Retirement Income For Life Giveaway Edition

Fred Vettese is one of Canada’s leading retirement planning experts. The former chief actuary for Morneau Shepell spent his entire career working within Canada’s retirement income system. He’s written three books on retirement, including The Real Retirement, co-authored with former Finance Minister Bill Morneau, and The Essential Retirement Guide: A Contrarian’s Perspective.

Mr. Vettese’s latest is a completely revised and updated version of Canada’s #1 bestselling retirement income book – Retirement Income For Life. Most retirement books focus on the accumulation phase. Retirement Income For Life is aimed at people who are close to retirement, or who are already retired, and who are going to rely mostly on their own savings to meet their retirement income needs. It assumes your main objective is to maximize your retirement income rather than maximizing the assets you leave behind if you die early.

He decided to revise the book just two years after its initial release to help readers who were still a few years away from retirement improve their financial situation. He also reorganized the chapters into a more logical sequence, and added chapters to address special situations such as high-net-worth couples, early retirees, single retirees, and early death.

Mr Vettese also addresses significant developments since the release of the first book, which include expanded CPP and the possible introduction of deferred annuities that start at 85. He also touches on the potential fallout from the COVID-19 pandemic.

The five enhancements that made up the core of the first edition remain intact. These include reducing investment fees, transferring risk to the government by deferring CPP, transfer even more risk by purchasing an annuity, know how much income you can withdraw (and actively adjust it as needed), and have a backstop (likely a reverse mortgage or HELOC).

If you’re going to read one retirement book, this is it. Retirement Income For Life is an incredibly comprehensive and sensible look at how to think about retirement planning. Mr. Vettese offers plenty of wisdom throughout the book. Here’s one of my favourite takeaways from the section on investment risk:

“I used to research the market on my own and trade in individual stocks. It was hubris to think I was smarter than the crowd and could profit on a consistent basis by taking a contrarian stance. Over time, I did pick a few winners, but I also picked way too many losers. I didn’t beat the market anywhere near often enough to call the experience a success.”

He strongly suggests you not to become a stock picker or day trader. The odds are very much against you. Instead, participate in a pooled fund, such as an index you can buy in the form of an exchange-traded fund (ETF). The author’s takeaways in this chapter are worth the price of the book alone:

  • Future investment returns will almost certainly be lower than historical returns for many years to come
  • Stay away from investing in second mortgages
  • Real estate investing can be lucrative for long-term investors, but it is not for amateurs and it is not without risks
  • Long-term bonds will be especially poor performers, since bond yields have nowhere to go but up, and this would create capital losses. This includes real return bonds
  • Your best bet for a 5% annual return is to invest in equity funds, risky as they are
  • a 60-40 asset mix is probably better than 50-50 in the case of retirees with average risk tolerance

Retirement Income For Life Giveaway

I was fortunate enough to receive an extra copy of the newly revised Retirement Income For Life and I’d like to give it away to a lucky reader.

If you want to enter for a chance to win a copy of Retirement Income For Life, leave a comment telling me when you took (or plan to take) your CPP benefits and why.

Deferring CPP to age 70 is one of the author’s five enhancements for retirement income planning, but in reality this option is almost never taken. I’ve written before about when it makes sense to take CPP at 60, and when it makes sense to defer CPP to age 70. I’ve also explained why taking CPP at 65 is rarely the optimal choice.

The contest will close on Wednesday November 4th at 5pm EST. I’ll randomly select a winner from the entries and announce the winner in my next edition of Weekend Reading.

This Week’s Recap:

On Thursday I explained exactly how I invest my own money. Thanks for the great feedback on this article!

From the archives, here’s which accounts to tap first in retirement.

Remember travel? Here’s how I redeemed more than 1 million points for travel last year.

I’ve pivoted to cash back rewards in “these times” and hope to share exactly how I did that in the coming week.

Weekend Reading:

Looking to level up your rewards credit card game? Credit Card Genius has you covered with the best credit cards in Canada.

Here’s a heartbreaking look at five people who lost their jobs during the pandemic.

NPR looks at stuck at home moms and the pandemic’s devastating toll on women:

“The uncomfortable truth is that in their homes, women are still fitting into stereotypical roles of doing the bulk of cooking, cleaning and parenting. It’s another form of systemic inequality within a 21st century home that the pandemic is laying bare.”

The Evidence Based Investing blog explains the dangers of trading from home.

Rob Carrick shares several reasons to stop worrying the pandemic will be followed by a plague of tax increases. I agree.

Michael James on Money says that owning today’s long term bonds is crazy.

PWL Capital’s Justin Bender looks at tax-loss selling with ETFs in his latest investing video:

Does that sound too complicated to implement on your own? Check out this post on tax loss harvesting at work with Wealthsimple.

Pension plans will use a new method for calculating commuted values as of Dec. 1 that may reduce defined benefit plan payouts.

Here’s a smart take by Millionaire Teacher Andrew Hallam on what to do when financial experts say a giant crash is coming.

A Wealth of Common Sense blogger Ben Carlson says the question you should always ask when searching for higher yields is, what’s the catch? 

Finally, Morgan Housel has a few questions that are relevant to everyone and apply to a lot of things.

Have a great weekend, everyone! (and don’t forget to comment below to enter to win a copy of Retirement Income For Life)

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231 Comments

  1. John S on October 31, 2020 at 1:50 pm

    Hello Robb;

    My plan is to take CPP @ 70. Am essentially retired now and will take OAS when 65 is reached next year. I’ve read the first edition of the book (while on our last ocean cruise!) and use it as my bible. Structured my entire retirement plan from the book which includes full deferral of CPP. Worked with a fee only planner for the details and was about to pull the trigger on an annuity when 2 things happened.

    A – The market crashed literally days before I was going to execute the trades earlier this year.
    B – Vanguard launched VRIF.

    So now I’m in a quandary, and actually connected with Fred on LinkedIn to see if he was going to incorporate this type of ETF as a tactic in his planning and recommendations. I think I read in your review that the new version of the book seems to cover that.

    Guess if I don’t win your copy, will be purchasing my own shortly.

    • Samuel on October 31, 2020 at 3:29 pm

      Hi.

      I plan to take CPP at 70 or later if they change the rules. It will maximise the amount that I plan to receive. Alain, I plan to take all my resp before to minimize the tax that I’ll have to pays. Continue the great work.
      SAMUEL

      • Jen P on October 31, 2020 at 7:34 pm

        Love your newsletter, read it every week!

        I plan to take CPP at 70. Hopefully my investments and small pension will carry me over until then!

    • Yael Kabir on November 1, 2020 at 3:18 am

      I am planning on starting CPP at the age of 70 since longevity runs in my family. Until then I am counting on OAS, GIS and a casual part time job.

  2. Paul Cameron on October 31, 2020 at 1:55 pm

    I plan to take it at age 70. I’m lucky enough to be retired and don’t need the cpp income yet. Therefore, defer it to maximize the monthly income later.

    • VIcky Minich on October 31, 2020 at 3:36 pm

      Before I began educating myself on all aspects of retirement it was always my view that I would take back what i put into CPP as soon as possible and everything after that was bonus. I have contributed almost $60,000 into CPP thus far. I am not retired yet but hope to be in a year or two. My view about CPP is much different now thanks to the plethora of information about it. I plan to wait beyond the age of 60 and hopefully reach 70 years of age before taking it providing my good health remains in tact

  3. Mike W on October 31, 2020 at 2:02 pm

    Planning to defer to 65 CPP and 70 OAS

    • Scoo on October 31, 2020 at 2:45 pm

      Based on my read of Vettese’s book and a professional calculation of the benefits available at age 65-70, our plan is to defer until 70.

    • Mike Turner on October 31, 2020 at 3:04 pm

      Plan on taking CPP at 65 since my company pension plan is bridged till 65.

  4. Ed Frankowski on October 31, 2020 at 2:04 pm

    I just started my CPP at age 66. Needed some income was forced into retirement by Covid-19. Would love a copy of this book!

    • John Dovbniak on October 31, 2020 at 2:38 pm

      Took CPP at age 63. Both my wife and I contributed the max amount of yrs into the plan. If one of us dies tomorrow the other will not qualify for survivor benefits. I have a really good DB pension plan and RRSP. I am already bumping up against OAS clawback so waiting longer for CPP just means they would ckaw more back. CPP goes to buy my TFSA.

  5. Ron on October 31, 2020 at 2:16 pm

    Just started CPP at 60. Retired 5 years ago and delaying another 5 years would result in 10 years of zero contributions to go along with several years with no contributions while going to school.

  6. CanTex on October 31, 2020 at 2:18 pm

    I took mine at age 60, back in 2004, because as I recall there was no penalty for taking it early, or there was no body of knowledge to suggest otherwise. We use it to pay the condo fee on our summer home.

  7. Brad S on October 31, 2020 at 2:22 pm

    I’m hoping to wait until I’m 70 to start cpp.

  8. Sugith on October 31, 2020 at 2:22 pm

    Being freelance most of my working life, I didn’t pay much into CPP and will rely on steady RSP savings for my retirement income. So I will likely defer CPP until 70 anyway, given it won’t be much income anyway.

  9. Joyce Hill on October 31, 2020 at 2:27 pm

    I plan on taking my CPP when I turn 65 at the earliest, I made a phone call and got the numbers for going forward…hoping everything falls into place.

  10. Neil Rygus on October 31, 2020 at 2:29 pm

    I am 63, still working and plan on taking CPP at 70. One big reason is family history – my father will be 95 in January and in good health so the odds are that I will live longer so I should get the Government to fund me longer at a higher rate, seeing as I have contributed for 40+ years.

  11. Deb on October 31, 2020 at 2:29 pm

    I retired 5 years ago at age 58. I still haven’t started CPP Benefits. Will likely start at age 65, but there might be a compelling reason to delay. A copy of the book would definitely support that decision.

    Thanks!

  12. Jerald Fuller on October 31, 2020 at 2:30 pm

    Hi Robb,

    I’m thinking of deferring CPP to 70 and taking OAS at 65, which sounds allot like most of your commenters.

