Canada Pension Plan - CPP - Best Time to take it скачать в хорошем качестве

Canada Pension Plan - CPP - Best Time to take it

Retirement Planning Course for Canadians: OnDemand/Online https://businessin10.thinkific.com/co... Retirement Planning Courses for Federal Government Employees: OnDemand/Online https://businessin10.thinkific.com/co... Live Webinar https://businessin10.com/retirement-p... Public Service Pension Plan Courses: OnDemand/Online https://businessin10.thinkific.com/co... Live Webinar https://businessin10.com/public-servi... Businessin10 website: https://businessin10.com/ In this video we will cover when is the best time to take Canada Pension Plan or Quebec Pension Plan. Many of us make these decisions based on hearsay. I also hear from my clients during our popular Pre-Retirement Planning courses that some financial planners are recommending to them to take CPP or QPP as early as age 60. This decision alone can cost you $10,000 of thousands of dollars. Please hold on that decision until you see this video and the analysis that we do for you and watch this video to the end so that you can see our conclusion. To receive CPP or QPP you must apply. You can apply for and receive full CPP or QPP benefit at age 65. Or you can receive CPP or QPP as early as age 60 with a reduction or as late as age 70 with an increase. If you want to receive CPP or QPP before age 65 this benefit will be reduced by 0.6% every month or 7.2% annually, and if you choose to start taking this benefit as early as age 60 it will be decreased by 36%. On the other hand if you want to receive CPP or QPP later than age 65, this benefit will be increased by 0.7% every month or 8.4% annually, and if you choose to delayed it until the age 70, the benefit will be increase by 42%. If you choose to take CPP or QPP at age 60 instead of 65, the breakeven age would be 74. If you choose to take CPP or QPP at age 70 instead of 65, the breakeven age would be 82. To make this decision It would depend on your financial situation and how long you think you will live. According to Statistics Canada, life expectancy is 85 years. But If you need the money the decision is easy take CPP or QPP as soon as you need the money, it could be as early as age 60. If you don’t need the money and you want to keep things simple take your CPP or QPP at age 65. If you decide to start receiving CPP or QPP it is recommended that you apply 6 months in advance. And please remember this benefit is taxable.