This is the first video I've seen on this where the advisor "gets it"!! All studies show that spending is up in the early years of retirement and then drops off in the early to mid seventies. So you are going to have more money when you need it least. When to take CPP is not a math question (though it can be), it is a philosophical one.
It also jumps up again in your late 80's as you buy your starlift, hospital bed, lifting recliner, wheelchair, walker, scooter, and renovate your bathtub into a walk in shower.
I have two pensions. I would much rather have had a Roth 401k throughout my working lifetime. $500/month invested from 25 - 65 at 9% is $2.3mil. I have $100k that i like to invest in a non-retirement account, Where would you invest this as of now?
I would avoid the index funds, mutual funds, or specific stocks for the time being. 5% fixed incomes are the safest bet for now. Save your cash for when the market actually shows signs of recovery.
Having an investment adviser is the best way to go about the stock market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly and I made over $800K within a short time
She goes by ‘’Melissa Terri Swayne’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
There are circumstances other than death that can affect your plans. I experienced a traumatic event in my life at age 60. One year later, I found that I simply was not psychologically able to continue going to work every day. I did the math, figured out that I could retire if I took my CPP early, got therapy and now am fine. I am now 69, healthy, and totally enjoying retirement.
I took my CPP at 60, and I am 62. My wealth manager said, "You don't need to do collect. Wait till you're 65 or 70". You know what ? So many of my beautiful souls of people I knew and loved are in heaven. They passed away far too young at ages 61, 62, 65 and maybe a bit older. They didn't take their CPP. Didn't enjoy what they earned over their working careers. They wanted to wait. It's not the guv's money, it's OURS. We earned it. Our places of employment, also contributed to it. TAKE THE MONEY!! Don't wait. Enjoy it. I certainly am. When you're 60, you're young and energetic. I have many aged friends that aren't going anywhere on a plane. Day trips yes, but not on a weeks+ vacation on a plane. They are over 75. I'm going on my 4th trip this year in 3 weeks. I'm not bragging. I'm just telling everyone ENJOY what is rightfully YOURS. I'm ENJOYING my hard earned CPP payment every month LOL, IT'S awesome!!! :) Have a beautiful day everyone. PS. AWESOME VIDEO.
Excellent video. Money is pretty useless when you can’t do anything anymore. My father told me this when he was 90 years old. “ my whole life a saved and saved for the future, now I have lots of money, but no future. Don’t do what I did” Hans
But many parents (myself included) want to leave their money for their kids. Sure, I could spend it all on myself, but that wouldn't give me as much satisfaction as helping out my children.
Thanks for this insight video on CPP and agree on your opinion and suggestion. Planned to defer my CPP at 70 but honestly changing my plan to collect at sweet 67 after watching the chart at 5:02 mark.
The one benefit to CPP deferral is the 8.4% annually is also indexed. 42% more waiting 5 years is worth considering, especially if a large RRSP can replace CPP income. On the other hand, if you die young at 65 your estate gets $2500 death benefit. The CPP keeps all the extra. It's an important decision. Do the numbers to compare both options.
So true, my bride of 36 years has an autoimmune diesease (8 years now), so she's going take her CPP when she turns 60 in 2025. We have increased our travel plans over the past few years because of her health uncertainity. At the end of the day health is #1 regardless of what you / we do in retirement.
Silly silly silly. If you have sufficient alternative funds in your RRSP/RRIFs then draw these down between 60-70 when you take CPP. This lets you enjoy your he go-go years AND maximize lifetime income. The average age for men AT 65 is not 80 it is 87 as stated in the video.
If delaying CPP means a reduced standard of living then yes … take it as soon as you can by all means. If it is a choice between alternative investments then the decision is more complicated.
Spoken by someone who clearly has not saved enough for retirement…don’t buy into this thinking folks unless you want a diminished income in retirement or simply require the income immediately on retirement. Note the Aaron Wealth guy talks about taking CPP at age 65 to 67 NOT 60. Ignore @DrivingPhilippines unless the previous items apply to you…
Thank you for your thoughts. It’s worth considering. Our situation is quite unique. Wife is dual citizen. U.S. and Canada. She files taxes for both countries. She will get full OAS but virtually no CPP. We have a decent nest egg over $500 thousand in a lira and Rrsp and tfsa. I’m a retired teacher that commuted my pension and have worked at another job for 10 years and plan to retire from that at 67 when my wife turns 65. I do the job because I’m enjoying it. We plan to take my CPP at 70 and we will get around 98% of the full amount. We will melt down our rrsp and lira’s first.