    I really struggled to put 60, or even 50 per cent of my savings into equities. I believe the authors who all counsel that, but it just feels like the wrong time. I mean, I don’t need a return to have enough money to retire with, so putting it into equities just seems like unnecessary risk.

    Thanks for the newsletter everyday. I enjoy it.

    Jerry

  13. Pam Fines on October 31, 2020 at 2:31 pm

    I plant to take CPP at 70. Most of the women in my family seem to live very long lives and it helps to future proof. I can also see working part time in my 60s so won’t need the money early.

    • Mary Mackenzie on October 31, 2020 at 4:21 pm

      Reading the 1st edition was eye opening, and really got me on the road to examining my finances, instead of letting my spouse do all the heavy lifting. Between that book and Robb Carricks newsletter, and now this blog, I feel much more comfortable with where I am at, and more comfortable debating decisions with my husband ;o.

      I have spreadsheets now, looking at my options and updating them once a month or so. Will that in mind, and longevity in my genetics, I was able to plot the ages to take CPP and OAS (70 and 65), as well as work pension.

      I am happy to hear that the book has been updated, and am hoping that the vague rumours floating about regarding capital gains don’t come to pass in a hurry, necessitating a third edition.

    • Dan on October 31, 2020 at 6:45 pm

      Hey Robb, happy Halloween! I plan to take cpp at 65 at the earliest as I’ll have a db pension which’ll help.

  14. Murray on October 31, 2020 at 2:32 pm

    My intention is to start taking CPP at 70. I hope to use RRSP income to fund retirement until then.

  15. Dave Stewart on October 31, 2020 at 2:34 pm

    Cpp and oas at 69 or 70. Spending down some business dividends and stock dividends to try to get the best out of CPP at later date. Have the original book but would like the update. Cheers

  16. Gin on October 31, 2020 at 2:35 pm

    We are planning to take CPP at 60 as we are early retired and immigrated to Canada in our late thirties, making for many zero earning years. Having said that, prior to making the final decision we will use the CPP plan calculator and if that does not provide a clear answer, pay Doug Runchey for an accurate calculation tailored to our situation. Have always found Fred Vettese a compelling read and would look forward to reading his new book.

  17. Gary on October 31, 2020 at 2:36 pm

    I took CPP at 60 in 2006. Two reasons: I needed the income and 2 I wasn’t supposed to live past 50!

    • Glen S on November 1, 2020 at 6:58 am

      Current plan is to take at 65. Looking forward to reading Fred’s book and possibly changing direction. No company pensions. Love the newsletter!!

  18. Joanne on October 31, 2020 at 2:36 pm

    My husband just turned 60 and received his first CPP deposit two days ago. I plan on taking CPP when I turn 60 as well. Why….because my dad died at 61. If he hadn’t taken his CPP at 60, he wouldn’t have received anything after contributing all that time!

    • Leanne B on November 2, 2020 at 8:57 am

      This exactly – my mom died at age 60 but luckily had started taking her CPP already. You just never know! I plan on taking mine at age 60 as well.

  19. Tristan on October 31, 2020 at 2:38 pm

    At 23, I am quite far away from retirement, but better to plan it sooner than later! Last week I read PY McSween’s book Liberté 45, which is basically about how to manage your income so you can pre-retire at 45 years old. Very interesting thought!
    I would love to have Fred Vettese’s new book to add to my library!

    • Douglas Boraas on October 31, 2020 at 3:27 pm

      I took early CPP at 62, as thought I wouldn’t get another job in the oilpatch, but I got a few contracts! Anyway, am now 72 and don’t regret taking it early! 70 is too late as I know a lot of people that passed in their sixties!

  20. Joel on October 31, 2020 at 2:39 pm

    Planning to defer CPP until 70, at least that is the plan. My wife and I are turning 62 next year. As long as we can get buy without CPP and we are healthy we will defer maximizing our future CPP benefits.

  21. Gerald on October 31, 2020 at 2:40 pm

    I started CPP 2 years ago at 65 – full benefit – when I retired. This was due to the advise of my financial advisor. I am fortunate enough to have a DB pension as well that I started at the same time. In hind sight I feel I should have perhaps delayed – but not losing any sleep over the decision.

  22. Kathryn on October 31, 2020 at 2:42 pm

    I’m another member of the ‘going to take CPP at 70 and OAS at 65’ club. I retired a little sooner than I had planned- this past April instead of this coming December. Pandemic Retirement is nothing like what I had hoped my retirement to be, but I feel grateful to have been a good saver all of my working life, and a better investor, thanks to this and other blogs, now. Drawdown continues to be the most confusing part of financial life for me, with many products and strategies to choose from. Stay healthy everyone!

  23. Bev Lewis on October 31, 2020 at 2:42 pm

    I’ll take mine at 70. My husband took his at 65 when we were still with a full service advisor:( He should have waited.

  24. David on October 31, 2020 at 2:44 pm

    Took mine at 65 having seen too many colleagues dropping dead before 70

  25. Alan Shah on October 31, 2020 at 2:45 pm

    The plan is to defer CPP as long as possible ,burn down those assets that present the biggest tax headache.
    Al

  26. Braden on October 31, 2020 at 2:46 pm

    I plan to make that take my cpp at 70 if I am healthy but I will take it earlier if I am not. CPP is only as good as you are living! So I need to make that decision closer to retirement and do my best to make sure I am healthy enough to get there!
    Braden

    • Skylar Tooth on October 31, 2020 at 3:02 pm

      65 CPP and 70 OAS. I’m fortunate to have a DB pension through the federal government, and believe this makes the most sense for myself and my husband.

  27. Joanne on October 31, 2020 at 2:50 pm

    I took CPP at 64, before I read the book!!
    It would be great to get this book!

  28. Gerry Chiasson on October 31, 2020 at 2:52 pm

    I’m semi-retired and continue to provide communication consulting services to pension and benefit plan sponsors. I plan to defer my CPP to age 70 and will draw down my registered saving as much as possible before then. I’ll probably take my OAS at 65, but may also defer this if I don’t need it, or if it is likely to be clawed back.

    Would love a copy of Fred’s updated book. Fingers crossed!

  29. Sue on October 31, 2020 at 2:59 pm

    Plan to take CPP at 65. Think I’ll need it.

  30. Randy on October 31, 2020 at 3:02 pm

    Hi Robb,
    Always planned to take CPP as early as I was able, but it was you who opened my eyes to the idea of delaying to 70. Never understood the rational until it was properly explained.
    Still a few years away, but if all things continue on the track we’re on, we will take your advice and delay until 70.

    • Mary on October 31, 2020 at 3:22 pm

      Hi Robb

      I retired early (61) October 2019 and my husband retired June 2016 at 64. We planned to really increase our travel but only got 2 trips in 2019/20 before Covid hit. To offset my early retirement my husband split the difference and took his CPP in January 2020 at nearly 68 and his OAS. I will take my CPP at 70, OAS may also wait until 70. This will provide indexation that is missing from my husbands defined benefit pension. We began working with a fee only financial planner back in 2013 on learning that my husband’s would be laid off early. This was really instrumental in providing us a financial roadmap, a vetted set of options and re-assurance. Now we hope that Covid does not throw us too much of a curveball – we have revisited the “numbers” several times over the years but never included a pandemic as a possibility!
      Read Fred’s earlier version of the book and when I heard of the updated version, wanted to review it.

      Thanks and best,

  31. Carol A. on October 31, 2020 at 3:05 pm

    I plan to take CPP at 70 Old Age Security at 70 makes sense to me. Already retired do not need extra money at this time.

  32. Teresa Villella on October 31, 2020 at 3:06 pm

    I’m planning to retire in two years (I’m 58) and after reading your blog and many others, I plan on waiting until 70 to draw my CPP….if I can! Family history is somewhat at odds….my mom died when she was 68 and my father is a healthy, spry 92. The plain and easy to read advice you have offered or referenced has been a life saver! I hope you pick me! I would love to read the book! Thank you!

  33. Terry V. on October 31, 2020 at 3:08 pm

    I’m planning to retire in two years (I’m 58) and after reading your blog and many others, I plan on waiting until 70 to draw my CPP….if I can! Family history is somewhat at odds….my mom died when she was 68 and my father is a healthy, spry 92 (today, he left to go deer hunting for 5 days!). The plain and easy to read advice you have offered or referenced has been a life saver! I hope you pick me! I would love to read the book! Thank you!

  34. Tim on October 31, 2020 at 3:08 pm

    Pretty hard to “second guess” your choice of taking the CPP early or OAS at 65 when you are dead.

  35. Dale on October 31, 2020 at 3:09 pm

    Retired at 48 . Took CPP at 60. Wife and I will take OA in five years at 70

  36. Hazel on October 31, 2020 at 3:12 pm

    Took my CPP at 60 at my son’s suggestion, just in case I do not live until 70. Market is volatile, health is unpredictable so I decided to take the additional income. Now with covid pandemic around everyday is frightening.
    Sure I would like to get the book, and would like more insight into retirement.
    Keep posting articles, as I love to read them/

  37. Doug Jones on October 31, 2020 at 3:16 pm

    Age 70 – I’d prefer not give any more money than necessary to the government, so I’ll take that bet…hopefully I’ll be around for enough years to make it pay off!

  38. Jeffrey Pringle on October 31, 2020 at 3:16 pm

    I ran the numbers that at 60 if you take your cpp and invest in a tfsa dividend stock like Capital Power Corp CPX ,or Fortis Fts both solid utilities and reinvest the dividends you will be way ahead on income and also have a huge capital gain . CPP should start when work stops in my opinion .

  39. Sharon Legere on October 31, 2020 at 3:17 pm

    Assuming I am healthy I plan to defer CPP and OAS as long as possible, 70 for CPP. I am currently 53 and have 10 years to work and could really use your book to assist with my last lag to ensure I optimize my retirement income.

