When to take CPP and OAS

This is a huge decision for most retirees and there are a lot of factors to consider.
I do think this is definitely a decision you should make with the guidance of a CERTIFIED FINANCIAL PLANNER Professional and I am happy to help if you have questions about it.

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DISCLAIMER: All content being published on this platform are for informational and entertainment purposes only, and do not constitute formal financial, accounting, nor legal advice. Kent Tilley does not hold formal education nor registry to be held accountable for any professional recommendations – those in need of formal financial advice/ planning must seek help from licensed professionals. Kent takes pride in the sense of freedom, satisfaction, fulfillment, and empowerment that financial competence that he has built through conscious management of his family’s money. With this, there is no guarantee that the overall content found here are appropriate or applicable for every individual. By proceeding, you agree to hold Kent harmless from any ramifications, financial or otherwise, that may occur to you by acting upon the information found on this platform.

[KFinancial]

I made a mistake about the OAS clawback. It’s based on before tax income, not after-tax. Apologies.

[dabsafe]

I am 63 and I worked for 30 years in a very unhealthy work environment and retired fro there at 48. I was self employed for 9 years and took my CPP at 60 as it was maxed. Since I see my former colleagues dying from different cancers on a fairly frequent basis and don’t know how long I realistically have. I don’t regret taking CPP at 60 whatsoever.

[CruisingDarkWind]

I recently have been seeing government sponsored TV ads telling us to delay taking your CPP and OAS until a later date, so I did the oppositie and collected my CPP at 60.

[claresailing]

I'm from Edmonton. I'm going to live until 120 but elected to take my CPP this June at 60. Before I saw this video. Ooopsss... Can't untake. Your videos are awesome. Thank you.

[hockleyglen]

Thank you!
My mom is 93. My dad passed away at 91. I smoke. I have no idea how long I’ll live. I’m going to guess 80.
If I quit smoking tomorrow
However I could get hit by a bus tomorrow.
I wish there was a more accurate way to than deciding how long your going to live in order to make such a life changing decision!

[ThePeiguy]

I'm 64 and getting the CPP since I was 60 which is $682 and I've got my notice for my OAS which is going to be $615. My brother died at 61 so it made me think why wait and let the government take MY money which is MY money not there's.

[jaxwylde]

I've just recently found your videos. I'm glad I did. My wife and I have been saving & investing approximately 20% of our incomes since our early 30's. We're 54 now, and have have accumulated a sizeable retirement nest-egg (RRSP's, TFSA's, & Non-Reg). I've been so focused on creating my own retirement portfolio and haven't given much thought (until recently) on how best to utilize our savings in conjunction with OAS, CPP, etc. when we retire (ideally in the next 5-6 years). Of course, we'll probably get some formal wealth/tax management advice as we approach that date, but it's great to get some no-nonsense, well-explained information in the meantime.
Most of what I've found on YT is USA focused, so it's good to see someone providing Canadian relevant content in short, clear and informative sessions. Subscribed!

[davidgiles]

I was very fortunate and started my job at 19. As a result I retired on my 49th birthday. That's 20 years ago. I started my CPP at 60. I've watched far too many coworkers, friends, and relatives pass away and collect little or nothing of their CPP, or OAS. My thoughts are do it today, tomorrow may never come.

[andytaylor]

I lived and worked in and out of Edmonton for 13 yrs. I started with nothing and had less than nothing when my job went to a less friendly place.
I'll be 60 this year and will have to retain a financial planner to get me set up to take the CPP at 60 while I still work until I cannot work any longer.

[davidreus]

I wasn't financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly basis via my investment and got 5 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made. Great video! Thanks for sharing!
Very inspiring! I love this.

[shawnasmith]

I love learning about this. I'm 53 and didn't know much about this. Love to see videos about Canada and retirement. Planning my retirement now and full of knowledge. Great video!!

[billboggs]

Take every penny you can get as early as possible while you are still young and healthy enough to travel

[thebolander]

Excellent advice.Drawing down rrsp prior to taking govt plans make sence for me. Gis here we come bsby, just kiddin.

[alastairtregarthen]

Thanks for the basic info talked about in this video. I didn't think that you took too long to get to the point :)!

[odizcvw]

Finally someone who covers this important topic. I am in the rare but fortunate situation where I maxed out CPP and RRSP and have more than I need in retirement. So for tax management I delay OAS and CPP so I can max out RRSP withdrawals while keeping my target tax rate of 13.5%. That way I'll minimize the tax impact of the RIF income at 71. My parents lived to almost 100 so this is the best bet all around.
On thing you did not mention. At 65 set up a RIF that pays out $2k per year as you get that tax free.

[MrWaterbugdesign]

I look at it as just another investment. Waiting is the same as being paid interest. If I can earn more than the government is paying I would take the money early. However since I completely suck at investing and I don't want to become an investor (it's work to me) I'm happy to get the 8% interest the US government pays if I wait to collect social security. The easiest choice of course is if a person needs the money nothing else matters.

[zeineguy]

Just watching now. Thanks for your information. Will be taking just after 60 and still work. Will invest my cpp, until i can fully retire. Will be living in asia where it is cheap during the winters. And hope i can live to 70 yrs old.

[juliebustin]

Thank you for sharing this info. P.s.I love your lamp!

[vancouversure]

At 80 more money in the rest home won't really make life any better. Take it when you can still enjoy it. Leave nothing behind for the tax man.

[Grimenoughtomaketherobotcry]

When there are only a few fairly vague general rules that apply to everyone differently, you either do your homework dilligently or hire someone reputable to do it. There's a mountain of advice available on this issue, and this video covers the basics quite well. What I find lacking in many of these presentations is a clear explanation of why people who retire or have significantly reduced income between 55 and 60 should opt for payments at 60 rather than wait for what appears to be more money at 65 or later. You touched on it, but I think it warrants more of an explanation than, "the formula's different". Incidentally, I was fortunate enough to retire at 55 and have spent the time to find out why, but I have no plans to start a YT channel.