For many, deferring CPP and doing an RRSP meltdown means more money each year over the entire retirement. My choice to defer brings more money in now when I’m a healthy, young retiree and more in my later years. Everyone is different, but do the math and look carefully at your tax situation
Excellent video. My mom lived to 100 and my dad still lives in his home in his 90s. I'm 67, stressed out on the job and have had it up to here with my 25 year old boss who is a moron and trying to push me out. I'm done deferring. I'm going to retire and get a part time job. The government is banking on you deferring and not living a long life. Also, the comment section is pure gold. If I live to be 90, I will just cut out the wild parties and expensive used clothes from Value Village.
I just found your channel. Very good info. It is good advice to think about the overall situation in regards to longevity. I worked in the healthcare field and the older you get the less you can do or even interested in doing. Every year can inpose further and further limitations. Thank you for your perspective.
For some it's not a matter of "enjoying" the money. It may be a matter of simply affording the cost of living and higher health care expenses. In those cases, an extra $300 a month may be considerable at age 80.
Very true. The cost of living in a "reasonably nice" seniors or care home can be unbelievably high. I say delay CPP until late 60's if not 70 and look at the higher amount you would get as an insurance policy of sorts (where the risk being mitigated is living a long life).
I retired at 56 with a special forces pension. Started collecting cpp at 60. My investments are approximately $250,000 and my home is paid for. I don’t really need the money but my father died at age 50 so I’ll take it early and enjoy every dime, I kinda call it mad money
Best walk in the park I’ve had thanks for the insight. I’m 64 next July I’ll be retiring. I will be taking my CPP and OAS at 65 I’m fortunate to receive the max amount. I will be traveling a lot so the dollars will help with that expense. I won’t need as much in my 80s. Watched my girlfriend’s 39 year old son die within 3 months with multiple Myeloma, we never saw it coming. Life’s way to short for hoarding money get out and live.
Great Discussion. Here's what I found. I ran many projections of my plan. Taking CPP at 60, 65 and 70. Also adjusted our plan from 75 to 100 years of age. Looked at me passing away first and then my wife and vice-versa. Looked at different ages of death for first of us and also for second of us. After all this, there was no one correct age to take CPP that satisfied all the options. The CPP age depended on the situation. All to say, in our case anyways, we've decided on 65 to 67, all depending on if we are still working or need to withdraw RRSP's in our 60's, wanting more funds in our go-go and slow-go years, etc.. After doing all this I realized just pick some age that seems reasonable and live with it. You'll never know if it was correct anyways until after you've passed away.
I have mort debt (but thats it). To me, it makes more sense to draw at 60 to increase the ability to pay into that. Interest saved is also money forward.
Aaron, I have always planned for 70 to take CPP. You have me second guessing that plan. I do feel that average life expectancy will continue to decline. When you consider the amount of processed foods, environmental concerns, obesity etc.
Very good video. Big point is what if you don’t need the money at the time you retire? I would rather have a larger source of income available later in life to combat the ever increase n the cost of living waiting to 70 gives you a 40% increase to deal with the future acceleration of the cost of living. Lots of opinions and techniques, many different scenarios for people to analyze. Biggest takeaway from the video is “do the math”.
I have a coworker that took her CPP at 63 and still works full time 40wk and now turning 70. This year . I’ll be taking mine out at 60 and still work 35hrs a week . No retirement for me any time soon :I’ll be working forever in my life for now .
Putting off CPP increases your benefit as we all know but it also increases the survivor benefit. If you have enough money to enjoy life when you retire without the need for CPP, this is a major consideration. In my case, putting it off to 70 means my wife has a benefit almost as much as mine would have been at 65 if I was to die in my early 70's. So I'm not just betting on myself in this scenario, I'm also betting on my wife's longevity as well. This eases the "risk" somewhat. I find that this part of taking CPP at 70 is rarely talked about.
It's my understanding that the survivor benefit is based on your entitlement as of your 65th birthday, regardless of whether you take CPP early or later. So waiting until 70 will not benefit your spouse in the way you are describing.