  40. Suzanne Fontaine on October 31, 2020 at 3:17 pm

    This is a great book. I wish I had read it earlier. I am 64 and retired last year, my husband is 60 and will retire next year. I already receive CPP (wish I had waited) and will take OAS next year at 65. My husband will wait to 70 for both and draw his RRSPs until then. I would like to read his recent changes.

  41. Jim O'Marra on October 31, 2020 at 3:18 pm

    I am 61 and took CPP at 60 because I had a business and took dividend income for the past 9 years. Too many zero contribution years on the ledger, so to speak. My wife will delay until 65. Didn’t need the income, but was kind of forced into taking it. I think that the rules discriminate against us self employed plus we all make both employee and employer portions that add up to 10%.

    Can’t complain too much as we are living well and no money troubles for our golden years.

  42. Robert on October 31, 2020 at 3:20 pm

    Took CPP at 62 (retired at 59).Concluded I was better off delaying spending my investment principle and instead started drawing on the money I wouldn’t be able to will to my kids when I kick the bucket. Therefore, taking CPP and pension now, even though both penalize me for early withdrawal. Will start OAS at 65, too. But will not be eating into RRSP’s, TFSA, and unregistered investments in order to maximize their earnings potential, unless I incur a surprise expense. Still open to reading the book (and will search out a copy if I’m not the lucky winner!) for more ideas. Great info on Boomer & Echo, BTW.

  43. John F. on October 31, 2020 at 3:23 pm

    I had all the intention to wait until 70 but due to unforeseen circumstances I am now going to be on a CPP disability pension. I bought a copy of the book when it was first released. There is a lot in the book that I am trying to follow. It covers a lot and some chapters are more relevant than others. But every chapter has a “take away” which is a bit of a summary and conclusion and which is very helpful. However, to be fair I have to disclose that I have recently sold my investments and I’m sitting on the side line biding my time, because I am afraid of what is potentially coming and I cannot afford to lose my retirement saving at this time. Surly, somethings has to give sooner or later. And I think it’ll be soon. The original version is from 2018 and it has been a while since I read it, so time to have another look. It’s full of sticky notes and page markers. In my current “new situation” any help is good. So, an update on the book could be helpful.

  44. Michael B on October 31, 2020 at 3:25 pm

    My advisor suggested taking it at 65, same time as retirement. But I liked the idea of a bit higher payout so I held off until 68 when I actually felt the additional income would help with lifestyle choices. (I hardly ever follow my advisor’s suggestions….)

  45. Derek Sproule on October 31, 2020 at 3:26 pm

    Took CPP at 60 as it allowed me to retire earlier than planned. I want to enjoy a few years before health starts to deteriorate from all my sports injuries from my younger days.

  46. Brien Stewart on October 31, 2020 at 3:29 pm

    I retired in 2002 and both my wife & I took CPP at 60. We took the hit of reduced CPP and used the money as part of our travel fund and we trav
    elled a lot. My wife passed away at age 69 from Cancer so if we had waited until she was 70 we would have got nothing after years of contributing. 70 may be a good target but monitor your health carefully.

  47. Glen on October 31, 2020 at 3:29 pm

    Hi, was early retired by my company this year and then a week later found out I had a cancer relapse. Have applied for early disability CPP and currently waiting on a ruling.
    None of this was in our long term plan but being able to have knowledge of your options and being flexible with your plan is invaluable.
    Have read Mr Vettese’s earlier books and would be very grateful for a copy of his most recent one. Thanks

  48. Mario on October 31, 2020 at 3:38 pm

    Both my wife and I were planning to take our CPP at age 70 but the plan changed after realizing that in our case there will not be any residual CPP left from the first one that will pass away for the survivor to balance his/her budget. As we do not know when our expiry date is, we figured that it is better to get both CPP and OAS at 65 so we would be able to benefit and enjoy them before it is too late. Our health is good, but this can change as we are getting older, we are currently in our young 60’s.

    Mario

  49. Frank Hodder on October 31, 2020 at 3:39 pm

    I am very close to turning 69 and I plan to take my CPP at 70. OAS I might take a little sooner but I hope to hold out until 70. Both are sure things and indexed to inflation. I think it is worth waiting.

  50. Rob Lavery on October 31, 2020 at 3:41 pm

    Hey Robb – another great newsletter. I’m 62. I hope to put off taking CPP as long as possible, maybe as late as 70. Due to some unfortunate circumstances, I was forced to take my OMERS pension early with the bridge benefit at 60. I’ve since gone back to work on a government contract, so adding to CPP. Once the bridge ends at 65, I’ll take OAS and convert some of my own RSP$. My family has good genes – both parents still alive. So putting off CPP as long as possible makes some sense. Plus there’s the potential for some inheritance between now and then. I’d love the book to help navigate the coming years. thx, Rob

    • Denis Thomson on October 31, 2020 at 3:52 pm

      Good day Robb, I plan on taking my CPP as late as possible. I’m presently 63 and have been retired since 55. I am presently focusing on collapsing mine and my wife’s RRSPs to meet a maximum predetermined annual income. I do not spend the RRSP money but transfer it between our TFSAs, margin account, enjoying life and travel. I’m looking forward to reading the book.
      Thanks

      • Kurt Sanderson on October 31, 2020 at 4:35 pm

        Your CPP payments might start going down if you haven’t been contributing for the last 8 years. Have you talked to Services Canada to get estimated payments? I used to have the same plan as you until I realised one can only have 8 years of no contributions!

        • Denis Thomson on October 31, 2020 at 5:46 pm

          Kurt I had calculations run and 70 is my highest pay out at $1598.20 with roughly a crossover at 80 years. My parents are both alive still so longevity is on my side. My wife and I both try and maximize RRSP withdrawals to meet roughly $75 k each a year total income. Roughly 70% of our investments are now non registered. That is my plan now until something else stirs my interest.

          Thanks

      • Meritt Shank on November 1, 2020 at 6:39 am

        My wife and I both plan to take CPP at age 60. Too many people do not live long enough to enjoy a pension fund that we have paid into our whole career. Secondly, this also gets you in the system and getting your checks. Nothing that I have found states the government would not be allowed to raise CPP standard retirement age to 70 and early retirement to 65. As people live longer and as our population ages, this could be a possibility. The second reason is to allow controllable “wealth” to be held over to late retirement, when you might want a superior care home or in home nursing. Love the website and the articles, would be excited to read the book and perhaps relook at my preconceived notions.

  51. Sue on October 31, 2020 at 3:52 pm

    Hi Robb. Would love a copy of the book. Plan is to retire at 58. If savings last will defer CPP to 65 or later if possible.

  52. Marta Dolbear on October 31, 2020 at 3:53 pm

    Hi there,

    I am a long-time subscriber and love your great articles. I am planning to have enough of a nest egg that I will be able to take CPP at age 70. According to everything I’ve read, that is the most financially beneficial age to take CPP. So far, I’m in excellent health, but if my health is not good before then, I may take it sooner. I am a teacher who is feeling immense burn-out right now. I’m wondering how long I can stick this out. I may take an early retirement and find something else to do that is lower stress. I would love to have a copy of this book to help me navigate some tough decisions.
    Thanks!

  53. Dave Quinn on October 31, 2020 at 3:53 pm

    I plan to take my CPP at age 70.

  54. Jaclyn on October 31, 2020 at 3:54 pm

    Probably age 70. As a freelancer, I’ll need the highest amount I can get 🙂

  55. Ray Hoger on October 31, 2020 at 3:55 pm

    I also plan to take CPP/OAS at age 70. I live off good pension, will travel as I deplete RRSP by age 70, continue travel with CPP/OAS after age 70, as long as health allows.

  56. Laurie on October 31, 2020 at 3:57 pm

    We moved across the country during the pandemic… hubby has just retired but is trying to defer CPP until 65 since he has long-lived relatives. Lots to figure out at this challenging stage of life. Hope we don’t screw up too much!

  57. Pat on October 31, 2020 at 3:57 pm

    I’ve learned at lot from this blog , so thanks very much . I retired at 64.5 and have a DC pension as opposed to the gold plated DB so I plan to start CPP at 68 or maybe 70 and use it as a DB pension .

  58. Brian Garnett on October 31, 2020 at 4:06 pm

    I took it at 60, just after retiring, because I didn’t know any better. Too soon old; too late smart.

  59. Karen Hall on October 31, 2020 at 4:06 pm

    Hi Robb, My husband and I retired at 55, 6 years ago. We haven’t yet started CPP, but we’re evaluating when the penalty for zero earnings years might start impacting the benefits of delaying. The early retirement penalties are large, so don’t expect to take it before age 65. In the meantime, we’re working on reducing RRSPs because we don’t want our heirs hit with a huge tax bill on a big RRSP/RRIF balance when we die. We might start CPP at age 65, but it depends on our health and how the RRSP strategy is working out – i.e., if starting CPP (and OAS) will not negatively impact our tax bill. We also have money in TFSAs and unregistered, which is where we want most of it by the time we die. Would love to see Fred’s updated book.

  60. Mark on October 31, 2020 at 4:09 pm

    I plan to take CPP at 70. I expect I will be retired in the next 2 years (when I’m 62). I’ll try to extract some OAS – not sure exactly when I’ll select to start OAS. As a widower, I won’t qualify for OAS long term, but with some creative accounting, use of TFSAs, etc, I’m hoping to get a little bit of money from the government. One thing that’s not written about much is the significant income hit when you lose a spouse. As assets (and therefore income) are combined under one individual you end up losing not only one OAS payment (from the deceased spouse), but two (via clawback), on top of losing CPP payments your spouse would have received.

  61. Rod on October 31, 2020 at 4:10 pm

    Hey Robb, I retired a year ago at 59 with a good DB Government Pension (34 yrs of service). My wife (59 years old) is looking to retire in 2021 and will also have a DB pension but 1/2 the years of service. We plan to take the CPP between 67 and 70, supplementing our income with RRSP withdrawals till we take CPP. Hoping this will minimize impact on OAS clawback between 65 and 70 and lock in the higher CPP benefit for the rest of our lives.

    I think we are in pretty good shape. Would love to get of copy of Fred’s book…fingers crossed.

