backing it up with some interesting numbers. What is the real average age we should be looking at? Are we here at K4 on the government payroll? And why is the video quality down in the last couple of episodes? (spoiler: camera settings)

Visit our social media accounts:

Our Website:

Don't forget to SUBSCRIBE to stay up-to-date with our latest videos!

0:00- Intro
1:08- Reasons to take CPP at 60
2:20- Comment 1: 65 or die
3:49- Comment 2: ITS YOUR MONEY
5:03- Comment 3: Most Die B4 70?
9:03- We Value Your Feedback

_________________________________________________________________

This presentation is just meant to provide information. The accuracy of its contents has been ensured using every available means. Certain statements made may contain forward-looking statements, which involve known and unknown risks, uncertainties, and other factors that could cause the Company's or the industry's actual results, performance, or achievements to differ materially from any projected future results, performance, or achievements. Returns are not certain, and performance in the past might not be replicated.

The content on this channel is provided solely for informative and educational purposes and does not represent investment advice.
The hosts are not liable for the viewers' financial decisions, and their content shouldn't be used as a foundation for investing transactions.

[robertbyers]

Thank you for this video. I have just turned 70 and I got my first CPP payment today. I have been "melting down" a modest RRSP to bridge my delayed CPP income from when I turned 65 unit il today. That way I could get a larger CPP payment that will carry on for as long as I live.

[GreatIaker]

Excellent video and analysis Kent. I am one of the 1% that plans to take CPP at 70. Many independent advisors and actuaries (eg. Fred Vettese, Bonnie-Jeanne MacDonald, Michael Kitces) recommend deferring CPP (or Social Security in Michael's case), but internet pundits continue to reject all their well thought out points. I got some good laughs out of your rant and sardonic responses to posters' reasons for taking CPP early. Thanks for the video!

[DevilishAbstractions]

Great advice. True that there's no one right answer that encompasses friend in good health suddenly became ill and within months she passed away at 64. On her hospital bed, she said to me that contrary to my advice to wait until 70, she was glad she started taking her CPP payments at 60.

[lorindaoconnor]

This was quite entertaining! 😅. I’ve been following K4 Financial for about a year now. You have taught me plenty. Thank you for sharing your knowledge. 😊

[northerngal]

Keep up the good work Kent. Too many people make this decision with emotion, rather than with facts, and without the numbers. I also think that too many people do not understand how to read their tax returns. Glad to have had your input. You and Chad are great advisors, and for those who don't want to heed your advice, they will be the ones to suffer the consequences at the end of the day.

[hilary]

Good video and I like your rant. It also confirms my decision to take it now at 68. I was planning to take it at 70 but when I looked at my projected assets to 90, delaying CPP didn't make that much difference so I decided I might as well take it now and offset some of the increased living costs due to the high inflation.

[ronwright]

Hi Kent, I was chuckling watching this video last night. You sounded just like me when I'm at the pub. I'm usually surrounded by old friends, all 60 somethings, mechanics, plumbers, accountants, engineers etc. Without exception, they all took CPP at 60. When asked, I tell them they have all got it wrong. Why add CPP to your income and pay 45+% marginal tax ? When I stop working soon (65 ish), we will use our savings to support us, then take CPP at 70. I don't think we are in any danger of running out of money either way, but to have more guaranteed later and pay less tax, makes more sense. You shouldn't have to be a finance expert to figure this out. Maybe you should come up with a catchy tagline, "Tilley's Theory of Stretching Your Dough", or similar. Good job 🤣

[milbose]

Thank you! I can save my voice now and simply send this video to the people I know that start every conversation with "Well you know what "they" are
going to do..."

[TinTinner]

As usual, another fantastic video Kent & Co.!! I absolutely enjoy your quick wit, ever so slight sarcasm, & the patience you have regarding some of the turnips that write comments always complaining. To those of you who are writing negative comments (or are thinking about it) towards Kent...start your own utube channel you negative Nancy's and pessimistic Pete's. Personally, I appreciate Kent's knowledge, explanations, & the advantages/disadvantages. He is my "go to" financial/pension person. Thank you Kent, for being a solid Canadian helping us fellow-Canadians...you are really appreciated. I will continue to follow (already subscribed) and "share" with everyone/anyone your videos. Many many thanks Kent.🙂🇨🇦

[lauraferguson]

As someone with heart disease and an Abdominal aortic aneurism I will be taking mine earlier rather then later !

[ianas]

The trick to RRSP is to take it out in the lowest tax bracket possible. Taking it out prior to taking CCP and OAS just make sense.

[kengilbert]

I'm happy I found you on YT and appreciate all your content. Thanks for all the info shared. I'm 2 yrs away from retiring and have gain a lot of insight thru your videos. Cheers for that (and I'm delaying CPP to 70, RSP meltdown to get there). My situation is rarely if at all covered where my spouse is 7 yrs younger, so I have some additional parameters to account for and consider.

[michaelbutler]

I hadn't given any consideration to putting off CPP to 70. I plan to retire at 65 in a couple of years and it didn't make sense to me. Sat down with my financial planner, looked at the data e) understood everything and left that meeting with my mind completely changed. I think we all get wrapped up into this idea that we have to beat the system and the very thought of dying before we get CPP is probably what drives most of us to take it early. But melting down my RRSPs and RRIFs in the early stages of retirement should allow for a more comfy retirement so that if something did happen at least I can say I enjoyed life as much as I could.

[annesmith]

My former co worker started collecting CPP at 60. She was so sickly, that I thought maybe she was doing the right thing. I thought she might not make it to 65. But now she's nearly 70. So she should have waited. I'm 63 and retired. I haven't started collecting yet. I found this video very helpful in deciding when you apply for it.

[andyr]

First time watching great info for a ham and egger like myself! The one thing I know is you don’t want to have to go back to work in your 70s if you don’t make enough. So be patient and wait. Makes sense to me.

[markvandinther]

Love your message. When in doubt rely on the supporting data to make an objective decision.

[terryevp]

Top-notch Video. Many Thanks for the great explanation and debunking the false theories....!!! People live lot longer these days...!!!

[davidmarchand]

Another good reason for taking it at 60 which you overlooked is if you are receiving a Survivor's Pension and your CPP/QPP combined (if taken at 60) will be more than the maximum allowable amount. You won't get more than the maximum amount combined so then there is no advantage to waiting five years until 65.

[markbutler]

I agree with you 100% A lot of ignorance out there, but people need to be educated and you are doing a great job. keep up the good work. I love your videos.

[edsedlak]

Good advice, makes a lot of sense. I decided to take it at 60 when I retired because, divorced, need the money. I was surprised to find out that CPP is actually really good at managing our money.