@@JeffFoss-vy1jt I don't think you are correct. Calculating CPP is complicated but I believe the survivor benefit does depend on when the couple involved each take their CPP. Take it early and the survivor benefit is reduced, take it later and the survivor benefit is increased.
@@ddavidson5 you might want to confirm your understanding with Service Canada. This is from their website: We first calculate the amount that the CPP retirement pension of the deceased is, or would have been, if the deceased had been age 65 at the time of death.
@@JeffFoss-vy1jt From the same Service Canada website: The CPP enhancement component of your survivor’s retirement will be added to the amount of the base component of your combined benefit. The enhanced component of a combined benefit is not subject to the above maximums.
I took CPP at 62 and continue to work full time investing CPP into my TFSA high interest return) will retire at 63 this year with a defined benefit pension. I might delay OAS once I analyze the tax implications as I get nearer to 65.
Couple of opposing thoughts. He said he has 6,000 clients and 5 or so death cases per month, or 60 per year. So ONLY 1% of his clients died per year. Total life expectancy includes deaths at birth, and all causes. If you are alive at age 60 your life expectancy is now way over the national average. And you might want some extra money in later years to pay for individualized care or changes to your home so that you can continue to live comfortably. CPP is the closest thing to a defined benefit plan that most people will ever be able to get; doing some planning to maximize CPP is always something to consider.
@@benboots6956Hi Ben, thanks for your comment. I used to have 6,000 clients 15 years ago and since then I have reduced my number of clients to a much more manageable amount. The 6000 clients was not an exact cross-section of the Canadian population just simply an observation of what people were passing away from, not so much about mortality rates after age 60, but simply what people were passing away from, and they were not passing away from old age. They were passing away from illnesses that were unexpected. Planning out your CPP you have to take into consideration all possibilities and weigh those against what you believe to be is the best outcome for you
Using average life expectancy from birth is a common mistake many amateurs make when thinking about life expectancy as they near retirement. Average life expectancy from age 65 is higher, in the mid-80s, but an actuary will tell you that in a couple who are both aged 65, the man has a 40% chance of reaching 90 and the woman a 50% chance. The chances that one of them will live to age 90 is 70% and there is a 34% chance that one of them will live until 95. That's something to consider as you are planning your long term retirement income sources: "At age 65 the chances that one person in a couple will live to age 90 is 70%". There is also the fact that those who die early stand out in our minds, we remember them and it's top of mind when we think about our own mortality. On the other hand no one rushes in and says "Did you hear about Tom? He's healthy and didn't die last week". I think we are hard wired to imagine the worst and ignore everything else no matter what the statistics say.
Life expectancy is lowered when we include smoking drugs, booze, junk food, lack of exercise, don't drink enough water, stress, DNA and bad choices in life.. If you have the above take ur cpp at 60
It's a complex area but this is a great addition to the growing pile of CPP strategies out there. I do add this however; yes to the "Math" and yes to the lack of merit of extra income at 80 when it's probably not so valuable but also it's important to consider spousal circumstances and what would happen when transferring CPP benefits after death. To me, there is no single right answer, just considerations and accommodations.
I will likely take it at 60. I have a defined benefit plan, OAS in the future.. I want the money at 60 when I can travel and enjoy. I might lose some later in life. But who knows if I make it and by then I won’t need as much money. I will likely downsize my house by then too.
Thank you. Good common sense. I'm mid-fifties and that graph showing total draw at 80 shows me I may draw at 60. The chances of me seeing 80 and being healthy are slim to none. You cannot take money with you.
I took it at 60 because we had structured our income so we would not pay taxes, and the added CPP was extra to requirements, still did not push us into paying taxes, so we invested it into our self-directed TFSAs, and over the six years, we have seen 35% growth. The "math" says if you take CPP at 60 the break even point is age 74, purely on what you receive. However, based on our personal experience, the break even point, with investing the CPP, is more like 84 years old. I will not be looking back with regret in 18 years time, I may not be looking back at all....
Taking CPP when your DB plan bridge expires is simple and keeps your income in retirement level. One could make a monetary case for deferring or not but sometimes it's not about about the money, it's about having one less thing to think about in retirement. Enjoy.
This is my thought as well. I’m in the same situation as a retired teacher. I have friends who both took it at 60 and they are in their 79s and struggle financially. She has said she regrets it.