    All the best.

  62. Kurt Sanderson on October 31, 2020 at 4:14 pm

    I had planned on waiting until 68 or 70 until I realised that too many years of zero income can actually reduce the payout. I now plan on taking it at 60, retiring at 56. I’ll have 7 years of zero or low income, my college years and 57-60.

  63. Judy on October 31, 2020 at 4:19 pm

    I was planning to start taking it at 63 when I will hopefully be able to retire, but now you have me thinking it might be better to spend down my RRSP’s and take it at 70? My situation is a little complicated because I also get the CPP Survivor’s benefit. I would love a copy of the book.

  64. David S on October 31, 2020 at 4:24 pm

    I retired six months ago at age 59 (a few years earlier than planned) due to the COVID recession. I’m fortunate to have a DB pension and took the higher to 65 option, so I’ll start CPP/OAS at 65. I also started RRSP savings at 20 so I have that extra nest egg to protect while at the same time beginning my decumulation phase. For now I’m socking extra cash into short-term GIC’s rather than playing the markets.

  65. Jim on October 31, 2020 at 4:26 pm

    I’m 64 now. I plan to take OAS at 65 and CPP at 70 if I stay healthy.

  66. Ted on October 31, 2020 at 4:27 pm

    I took my CPP at 62. I have been semi retired for a number of years up until then, so the extra income was needed.

  67. Brenda on October 31, 2020 at 4:30 pm

    I took my CPP at 60. I wanted to take full advantage of the TFSA, so contributed every monthly CPP payment to my TFSA until I retired at 65. Because of that, I was able to take full advantage of the cumulative contribution limit. My TFSA is set up for TD eSeries index funds and that has provided me with reasonable returns…… and ultimately, a TFSA that is significantly larger than it would have been otherwise.

  68. Doug Getty on October 31, 2020 at 4:33 pm

    I took my CPP at 60 and have put it into my TSFA account each year. I have increased it enough to more than makeup if I waited til I was 65 or 70.

  69. Joe D'Angelo on October 31, 2020 at 4:37 pm

    I took mine at age 60 as did my spouse , we decided you never know when your time is up .
    Did we need to no ,but have we enjoyed a few nice trips while we were younger after age 70 who knows what health issues can come.

  70. Ted L on October 31, 2020 at 4:46 pm

    Right now I’m planning on taking CPP between 65 and 70. I need to do more research and assess my net worth when I get to 65 (which is soon).

  71. Anne-Marie Thibert on October 31, 2020 at 4:48 pm

    My husband and I, married last year at 55 yrs young, have moved our individual investments in one place to a wealth management company. They have created a detailed retirement plan for us based on our dreams of early retirement and snowbirding. The plan currently has us both collecting CPP at 65. I am currently collecting survivor benefits and using a spreadsheet template found online it looks like it might not really be worthwhile for me to wait (with break even at age 82). As Revenue Canada doesn’t publicly share the actual formula for merging a survivor’s benefits with their own, our advisors have recommended planning on 65 but requesting a calculation when I become eligible to make my claim at 60. I’m hoping it works out as this could basically translate to an increased income between 60 and 65 when we will be at our peak travel. Of course after 65 my total ongoing income would be slightly less than if I waited. Any suggestions for confirming these estimates now?

    • Jay Bee on October 31, 2020 at 5:25 pm

      I’m in a similar boat and called CPP for a payout. Both times I called, the amount was the same. Give them a call… they’re happy to help
      .

      • Alan Swanson on October 31, 2020 at 7:03 pm

        I’m turning 60 in a couple weeks and am semi-retired having just started a small business consulting company. My wife is 55 and works part-time. I have applied for my CPP which I should begin receiving in December. Based on my calculations my break even on taking CPP at age 60 is about 73 meaning that every year I’m alive past then I lose money potentially. Having said that our RRSP is built to take us to ages 90 and 85 respectively. I guess I weighed the potential of living past 73 and the value of the incremental CPP money of about $3,000 after tax per year and simply decided that I’d rather have the money to play with now and if we are short the $3,000 per year at age 90 then we likely have bigger problems. As well, it seems at times that politicians arbitrarily change the rules of the game and waiting may result in lesser money.

      • Anne-Marie Thibert on November 1, 2020 at 10:56 am

        That’s good to know. The only thing is, I have a few more earning years to go. I wonder if they would provide a calculation based on my earnings to date and how much this could change (my earnings will not be going up as I am self-employed and have chosen to slow down in these last few working years). Now if I can only get through on the phone! (We have tried many times.) Thanks!

  72. Dave on October 31, 2020 at 4:49 pm

    Took CPP at 61 and OAS at 66. I now have serious health issues so glad I did. Also my spouse didn’t work out of the house much so very little CPP. I split the CPP with her to reduce taxes.

  73. Herb Kruizenga on October 31, 2020 at 4:50 pm

    Plan on taking it at age 70. Been retired since age 57. Looking forward to reading the updated version of this book. Thanks

  74. J Cabral on October 31, 2020 at 4:57 pm

    take it at age 70.

  75. B Belding on October 31, 2020 at 5:05 pm

    I plan on taking the CPP at 65. Knock on wood my plan works out

  76. Gary Page on October 31, 2020 at 5:06 pm

    Hi Robb
    Plan is to leave this as long as possible, hopefully until 70. My wife and I will treat these payments as a defined benefit pension plan. Of course, delaying as long as possible will increase the payment!
    Cheers!

  77. David Evans on October 31, 2020 at 5:17 pm

    Hi Robb:

    I will be taking my CPP at 70. There are two main reasons: 1) Maximize the payment and 2) I have other sources of retirement income I want to draw down in the mean time like retained earning from my company and my RRSP.

  78. Kim C on October 31, 2020 at 5:20 pm

    Hi, I am age 58 now and hope to retire in another year or so. My plan is to take CPP at age 70 assuming that my health is good. Thanks for all your articles over the years. They’ve been very informative.

  79. Jay ee on October 31, 2020 at 5:21 pm

    I’m 59 with a survivors cpp payment. When I turn 60 I will get double what I’m receiving now and if I wait until I’m 65, I will get only 90.00 extra (then if I started at 60).
    I’ll be starting at 60!
    Would love a copy for was my nephew who’s in his mid 30’s. Time to start planning now!

    • John on October 31, 2020 at 8:03 pm

      I am another one that is planning OAS at 65 and CPP at 70. Prefer to have a larger amount that is fixed amount with some indexation rather than taking on investment risk. Other assets can be used before 70. This method maximizes estate value as expected on have longevity on my side.

  80. Debbie on October 31, 2020 at 5:21 pm

    I took CPP early at 60, like my husband, for a few reasons. In my mostly full time working career, I had periods of unemployment and child-raising, that I knew would impact my CCP calculation. For the last 7 years of employment, I changed careers and worked on a part-time basis. I have always been a good saver and lived below my means. It was only a few years after early retirement (at age 55), that I became very ill. I had a life-saving surgery at age 60. It’s almost 3 years later, and I have no regrets about taking CCP early. I don’t know how much longer I will live, but I’m very happy to be alive today!

  81. Jay Bee on October 31, 2020 at 5:25 pm

    I’m in a similar boat and called CPP for a payout. Both times I called, the amount was the same. Give them a call… they’re happy to help
    .

  82. TDF on October 31, 2020 at 5:33 pm

    I’m going to defer CPP until 70–something I first learned about reading Vettesse’s “Essential Guide.” I liked the actuarial attention to numbers in the “Essential Guide” and the careful debunking of the financial planning industry’s estimate of needing 70% of pre-retirement income to be comfortable. And yes, deferring to 70 is not common practice. Bonnie Jean McDonald claims only 1% take this route.

  83. Mario on October 31, 2020 at 5:35 pm

    I turned 60 this year and I expect to take CPP at 65. I am receiving a government pension with a bridge benefit which will start to be cut from the pension amount at 65. Hence the need to wait longer to take a higher CPP amount because of the pension being reduced by the same amount of CPP. If I take the CPP right now, I will be after the fact receiving less money at 65 than presently.

  84. Suzanne on October 31, 2020 at 5:41 pm

    Hi Robb, I’m kinda paralyzed right now by all the decisions I have to make if I want to retire on schedule within 2 years. I have investments on my own to supplement whatever I will have but the market in the last 6 months has been problematic to say the least; I was expecting a pension upgrade on my workplace defined benefit plan this year but that’s not coming and I’m not sure what I will get; also, I can’t seem to get through to CPP to get an estimation so I’m really stuck. Also, with Alberta moving to less funding for health care, will that become a concern as I age, will I have to plan and save to self insure some of those costs? Would love to leave at 65, but really don’t have a roadmap to get me there. A book like this will help me make sense of it. I really don’t know when it is best to take my CPP/OAS.

  85. Rich on October 31, 2020 at 5:44 pm

    I took CPP at 60 knowing full well it was probably a poor decision under most circumstances. However, my best friend took his wife to Cuba to celebrate their 40th anniversary and his 65th birthday. When they got home he died in the driveway. He never got to cash his first cheque.Use it while you can to enjoy the time you are given.

  86. Shirley on October 31, 2020 at 5:51 pm

    I’m 54 and plan to take CPP at 60. I know it will be a reduced amount, but hey – tomorrow is promised to no one! Enjoy your 60’s! By the time one reaches 70, needs and wants are much less anyway. I also have real estate investments and a deferred benefit pension plan. I’m currently putting my daughter through Med school in Ireland. It’s very expensive but it’s her dream to be a surgeon and heal people. My husband and I are careful with our money although we love to travel. Fingers crossed!

  87. Ray Challoner on October 31, 2020 at 6:02 pm

    Hi Rob, been following and enjoying your blog since before I retired 7 yrs ago at 61. I took CPP at 60, my wife and I have a spreadsheet we use for our financials. We figured that 85 was the tip over point for loss/gain in total payout assuming no investment of the money. We may well live beyond this based on genetics and the rising life expectancy. So the real criteria for us were that the money would have greater value for us while we are still active and that as we age we will have less use for the extra purchasing power.

