How to TRIPLE your CPP benefit | Inflation & CPP

How does inflation affect CPP benefits? With high inflation, both your contributions and benefits will go up. When should you start taking CPP? This video will help you decide when to start your government benefits.
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[beaviswealth]

Do you know how these high inflationary times will affect the Canada Pension Plan, and how much you'll get when you claim CPP? This video will tell you how things change with high inflation.

[billfarley]

I'm now 90 years old and in relatively good health. I was never out of employment during my working years and retired at age 65. My type of work guaranteed I would never receive a pension from any company, so at age 65 my only source of income was CPP/OAS/GIS. So all these figures and calculations don't mean squat to me. Since 1999 until now, (2023) I have simply modified my lifestyle and live according to my means. I have never applied for a credit card and have always paid cash for any purchases. So there you have it. Never in debt, happy with my adjusted lifestyle and live each day in harmony with the universe..

[WaningGibbous]

Worked all my life from age 15, only took 2 years off to have kids, im 59 and got my statement from rev can and if i take it at 60 i get a whole $245.00 a month...big frikin woop! Ill be working until i die.

[MountainFinance]

I think many Canadians don't fully understand the ramifications of when to start the CPP. You broke it down eloquently; nice job Marc.

[Inhumaneghost]

Although I'm still roughly 25-30 years off from retirement, I really appreciate the information. My parents recently retired and had no idea how CPP worked so they couldn't teach me. This video helped me understand it so much more. Thanks!

[mgcarrcamaro]

Every tax accounting person should know this info ! Why are they not telling us this ? Thankyou sir ! 👍👍

[Doug_Moffat]

Great video Marc. I'm one of those that took CPP at 60. I'm now 63, still working, and what I did was invest my $661/month (after tax) into a RSP using high yield dividend based ETF's that your son Brandon recommended. I am definitely outpacing inflation but I haven't done the math with respect to waiting until 70.
I think the RRSP tax credit combined with the dividend based ETF's was a good decision.
Anyway, keep up the great videos.

[James-yerp]

I might have missed it, but when you start taking CPP, the Inflation Rate is based upon the amount you would get at that time. This means that if you can hold off and take CPP later on, the Inflation Rate is multiplied by the larger amount, and an even larger amount than you might expect due to the YMPE bump in payment. This brings the Crossover Point to much less years.
In short, defer if you can.

[djayjp]

I had no clue how profound retirement age affected CPP values! Thank you!

[pwong]

Delayed CPP at 70 will be the best performing asset rising with inflation and index. Great video with in-depth analysis. 👍👍👍

[CanuckDividends]

The biggest question is what the break even point is for each individual, assuming that a person is healthy and can still afford to keep working. Is there a formula to determine when that point is >> I always enjoy your videos, great information

[carolkoussaya]

I took it at 62 1/2 only because I was put on unpaid leave for 8 months in October 2021 and had no other income at the time.

The good thing is I’ve been back at work in June 2022 and still contributing to the QPP

[richardjurgens]

The CPI better known as the CPLIE as that number does not reflect the true cost of inflation as key expenditures are not included

[eac]

Love your pension videos. So much great info. In Cynthia's case, are those amounts assuming she continued working past 60 when delaying taking CPP or continued working and retired but delayed collecting? Is there a difference?

[momo]

great video marc!! thanks for the great knowledge. im far from claiming CPP, but this is a good reminder to think about it.

[lougarou]

Someone’s health is ALWAYS the driving factor for this decision. It’s all nice and dandy to take it later to take advantage of the higher rate, but won’t make much sense if you die before or shortly after 65.

[michealettinger]

I'm claiming this at age 60 while I'm continuing to work. I'm investing it in dividend stocks. Hopefully I'll be able to retire at 65 as a result.

[HuplesCat]

Thanks for this. I turn 60 next year and have no need for cpp but was going to take it and shove it into a tfsa. The inflation increases were not obvious. You made it crystal clear. I will defer I think as flatiron isn’t going anywhere

[alexanderalexander]

Of all of the Canadian explanations of "when to take CPP" and "Why to take it at the time one does", I found this to be the most detailed, accurate and precise. I do wish that people on the internet would slow the speed of their speech down to a normal conversational speed. You did an excellent job of explaining the impact of inflation on the value of CPP. Does this inflationary effect also not move the "break even" date much closer to the date that one takes CPP at age 70?

[anasavatu]

I took my CPP at 62 and still working, I split my monthly CPP income into a TFSA and paying down my Mortgage, I will gain most of the discount percentage back on CPP post-retirement benefit and interest on TSFA plus reduce my mortgage faster. I'm healthy and hope to fully retire at 67. now I'm debating weather should I take my OAS at 67 or 65 +11 months - from Benefits Canada (If you are already over 65, we may be able to give you a retroactive payment for up to a maximum of 11 months from the date we receive your application) I'm planning to save that retroactive payment to my vacation fund when I fully retired at 67...any advise?