I'm definitely melting down my RSP between 60 &70 and taking CPP (and OAS) at age 70. In my view, it's impossible to get the same real return that CPP will give me by waiting when compared to possible market downturns for the 10 year period. And, taxation will be low (due to a large non-registered eligible dividend income source), and both my parents live to 89 so I can plan accordingly.
@@niceguy8305 yup, we will both qualify for that. We will also benefit from income splitting but I haven’t done the math on that yet. It will further lower our taxes estimate though.
My worry is the quality of where I'll be able to afford to live if I reach an age that I need to move in to a retirement living or even more supportive place.
Don't forget to factor in inflation. The charts say you get 42% more after waiting five years (65-70) but that's also 5 years of inflation, so the 42% is not an effective rate, but a calculated rate.
@@tinayoga8844 I think you're right. The amount of CPP one gets is also based on the previous 5-yr avg of YMPE... thusly, it's inflation protected. Once CPP starts, it's indexed to CPI.
I have found that ppl spend most of their lives preparing their 'ideal' retirement nest-egg but sacrifice their health in the process. Fact is only 3 in 10,000 will make the Centenarian Club and for the rest, the median avg age for life expectancy in Canada as of 2023 stats is 86yrs old. So that means for most ppl your mid-life starts at age 43. So prevailing wisdom would suggest that you look after yourself via 'life-style' intervention to prolong the benefits of your retirement.
Actually I'm thinking 60 would be better, the difference at age 75, even 80 is not worth it for myself. With my back shot at 59 I just can't see my quality of life improving as I get older. I got the forms in my hands right now to apply on my birthday...
I will start my BC Government pension at age 60. That will include a bridge benefit of about $850. At age 65, the bridge will go away, and I will start my CPP and OAS, which will add $2080 or a net amount of $1200. I will choose a 100% continuation just in case I predecease my wife.
Why not spend your other income streams (pension, RRSP, TFSA,…) at a young age and maximize CPP & OAS when you would need less in your older years and that be some of your main streams?
Yes, you can do that. Your plan should be based on your goals and whats best for you. As I said in the video most plans have CPP deferred to age 70. I am simply shedding some light on the simple truth that life rarely works out the way you thought it would.
@@AaronWealthManagement Well captured! I really appreciate the insights you give on your channel. Your advice consistently encourages us to reflect and carefully consider our actions before making any financial decisions. Each of us has unique goals and priorities, and your videos are a great resource in helping us navigate these. Keep the great content coming-it's much appreciated!"
@@AaronWealthManagement "...life rarely works out the way you thought it would" is true but of course you could end up living much longer than you planned for as well. That's a risk to take into consideration when thinking about your retirement income sources.
In 2016, I took mine at 60 and one month. I bought my first ever new vehicle and had some money left for paying down debts. A bird in the hand is better than two in the bush. Especially since 2020; what weird time that was and still is.
Hi great video,! I will be 63 April, 2025, I have worked, I am on Disability, all of my earnings I send to ODSP,,. I have no idea, if I should apply now, or wait, til after 65,
Cash in hand is cash. Deferred CPP is a promise from a politician less deflation. Political promises aren't worth the paper they are printed upon. Also, retire early. Once you have retired you will adjust to the cash flow you have.
What political promises? CPP is independently managed (including actuaries who are used), regardless of political party. Based on several sources, CPP is fully funded for 70-75 years, which is excellent.
@@terrygelinas4593 Sounds just like the billions that were in the Worker's Compensation plan until the fed's decided to call that part of general revenue and federal assets. They already count CPP funds as assets of the government to counterbalance the national debt.
Your graphic is interesting even though max payouts are low. At 60 the max monthly payout is $738.93. At 65 it's $1364.60. Could you please redo your graph with current totals? By my calculation if you manage to live to age 90 you will collect $152,068 more in your life if you waited until 65 to start. That might be a deal breaker for some to take it at 60.