  88. Richard on October 31, 2020 at 6:10 pm

    Took mine at 65. Am currently 76.

  89. Carl on October 31, 2020 at 6:26 pm

    Hi Rob,
    I retired at 43 and I plan to take my CPP at 60. While I agree I may be leaving money on the table in the end. I believe that CPP is a legal pyramid scheme and I want to get mine as soon as possible.
    Looking forward to the book. Love your blog. Keep up the good work. Congrats on leaving the rat race and doing what you love!

  90. Leonard on October 31, 2020 at 6:32 pm

    I plan to take mine at 60 as well as my wife . We see no reason to wait. We started late in saving money, that extra bit at 60 will help a lot as we move toward retirement. My CCP will be put back into investment, she will keep her’s for spending.

  91. Jill on October 31, 2020 at 6:45 pm

    Hi, Robb!

    I am a Ontario Disability Support Program client and I also receive CPP-Disability benefit payments, which are deducted from ODSP benefits. My CPP-Disability will be automatically changed to regular CPP when I turn 65 in January 2025.

    Jill

  92. Kylie on October 31, 2020 at 6:53 pm

    Hi Robb, I’ll be deferring my CPP until 70 because I’m one of the fortunate ones who will have a DB pension when I retire from the military.

  93. James on October 31, 2020 at 7:00 pm

    Hi Robb. Great site. I took my CPP early at 62 and now regret it. If I was to do it over I would wait till sometime closer to 70. The book sounds great.

  94. Tatjana on October 31, 2020 at 7:11 pm

    I just retired last summer and took my CPP at 65. Now regret as being an immigrant I don’t even qualify for the full amount. Would defer to 70, but didn’t have this info 6 mth ago when submitted my application. Too late.

  95. Pat on October 31, 2020 at 7:19 pm

    Hi Rob,

    I retired at age 60 and defeated pension until my 65th (earlier this year).

    My reason for doing so was the 7.2% increase annually in CPP by deferring between 60
    and 65. Where else can you earn 7.2% risk free?

  96. Brenda Alexander on October 31, 2020 at 7:48 pm

    I’m holding off until 65. I retired at 60 and have allotted enough to get me there. Should anything major change, I’ll still have the ability to pull it out earlier. It also gives me an opportunity to withdraw RRSP’s at a lower tax rate

  97. mike on October 31, 2020 at 8:05 pm

    I don’t know yet! Need to learn more about this topic. Initial take is that it will depend on my health-I’d rather have more cashflow earlier on to enjoy the years when I’m more able bodied-so maybe 65!

  98. Terry Halpin on October 31, 2020 at 8:25 pm

    Took my CPP at 61. Didn’t need the money but life expectancy in my family was 74. A big mistake trying to be too smart by half. Obviously, if you are healthy, 70 is the correct choice.

    • Christopher Wicks on October 31, 2020 at 9:21 pm

      Looking to wait until 70 as long as my health holds up. Want to transfer longevity risk to government and receive a larger amount.

  99. Jason Kaye on October 31, 2020 at 8:39 pm

    Hi Rob,
    Like Jill I am also on CPP-Disability and got the letter saying it will be changed to regular CPP at 65 and reduced accordingly as it was bumped up by $400/month when I started and will be reduced by $400/month, but I may delay OAS till 70 but would like to WIN/read a free copy of the book you are giving away. My Long Term Disability ends when I turn 65 as well so I will be on my own Investments and I have started to use ETFs and low fee MFs. I do have a RDSP and collected the Grants and Bonds till I turned 50 but more info always helps.

  100. John Thong on October 31, 2020 at 8:48 pm

    I took the CPP and OAS at 65 but continued to work, not for the income but there’s no reason to wait. Though the clawback took a large potion of my benefits but at least I get to enjoy the fruits of my labour, instead of leaving it in my estate. We never know how long we are going to live!

  101. Dale Quist on October 31, 2020 at 9:13 pm

    I plan to retire at 64 and take cpp and oas at 65. My wife and both have db pension so we will be ok in retirement with rrsp and tfsa funs to supplement as well.

  102. J-Bay on October 31, 2020 at 9:20 pm

    Planning to defer CPP until 70. I retired 6 years ago at 60. My wife continues to work for another 5 years to get her full defined benefit pension so don’t need the CPP income now. Hopefully this will maximize future benefits if I live past the age of 85. Might take my OAS next year but will need to do some planning as most will likely get clawed back Having said that, the longer I wait the higher my income will be from RRIF when I turn 71.

  103. Geoff on October 31, 2020 at 9:28 pm

    wait as long as possible. Guaranteed return, for life. You might die young but you probably won’t.

  104. Phyllis on October 31, 2020 at 10:02 pm

    At this point we plan to wait until age 70 to take our CPP because we should have enough income to live on until then. Before coming across your website we probably wouldn’t have given it a second thought and may have taken it as soon as possible. Thanks for the great education!

  105. Ian Ferguson on October 31, 2020 at 11:01 pm

    Hi – Thanks for the opportunity to win what appears to be an excellent book. When to take CPP and OAS are of interest to me. Not sure what the definite strategy should be going forward.

  106. Sabrina on October 31, 2020 at 11:08 pm

    Read Fred’s first edition of the book and loved it! Have not found any other book that addresses Decumulation phase.

    Retired in my 40s and hoping to take CPP between 65-70 years old even though I will
    have many zero years of no contributions. Still lots of time until then so things may change.

    Thanks for this contest!

  107. RL Bee on October 31, 2020 at 11:17 pm

    Hello all,
    OAS at 65, and CPP at 70 if possible.
    I ‘m not really sure as I’ll have nowhere near maximum CPP, because of several years living overseas, and almost no contributions since semi-retiring at 54. Part-time self-employed now.
    Is there a really good online calculator to determine the optimum age for CPP?

    I’ve read all Fred Vettese’s books, and donated a copy of “Retirement Income for Life” to our local library’s financial literacy program.
    Would love to read (then donate) the latest version as a lot has changed in the last year!
    Thank you!

  108. RICK MUIR on October 31, 2020 at 11:53 pm

    I was lucky enough to retire at 56. Having been raised in households of modest means my wife and I lived and consumed in a modest fashion while being able to consistently contribute to our RRSPs. We were also lucky in the housing market. We both took our RRSP at 60 and OAS at 65 to maintain an adequate income. In hindsight we should have given more consideration to drawing down RRSP to maintain cash flow earlier and delayed the Government programs to maximize monthly amounts and minimized OAS clawback

  109. James on November 1, 2020 at 12:14 am

    Not an easy decision to make. Non contributing years really impact your CPP as does divorce and CPP splits and if you made max payments to CPP. There is no one size fits all solution, each person needs to run their numbers. I personally would love to wait but having retired early, I now have too many non contributing years and will take CPP at 60 and wait for OAS at 70.

  110. Jean-Marc on November 1, 2020 at 1:56 am

    Plan to wait at least to 65 for CPP.

  111. Nicole Jenkins on November 1, 2020 at 3:06 am

    I will likely draw CPP at 60. I don’t have a lot of faith that I will have a longer life expectamcy.

  112. Jean-Claude Bertrand on November 1, 2020 at 4:46 am

    We both plan to take our QPP at age 70 and perhaps even delay OAS at age 70 as well. Our strategy is to limit our income taxes between age 60 (starting in 2021) and 70 (and beyond 70 as well) by withdrawing annually approximately $15k each from our respective RRSP accounts and the remainder from our respective non-registered accounts. We also plan to max out both of our TFSA accounts yearly from age 60 and forward with funds from our respective non-registered accounts to reduce our income taxes as our investments grows over the years.

  113. Tracey H on November 1, 2020 at 5:22 am

    I’d love to win this updated book! My husband retired before his 60th birthday and we know he won’t take his CPP until at least 65, but I’m still trying to figure out if it’s worth his putting it off to 70 when I have no CPP. My understanding is the survivor’s CPP (if he dies) will be the same amount whether he takes it at 65 or 70 (or any time in between) so if he dies young, he should have taken it earlier. I haven’t read any articles that mention this specific situation and what we should be looking at.

  114. D Scollard on November 1, 2020 at 5:24 am

    I plan to take CPP at 65, not believing I will survive until age 70 years.

  115. Martin on November 1, 2020 at 5:34 am

    I took the CPP at age 60 because my philosophy is to take it as soon as you can because the future is uncertain.

  116. Sandra Butchko on November 1, 2020 at 5:50 am

    I took my CPP at age 60 as my pension had bridging from age 60 – 65. I would love a copy of this book – thank you for giving away an extra copy.

  117. François on November 1, 2020 at 5:50 am

    Believe that my job is secured until I can execute my planned retirement of joining my older wife when I’m 61 in 2026 with pension bridge to 65 while pulling out some RRSPs to transfer in TFSA, then take CPP at 65. That is the plan as of today, Understatement of the year is that 2020’s is a reminded us that best laid plans may need to be adapted to new reality and potential possibilities! Always absorb new information so you can adjust and course correct, this book sounds like another great piece of information to incorporate and reflect on 🙂

  118. Mario G on November 1, 2020 at 5:59 am

    Wife and I retired last year. Will be 65 in spring and original thought was to take OAS at 65 and CPP at 70. With poor market performance since pandemic I am now concerned trying to draw down investments so will need to decide moving forward. No other pensions available to us.

  119. Dan on November 1, 2020 at 6:11 am

    Based on average family longevity and a balanced couples approach, I currently plan to take my CPP at 63, my wife (bridged) at 65.

  120. Gammj on November 1, 2020 at 6:37 am

    Had always planned to take it at 70 for us. It just works better in our situation

  121. Dave on November 1, 2020 at 6:43 am

    Just bout everyone told me to start CPP at age 60 but I have resisted and will start next year at age 70. Where else can you get a guaranteed return of 8%? As a farmer and rancher, I did not contribute much to CPP for many years but have been topping it off the last twelve years or so. Longevity runs in our family so am hopeful that the Lord will grant me a long life span to continue sharing with others.

  122. Greg on November 1, 2020 at 6:56 am

    Hi. I’ve been reading your BLOG Robb for a few years, congrats on your transition this year. I’m 49 and my wife is 45. Expecting to take both CPP (~75%) and OAS at 70. I do not have a defined benefit plan and my wife has a small one that is not indexed. We are in good health and have good longevity in our families so expecting that the decision will payoff. Second, I expect our retirement income will be close to the OAS claw back threshold amount so by delaying the start of OAS the income at which OAS is totally clawed back is higher. Lastly, having a large stable indexed income in our later years will simplify our finances and provides a hedge against any mental impairment that could make us less capable of managing our finances.

  123. Marko Koskenoja on November 1, 2020 at 7:04 am

    Like a few other posters I took CPP at age 60 – a year ago. I calculated that if I invested the monthly payment into my ETF’s which returned 4.75% in dividend payments over the past 4 years it would take me to the age of 71 to break even over taking CPP @ 65 years of age. So, I put the CPP $ into my TFSA and cash investment accounts.

  124. Joanne on November 1, 2020 at 7:09 am

    Hi Rob

    Love your blogs as I am learning so much. My husband is retiring in 2 years and I have advised him to defer his CPP after reading your many blogs concerning this. Would be great if I win the book so he and myself can read and be more informed on how to prepare in the next couple of years.

  125. Dan on November 1, 2020 at 7:13 am

    Keep the newsletters coming Robb!
    With me still working at 63 and planning to continue for another couple of years – and then with a good DB pension – I plan to delay until 70 or at least close to it.
    Still debating when to take OAS – but for both, my wife and I, I think we will wait until my first full year of drawing my company pension – which will likely be at 66

  126. JRR on November 1, 2020 at 7:16 am

    Hi Robb I am going to turn 65 in December. My Financial Advisor wants me to start my CPP in January 2021. He says any delay and my catch up on the missed time and payments will be when I am 81 or so. I am going to delay at least one year because I want the 8.4 % payout bump. Who knows what my end date for life will be, but 8.4% is a hard one to pass on.

  127. Nora on November 1, 2020 at 7:22 am

    Will like to defer CPP until 70.
    Hope to withdraw RRSP in earlier phase of retirement, lower income will result in lower taxes for that period.
    Thanks for the giveaway…would love a copy of the book!!

  128. Michael James on November 1, 2020 at 7:37 am

    I got less grief than I expected from my analysis of long-term bonds and conclusion that owning them is crazy. With so many people holding them in their model portfolios or FA-chosen portfolios, this is a subject people should care about.

  129. Jim Paulson on November 1, 2020 at 7:45 am

    I will plan to defer to 70, I like the idea of spending risky assets va maximizing a guaranteed indexed income stream. Great column!

  130. Diana Johnson-Santos on November 1, 2020 at 7:59 am

    I don’t know when to start my CPP, which is why I need this book . We were planning to retire early (in 2 years), but with COVID, not too sure anymore.

  131. Jackie on November 1, 2020 at 8:03 am

    I plan to take at 60. But until then, I will need to educate myself if it is the right decision.

  132. Herb on November 1, 2020 at 8:06 am

    Still undecided
    Sometime between 66 and 70
    Retired at 57, still working part-time

  133. Garth Sproule on November 1, 2020 at 8:22 am

    My wife and I both plan to defer CPP and OAS to age 70. This allows us to “safely spend more” now.

  134. Peter Keays on November 1, 2020 at 8:24 am

    Hi Robb,
    Hoping to retire at 55 if all goes as planned. In that case, CPP at 60 as per your previous article.
    That’s still a few years off and anything can happen career or healthwise that could change that intention. Reading through the other comments there is a lot of demand for good information on this topic so thanks for helping.

  135. Rory Harding on November 1, 2020 at 8:36 am

    I started OAS at 65 to offset the bridge reductions in my pensions. The plan is to defer CPP till 70 as our basic costs are covered by pensions and extras by contract work. We work to maximizing contributions to RRSP and TFSA with no plans to dip either for some time but things change, as we have all learned this year!

  136. BJ on November 1, 2020 at 8:40 am

    My wife (60) and I (61), have both recently been forced out of our jobs. We both have DB pensions, RRSPs, TFSAs and some non-reg investments. Our current thinking is to use pensions and RRSPs and delay CPP/OAS as long as possible, knowing we have the option of applying earlier if something goes sideways. This way RRSPs will be gone and indexed pensions will support us for the rest of our lives. Need to confirm wife’s CCP due to drop out for kids and 0’s to age 65. We plan to continue to invest in TFSAs and for those to be our play money and safety net if required. This new book could certainly assist in the draw down strategy. Thx

  137. Margaret on November 1, 2020 at 9:01 am

    Hi Robb,
    My intention was to delay CPP until 70. The pandemic has likely hastened my retirement so I intend to seek independent advice on decumulation.
    Fred’s new book will be a great read.
    Thanks

  138. Old China-Man on November 1, 2020 at 9:07 am

    Hi Robb
    Plan to take CPP and OAS at 70 – have savings and pensions to use up first unless wife and boys go on a spending spree to fashion their lifestyle

    Thanks for your continue information on your blogs

  139. Richard H on November 1, 2020 at 9:31 am

    I took an early retirement offer from work at 50 that gave me an indexed pension & then worked another 10 years for a similar salary while maxing my spouses RRSP. I took CPP at 60 as both of us stopped working that year & this helped our total income. My spouse does not have a pension & is 5 years younger so we had Doug Runchey crunch the CPP numbers twice in terms of taking it at 65 but after reading Fred’s book deferring to 70. She did start OAS at 65 since the return from waiting was not as good. This was to be travel funding that has now turned into renovations as we downsize into a bungalow. Given our age difference & life expectancy for women vs men CPP at 70 this will give her an increased income on my demise when she will get 60% of my indexed pension. In hindsight should have deferred OAS but that ship has sailed! I’d like to read Fred’s updated book but then pass on to my children.

  140. Conrad Horvath on November 1, 2020 at 9:46 am

    I Robb,

    I am planning to take CPP after 65 depending on my financial situation; the latest at 70.

    Thanks for the useful insights and wisdom you share!

    Cheers!

  141. Murray on November 1, 2020 at 9:53 am

    My wife took her CPP and OAS at 66 and I took both at 65. Main reason was cash flow and keeping other investments intact. Also took RRIF at 67 so be less of a tax burden later. I was self employed so CPP & OAS are only guaranteed pensions we have.

  142. Gene on November 1, 2020 at 9:54 am

    Greetings.

    I plan to take both CPP and OAS at 70 (3 1/4 years to go). My wife took her CPP at 60 since it was a small amount but will take her OAS at 70 (1 1/2 years away). We are gradually withdrawing from our RRSPs annually and will have used up both our RRSPs by that time. The plan is to maximize the amounts that are guaranteed and indexed as opposed to my pension which is not indexed and subject to company viability. Also maxed out TFSAs.

  143. PeterA on November 1, 2020 at 9:58 am

    About five years ago, I decided to take CPP at 60 yrs old and OAS at 65. Back then, we didn’t have much info about taking them at 60-65 or 70.

    I wonder if I can do something “now” to enhance my portfolio?

  144. James R. on November 1, 2020 at 10:22 am

    Hi Robb,

    I took CPP at 60 mainly because my spouse is also eligible for the maximum CPP so if one of us dies, the other will still get increased to the maximum amount with the added survivors pension. If we both waited until age 70 to collect then basically there is no survivors pension paid out because we are both receiving the maximum CPP already.

  145. John on November 1, 2020 at 10:28 am

    Hi Robb
    I really enjoy reading your informative articles.
    I read Fred’s first edition of the book and found it very insightful and informative. I am hoping to retire in a few years at age 58. I also hope to take advantage of deferring
    CPP until age 70 if I can, but take OAP at 65.
    Thanks for the opportunity to try and win the copy of Fred’s new edition.

  146. lhm on November 1, 2020 at 10:32 am

    I plan to take CPP as soon as I am able (age 60) as our family has two DB pensions, a good amount of savings, no debt and kids almost launched. Our rationale is to just start drawing the income because we don’t have future risk around other sources of income. We are just starting the retirement journey at age 55ish right now so maybe this will change in a couple of years as we figure out if our plan was the right one for us.

  147. T C on November 1, 2020 at 10:59 am

    Will probably take CPP at 60 to avoid having too many zero contribution years.

  148. Ken Allard on November 1, 2020 at 11:27 am

    I took early CPP at 63, as thought I wouldn’t get another job in the oilpatch, but I got a few contracts! Anyway, am now 73 and don’t regret taking it early! 70 is too late as I know a lot of people that passed in their sixties!

  149. Steve on November 1, 2020 at 11:34 am

    Hi Robb,
    It’s wise to delay paying your taxes as long as possible.
    Since your tomorrow is not guaranteed, it’s equally wise to take your government benefits (CPP, OAS, GIS) as soon as possible.
    It’s really that simple.

  150. DJ on November 1, 2020 at 11:45 am

    I have a pension, RRSP, TFSA and some non-registered investments. Was planning on retiring in 2022 and delaying CPP & OAS until 70. However, COVID has made for an exhausting work life and I won’t be surprised by a forced layoff in the coming year.

    Thinking it is still wise to draw down RRSP first to avoid claw backs, however one never knows how long one will live. One side of my family has long life spans, the other much shorter.

    Reading other’s comments and situations are enlightening and has got me thinking much more broadly about other possible scenarios. I know I won’t take either at 60, but thinking an annual evaluation of both my financial situation and health is the way to go. Fred’s book would definitely assist in this evaluation and draw down strategy.

    Really enjoy Boomer & Echo. It’s a regular read. Thanks for all you do!

  151. Cynthia Marshall on November 1, 2020 at 11:55 am

    I am still debating whether to take CPP at age 65 or 70.

    I think about the fact that I may be more active and interested in travel sooner than later and could use the extra income to fund adventures.

    I borrowed Fred’s first book from the library and would love to own a copy of my own.