Thank you for the video walking in the forest. i plan to take CPP 10 yrs from now at age 67 and retire with defined benefit pension after working in BC health care for 20 years. As an immigrant, I only get 50% of Old Age Pension as I by the time turn 67, would have lived in CA for 20 years. I am enjoying life now on my days off as I agree with you: life is short, enjoy every moment we can
CPP is confusing to me. I still don’t get it. I’m coming up to 62 and I’m wondering if I should take my CPP now? I was a stay at home mom for a few years, from the age of 18 and didn’t start work until I was 32 years old and not quite even full-time at 32 1/2 weeks for 10 years. For the last 20 years, I have only been working part time. Maybe 18 to 25 hours a week now. Looks like if I take it now, I would only get a couple hundred dollars a month because I have not worked full-time all my life! Doesn’t seem worth it to me but Should I take my CPP now or wait another three years when I’m 65 ? I’m 62 in November.
I retired at 55, 58 now and thinking of waiting until 65. I've read might not be worth waiting to 65, rather start at 62-63 since I will have 8 years of non contributions that will be dropped in calculating the monthly amount I will receive. Thoughts anyone?
You’re right about expecting a reduce CPP payment because of the early retirement age. Call CPP and get the estimate and be sure to explain you stopped contributing at age 55
Ive never been able to figure if the personal calcs shown on the MyCanada page include a possible fact that you will have "zero" income years in between 60 and 65, if you retire at say 60 and then just do nothing until starting CPP at 65. I suppose you could look at your estimate now , at 58, and then look again at 59, 60 etc. See if the numbers are starting to fall.
I think 60 is too early and 70 is too late so 65 is best for most ppl. Extra payments with deferred collection are just a ploy by the government to ease their budget on the whole plan. I might also add that CPP and OAS collectively are "chicken scratch" and barely pay rent or property taxes/upkeep/utilities. They are also at risk of being clawed back by the government at any time! So, you must rely on YOUR OWN PENSION arrangements such as your RRSP and/or group retirement plans...that's where the money comes from. Do the math from there!
My take is the opposite from yours. For me, my finances should be in good stead for retirement, including "enjoying my money" during the earlier, healthier retirement years. And due to our family histories, I expect my partner to not only outlive me, but to live a long time (well into her 90's). I'm going to delay CPP until 70 because I want to ensure that SHE has money in case she outlives our plan of depleting our investments/assets by 90. More money for her old age, adjusted for inflation, helps me sleep better at night.
@@bobbyjames4300 No... my focus is on BOTH of us. That's... that's what partners do, right? I'll be well-funded during my retirement even without CPP/OAS. There's no real benefit for me to taking those early... but taking them later can help her if she lives past 90 (which I won't do but she might, based on both her current health and family history; 1 out of every 5 women in Canada will reach age 90 in good health.) So... no, I won't be risking her financial future so that I can... what... sit on money longer until I die before her.
I agree, if you started collecting a 70 instead of 65 you would miss out on all that money you could have saved and invested over 5 years, living healthy cost money so if you want to live a long time it's better have enough money to eat well and live well.
wow congrats you're getting alot of views. As a first-time home buyer Canadian I want to purchase a property hours outside of Toronto , immediately flip it and roll the funds into a home closer to Toronto, and repeat that til I can afford something in Toronto. But I don't want to pay capital gains tax each time. So the USA has a 1031 but as far as I can see Canada only has section 44 of the Canadian Income Tax Act but it seems I have to rent it out for some time to show rental income...is that correct? For how many months, before I can flip it?
Isn't the whole RRSP burn-down concept to defer CPP? As far as available cash to enjoy your early retirement that's coming from the RRSP withdrawals pre-70. It really depends on how much RRSP/other sources(work pension etc) you have available. I recently had a financial review done and based on what I perceive as required yearly income I'm at 101% meeting my goals to age 95. That is with deferring OAS and CPP. I don't have any kind of employment pension. I'm 63 now and plan on retiring at 65. Relatively good health. Hard to judge longevity in my case, My mother and her mother both lived to 93. But my father passed at 60 due to a brain aneurism.
@@R58-n8n 100%. When you retire, spend everything really fast because you know you will die. There is absolutely no chance you will live. Science has proven if you turn 65 and retire, you will die.
@@R58-n8n But if you are 6 feet under will it really matter to you how much you were able to squeeze out of CPP? A simple truth is that dead people do not have financial problems, they are dead.
you should really look at your health and how you feel at 65 then how much money you have. You cant retire with 10 dollars in your savings account. Everyone is different and different situations. Dont be fooled by wealth management people who do not have your best interests in mind. They want to know how much money they can make off you not to see how you are feeling physically. Average age of death is between 85-90 if you are of average health so you can basically calculate what you need from that.