    Thanks for sharing all your information !

  152. Rita on November 1, 2020 at 11:56 am

    CPP at 70 is the plan but who knows what life will bring?

  153. Rahul on November 1, 2020 at 12:10 pm

    Hi Robb
    I really enjoy reading your informative articles. I am hoping to retire in a few years at age 58. I also hope to take advantage of deferring CPP until age 70.

    Thanks for the opportunity to try and win the copy of Fred’s new edition.

    Thanks

  154. Victor on November 1, 2020 at 12:11 pm

    Deferred both CPP and OAS until age 70. Was still receiving income from my business until then which would have resulted in complete OAS clawback as well as putting me into a higher tax bracket. Now split my retirement income with my wife who is younger than me.

  155. Lysanne on November 1, 2020 at 12:31 pm

    I plan to defer my CPP to 70. It’s still a while until then for me, but I’d still love to read this book! I’d like to start educating myself on early retirement, but people in my family tend to live a pretty long life so I’m not sure how to address that (i.e. how to have enough money for a long retirement, not how to live a shorter life of course 🙂

  156. Paul B. on November 1, 2020 at 12:50 pm

    Currently planning to take CPP at age 60. Don’t plan to be working in my 60’s and hope to be working less in my very late 50’s. I believe it is best to take government money as soon as you can and especially with CPP since it represents money I paid into for decades. Want to enjoy my 60’s and my 70’s are less certain. My investments can just keep on growing for as long as possible.

  157. Harold on November 1, 2020 at 1:51 pm

    Now retired, only with a 91 year backlog and wife with similar stats !
    Left a job when ‘offered’ before I wanted but we were set up to have pretty well all the actuarial factors in place. The choice to take the early lower CPP at the reduced amount was not a significant decision – we were ‘covered’ at a lifestyle level for all family requirements.
    There may have been some foolishness in remaining lifeline not fully considered but it has all worked out, thank you – Higher Power .

  158. Kevin Krystik on November 1, 2020 at 2:23 pm

    My plan is to cover eventual home care / assisted living expenses with a guaranteed stream of income so not to burden our family with those, regardless of how long my wife and I are to live.

    Assuming that we won’t need those arrangements until much later in life (after Age 70) we plan to take CPP, OAS at age 70, and also set up an annuity from our retirement savings to start at age 70 to cover the shortfall.

  159. GRANT SOUTER on November 1, 2020 at 3:01 pm

    I started taking CPP early at 60 as needed the cash flow due to failed business. Rather take the CPP than having to borrow on LOC to get by. I am currently working and continued the CPP contributions so getting a nice addition annually for the post retirement benefit to the main CPP benefit. Great work on your blog and enjoy reading it every week for more retirement ideas!

  160. Mahendra Wanigasekara on November 1, 2020 at 3:32 pm

    I have planned long time on my life actually from age 34 to redeem my CPP and Old age at age 70 . Because they both act like a very secured defined benefit plan . I have a very diversified RRSP and TFSA . Also I have a joined Investment account which has done very well . I managed my accounts myself and I am a dental surgeon with a big library of investment books and read your letters every week . The reason to plan to defer until age 70 the government benefits is exactly as said in your letters . I will manage our ( with my wife ) income after 65 to 70 with RRSP alone . I have a hone line of credit if sudden market crash comes plus RBC equity income fund with a 40000 plus income even right now without touching my principal . Also all the market crashes from millennium crash + 911 I went to the market with my home value . Also I sent in 2009 March to the market heavy . I have lot of tech funds including TD entertainment , healthcare funds D versions and RBC global tech fund . Thanks for the letter . Also I have the two books written by Andrew Hollam too .

  161. Connie on November 1, 2020 at 3:43 pm

    I’m 46, I intend to retire at 55 and take CPP at 65. My dad died at 64 and only got to collect CPP for 6 months And since he was single, no one else benefits for all the years he put in. I feel life isn’t guaranteed and want to make sure I get money out of something I’ve put into for so long! I’m even contemplating taking it at 60!

  162. Dwight on November 1, 2020 at 4:09 pm

    I retired early at 58, which would have included many years’ of zeroes that would have seriously diminished CPP benefits if I had waited, so I took CPP at age 60. This makes the most sense for me because: a) no one really knows how long they are going to live, and b) most analysis I have seen don’t draw attention to the facts that 1) while you defer you get zero, and 2) you paid into CPP during your working years. So if you die before you take CPP, you lose your investment whereas if you take CPP you will get something. Also, if you take CPP early and live past the break even age, you may not make as much, but it is only an incremental amount. Everyone likes to think that they will live long and prosper, but this is not true. My father was diagnosed with prostate cancer at age 65, an aggressive type, and passed away at 71. So much for deferring CPP. And to the best of my knowledge there is no guaranteed prevention of prostate cancer. My neighbor expounded upon the fact that his father was healthy and robust into his 90’s , so it was a great surprise when he died at 67. It is different for OAS because it is not an investment, you don’t pay into it. I am deferring OAS until I am 70.

  163. Ed Katrusik on November 1, 2020 at 4:16 pm

    I took it at 60, prior to the more severe penalty for taking out early, put it all into a TFSA for my “golden years)

  164. Ron on November 1, 2020 at 4:28 pm

    I plan to take CPP at age 70. Since my retirement will be funded by my own monies a delay in taking cpp will give me 42% more in cpp payments as well as being indexed to inflation, it seems like a no brainer to wait till ago 70.

  165. BC Eddie on November 1, 2020 at 4:31 pm

    I will be 70 this coming June and my CPP will start in July. Started OAS last February due to concern for future clawback.

    Had enough set aside to live on after retiring in 2014 and felt waiting for a higher CPP payment was a good way to reduce concern for outliving one’s assets.

    My wife is doing the same thing but she started both CPP and OAS at 70 a year ago.

  166. Renate Winklareth on November 1, 2020 at 4:47 pm

    I am 64 and still working. I was a stay at home mom for many years and only worked part time till the kids left home. Now I am working full time and planning to continue for another 3 years till my husband retires. So I will definitely be putting it off till then in order to get more. Whether I will be able to wait until I am 70 is another question.

  167. Scott on November 1, 2020 at 5:57 pm

    I’m 62 and have a DB pension with a bridge to 65. My plan is to take OAS at 65 and draw down RRSP and take CPP at 70.

  168. Beverly on November 1, 2020 at 6:23 pm

    I plan to take CPP, 65 or later. Currently retired, and live comfortably on a company pension. Using tax table strategy to draw down the registered investments. Hate paying tax! Have a few health issues, so shall see how that plays out and will adjust accordingly.

  169. CM on November 1, 2020 at 6:45 pm

    Due to conflicting information and advice, as well as no guaranteed life expectancy, my husband did decide to receive CPP at 60. We have read the first edition of Retirement Income for Life and Your Retirement Income Blueprint. I am unsure as to when I will apply for CPP. I may defer to 65 or 70.

  170. Peter McNulty on November 1, 2020 at 6:52 pm

    I retired at age 56 and took my CPP at age 60. The reason I did so was my belief that I would likely spend more money in my early years of retirement while still enjoying good health, so I wanted to increase my disposable income during those years. Despite the penalty I incurred, I have no regrets it was the right decision for me.

  171. DUNCAN HARRIS on November 1, 2020 at 8:02 pm

    I plan to keep working past 65 and will take the CPP at 65 so I can get the supplemental CPP due to contributions after age 65. Otherwise my CPP contributions after age 65 Accrue no benefit to me and are “lost” money

  172. Heather on November 1, 2020 at 8:05 pm

    Retired last year, currently age 61, planning on delaying CPP to age 70.

  173. Barb Day on November 1, 2020 at 9:59 pm

    I will take my CPP at 70 thanks to your advice and charts to back up the gain in retirement finance.

  174. Karen Wood on November 1, 2020 at 10:37 pm

    Planning to delay until age 70. As I have no pensions only cash savings, this is only secure income I will have and want to use it to offset longevity risk and provide maximum stable long-term income. (Ie. I live too long.)

  175. ray summers on November 1, 2020 at 11:33 pm

    will be taking it at 60 after retiring next year at 58 – my dad died at 60 and collected nothing

  176. Erin D on November 2, 2020 at 12:39 am

    I unfortunately took my CPP at age 44 when I became disabled with MS and was unable to work.

    I will turn 61 in January so in four years my disability pension reverts to a retirement pension. I don’t think I have the option to defer it to age 70 at that time.

    Does anyone know if diversion is an option for me?

    I would love a copy of Retirement Income for Life and after reading would share with my friends.

  177. Monica on November 2, 2020 at 6:23 am

    Listening to peers at work, I just assumed it was appropriate to CPP at 65 as most people talk about. I am rethinking everything and trying to make educated decisions.

  178. IK Maclaren on November 2, 2020 at 7:02 am

    Hi Rob,

    70 is the plan for both my wife and me.

    Why? … for the guarantees: a) over 8% return per year and b) inflation proofing. We otherwise are 100% dependent on our savings for our retirement so I feel tightening the belt until then is worth the certainty of a higher, indexed income stream. Included in our thinking is, we’re both healthy and hope to benefit from the longevity that runs in our families.

    Interesting note: waiting to age 70 was NOT the default recommendation from our financial planner!

  179. Dave Elliot on November 2, 2020 at 7:14 am

    I retired early at 56 and withdrew money from a holding company that I had put profits on from my small business. Also was lucky enough to have been left a trust fund left by a family member (mother) who passed away at a young age (74). I took CPP at age 60 since there wasn’t any income. It was suggested I do that from an adviser at a bank. I converted my RRSP to a RRIF, and started drawing the maximum amount from that also.

  180. M. Steele on November 2, 2020 at 7:15 am

    I plan on taking my CPP at age 65, as this forms one component of my overall retirement income.
    If makes sense for me, based on what I know today, not to take the reduction prior to 65, and to top up the CPP with other retirement savings. I think for someone else their financial outlook and their life priorities may lead them to make difference choices. To thine own self be true.

  181. Trish S on November 2, 2020 at 8:23 am

    2 years ago I did a snowbird ‘test run’ to Arizona…& loved it! I spoke with other snowbirds down there about their retirement. Several suggested to ‘retire before you’re too old & cannot do the things you enjoy (due to physical or health limitations), & the older you get the > your travel medical premiums are’.
    So, I’ve decided to retire at 60 & take my DBPs as a bridged benefit to allow me 5 years to pay off debt sooner. I’ll then take my CPP at 65 to offset the reduction in my DBPs, & hopefully still be healthy enough to enjoy snowbirding down south…once Covid & border restrictions are out of our lives.

  182. B. Pratt on November 2, 2020 at 9:35 am

    I plan to take my CPP at age 70. That’s the “plan”. If we can sustain monthly income needs (through part time income and withdrawals from RRSPs) from now until then without the need to draw my CPP, my CPP monthly draw will be exponentially higher at age 70 than today, and will give me greater comfort that I will have enough monthly income later in life. As with all plans, there is a need to monitor and adjust as required. So if I need to start earlier than age 70, I will. One can not be asleep at the wheel during retirement and it is always good to reevaluate plans at least once a year!

  183. Lianne on November 2, 2020 at 9:43 am

    I haven’t quite decided when I am going to retire, but was planning on taking it starting that year. I think I will revisit that based on your article. But would love to win the book to really get a handle on this! Thanks.

  184. Jacques on November 2, 2020 at 10:43 am

    I am 62 years old, I retired at 55 with a defined benefit pension and have been drawing ever since. I was offered a position in a totally unrelated field and have enjoyed my last 7 years, however, I am officially retiring for good this time… I think:) For these reasons cash flow should not be a problem so I plan on deferring my CPP until I reach 70, I will encourage my spouse to do the same. Great read!

  185. Deb on November 2, 2020 at 11:34 am

    It’s hard to know exactly how the future will unfold, so I’m taking my best guess and saying I’ll take it at 65. If all goes according to plan, I’ll retire at 60 with a DB pension that will bridge until 65. If my investments do really well, I will defer until 70. Quite frankly, I’m not even factoring CPP into my retirement plans. It’s just gravy.

  186. Paul on November 2, 2020 at 11:51 am

    I intend to take CPP at age 70 as I have longevity in he family plus I will probably do some kind of work past age 65.

  187. Ruth Harpet on November 2, 2020 at 12:07 pm

    Hi, Iam 61 years old and had planned to take my CPP at age 70. As a forced detour, I fell ill, had to leave work. I am since provided disability insurance through my work benefit plan. Unfortunately, I have since been forced to take a CPP disability benefit. This situation has greatly impacted my long term retirement plan. The consequences are far reaching. It has decreased my potential earning ability and contribution ability which of course results in a lower company pension and Cpp payout during my retirement years. I will now be forced to accept my CPP at age 65. Would enjoy reading your new book. At this point, I need all the help I can get.

  188. Jessy on November 2, 2020 at 2:00 pm

    At 65 for CPP and OAS because I relied on my husband to make these decisions. six years later he has dementia and I am learning … educating myself .. on all the aspects of financial life. Also finding out how little he knew…sadly

  189. C voutsis on November 2, 2020 at 2:05 pm

    Planning to take CPP at 70 as well. I love your news letter.

  190. Bob Boardway on November 2, 2020 at 3:33 pm

    Took CPP at age 60, health reasons

  191. Barry Cockerill on November 2, 2020 at 3:51 pm

    I plan to take CPP starting in January of the year I turn 70. This works out to age 70 minus 3 months. This is determined by my retirement plan, based on using the 8-year GIS strategy of Ed Rempel. In my case, it is more like a 6 year GIS strategy. I have two reasons for deferring CPP: 1. If you make it to this age (65), your life expectancy is long. 2. Deferral is needed to make the GIS strategy work.

  192. Angela R on November 2, 2020 at 4:17 pm

    Hope to have the wherewithal to wait to 70 to draw on CPP. I have three more years to get my ducks in a row. I definitely need to do my homework before my retirement date. It’s not like we have a redo.

  193. Barry Cockerill on November 2, 2020 at 4:23 pm

    I plan to take CPP at age 70 for two reasons:
    1. If you live to this age (60’s) your life expectancy is long.
    2. Deferring this income, as well as almost all income, is part of the 8-year GIS strategy of Ed Rempel. Once CPP and RRIF income come on stream, I will no longer get GIS.

  194. Julie on November 2, 2020 at 5:29 pm

    Thanks for the book recommendation Rob!

    I plan on taking CPP at 70. I figure I’ll pull out my RRSP first then use my CPP. I’m still ways away and do have defined benefit pension, but never too early to start thinking 🙂

  195. James on November 2, 2020 at 8:21 pm

    I plan to take CPP at age 70. More guaranteed income is better in my opinion.

  196. Steve on November 3, 2020 at 6:53 am

    Would anyone say to their employer “Don’t pay me now – wait til I’m 70, then pay me with a raise”.
    Would a lottery winner say “Don’t pay me now – wait til I’m 70, then pay me with interest”.
    And why do people keep calling CPP, in 20 years from now, “guaranteed income”?
    Is anything in this life “guaranteed”?
    If you answered “only death & taxes”, you’d be correct.

  197. Paul T on November 3, 2020 at 7:27 am

    Love to read your emails and posts regularly. Still 5 more years away from the official retirement age, but hope to stay in my job till 68 (at least) or 70, that is if the employer lets me.

  198. Dave R on November 3, 2020 at 9:34 am

    While I’m only 45 right now and plan to retire at age 55 from teaching my plan is to delay C.P.P. until we have at least used up all of our RRSP investments. As I am one of the lucky ones who will have a defined benefit plan, along with my wife, just our RRSP investments and our pensions should get us to 70 quite comfortably, but then past performance does not guarantee the future.

    We are invested essentially in 100 equities and I’ve been transitioning our investments in both our RRSPs and TFSAs away from individual equities to ETFs. While I have picked some great winners, I’ve also picked some real duds and while I have beat the market (barely) some years, I’ve decided that the stress doesn’t justify the ends.

    So here is to an average market return of 5% + plus inflation for the next 25 years and we will be delaying our C.P.P. until 70

  199. Keith Hartley on November 3, 2020 at 1:26 pm

    Hey Rob
    I plan to take CPP at 70. Higher monthly pension indexed to inflation sounds good to me.

  200. Jeanette Lewis on November 3, 2020 at 7:57 pm

    I took my CPP at age 65. I’m 75 now; CPP is a nice supplement to my pension.

  201. John D S on November 3, 2020 at 8:14 pm

    I retired last September at age 64 and was a bit surprised when OAS started automatically when I hit 65 while my wife received paperwork on her 64th birthday inviting her to apply for OAS next year. She may defer that a few years and we will both defer CPP until age 70. This will allow us to draw down our RRSPs considerably over the next few years, until we have to convert everything remaining into RRIFs. Most of our income (no pensions, just diligent saving and prudent investing) is tax-favourable dividends so we’ll have to take into account the gross-up to avoid being bumped up into another bracket. We figure we’ll both be able withdraw almost $50k which is about twice what we need to live on, so the balance will be invested in our non-registered accounts once our TFSAs are topped-up.

    We both have life insurance policies which will provide about 15 years of CPP/OAS payments to the survivor when that happens. And, since we have no dependents, ultimately everything will be left to charity so we just have to ensure we have enough to live on including some long term care.

    Would love to read the revised edition of Retirement Income for Life – we can always learn.

    Thank you for covering such relevant material for the times.

  202. Robert on November 4, 2020 at 2:44 pm

    Hi Robb,

    I plan on taking my CPP as late as possible(after 65). There are a few reasons I’m thinking of deferring. The first of which is that I receive a survivor pension ( my wife passed many years ago). Second, I have no company pension, so any money I have is tied up in the markets. It would be good to have as much income as possible coming from CPP and OAS.
    Also, I have longevity in my family, so it’s good to plan for a long retirement.

    Regards,
    Robert.

  203. Ivan on November 5, 2020 at 5:23 am

    I plan to delay CPP as long as possible. 70 is the goal but if I have to I will take it earlier.

  204. Katherine Maccarone on November 5, 2020 at 11:25 am

    My Husband and I both took C.P.P at age 60

  205. Bob DeZeeuw on November 6, 2020 at 7:51 am

    We plan to decide when to take CPP when we get closer to retirement!

    That said, our current plan calls for taking it at 65 for both my wife (after her pension bridge runs out) and I…but if we can defer, we will. We’re part of the lucky families that have a government DB pension as a backstop, so our late years of retirement are well insulated from risk, it really becomes just a math game as we approach retirement. The benefits of deferring are clear though…if we can bridge the need for that retirement income stream, we will.

    Love the blog and Vetesse’s work. Thanks for running the giveaway

  206. Kam Wong on November 7, 2020 at 5:04 pm

    I am late for the draw but nevertheless, I have 2 more years before taking CPP at age 70. I’m on my “retirement project” as a financial advisor. So, I follow my own advice. As I still have active income, so I’m postponing receiving OAS too. I may have a clawback anyway. I have no pension, so CPP is my only pension until I take out an annuity later on.
    Thanks for the information.

  207. Mason Lin on November 7, 2020 at 8:46 pm

    I plan on starting CPP when 70 by relying on investments and GIS until then!

  208. Lawrence Eddy on November 25, 2020 at 7:04 am

    Hey Robb,
    It’s 25th Nov so I missed the draw but I’m going to live until at least 100 so deferring my CPP to age 70 was a no brainer. Took my OAS in 2019 at 65 and burned up all of my RSPs because I had been going to NZ for 3 months every winter for the past 6 yrs but now with COVID and me saving 50% of my monthly income due to lock downs; I probably could have deferred OAS till 70 as well, like Doug Runchey had suggested to me. Hey you can only make plans and life does what life does. Happy to be Retired in Canada.
    Thanks for all the excellent information you have given us with your Blogg over the years. Cheers Mate.

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