Thanks for this video, some good words of wisdom. I turn 65 this year and plan to start taking my CPP. Both my wife and I are healthy/mobile enough to continue traveling and we have some remaining bucket list items to check off. I have always looked at life as a winding road and you never know what is around the next bend. Be prepared for the unexpected and enjoy the moment.
If you have over a million dollars in RRSP. How can you melt it down if you take your cpp at 65 . Also is it a good idea to have multiple riffs in order to control the withdrawals. Thank you
@@johnwillock6787 $1 million in an RRSP does present challenges with the Meltdown. A large RRSP balance can also be from high returns. The NASDAQ has returned 377% over the last 10 years.
It can also be a defined contribution plan that just grew and grew, but you haven't worked there for a while and have another pension. The defined contribution plan is rsp-like. What to do?
I've got rental income,a pension plan, and saved a ton of money. Own some awesome stocks as well as other investments. Yeah, none of these apply to me, so ... here I am after two divorces, a bankruptcy, and a suicide. And... I am okay with being the poor old guy, I kinda have to be.
![Felix "Unfair" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/Oswujxm2Ag0/mqdefault.jpg)
This is the first video I've seen on this where the advisor "gets it"!! All studies show that spending is up in the early years of retirement and then drops off in the early to mid seventies. So you are going to have more money when you need it least. When to take CPP is not a math question (though it can be), it is a philosophical one.
It also jumps up again in your late 80's as you buy your starlift, hospital bed, lifting recliner, wheelchair, walker, scooter, and renovate your bathtub into a walk in shower.
I have two pensions. I would much rather have had a Roth 401k throughout my working lifetime. $500/month invested from 25 - 65 at 9% is $2.3mil. I have $100k that i like to invest in a non-retirement account, Where would you invest this as of now?
I would avoid the index funds, mutual funds, or specific stocks for the time being. 5% fixed incomes are the safest bet for now. Save your cash for when the market actually shows signs of recovery.
Having an investment adviser is the best way to go about the stock market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly and I made over $800K within a short time
Mind if I ask you recommend this particular professional you use their service? i have quite a lot of marketing problems.
She goes by ‘’Melissa Terri Swayne’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
There are circumstances other than death that can affect your plans. I experienced a traumatic event in my life at age 60. One year later, I found that I simply was not psychologically able to continue going to work every day. I did the math, figured out that I could retire if I took my CPP early, got therapy and now am fine. I am now 69, healthy, and totally enjoying retirement.
I took my CPP at 60, and I am 62. My wealth manager said, "You don't need to do collect. Wait till you're 65 or 70". You know what ? So many of my beautiful souls of people I knew and loved are in heaven. They passed away far too young at ages 61, 62, 65 and maybe a bit older. They didn't take their CPP. Didn't enjoy what they earned over their working careers. They wanted to wait. It's not the guv's money, it's OURS. We earned it. Our places of employment, also contributed to it. TAKE THE MONEY!! Don't wait. Enjoy it. I certainly am. When you're 60, you're young and energetic. I have many aged friends that aren't going anywhere on a plane. Day trips yes, but not on a weeks+ vacation on a plane. They are over 75. I'm going on my 4th trip this year in 3 weeks. I'm not bragging. I'm just telling everyone ENJOY what is rightfully YOURS. I'm ENJOYING my hard earned CPP payment every month LOL, IT'S awesome!!! :)
Have a beautiful day everyone. PS. AWESOME VIDEO.
Yep get my first CPP in December as I turn 60 in November. Everyone I know has done the same.
@@CanadaWhoopass YUP!!!! Smart 🤩enjoy!
Thanks for sharing. People need to see different opinions. I agree with you on were working with borrowed time.
Excellent video. Money is pretty useless when you can’t do anything anymore.
My father told me this when he was 90 years old. “ my whole life a saved and saved for the future, now I have lots of money, but no future. Don’t do what I did”
Hans
But many parents (myself included) want to leave their money for their kids. Sure, I could spend it all on myself, but that wouldn't give me as much satisfaction as helping out my children.
Excellent video. Often we become too fixated on max dollars and not on max enjoyment/fulfillment.
I took it at 62 and along with a small pension from work and it's great. I still work part-time but I now have time to do the things I really enjoy.
Investments are the roots of financial security; the deeper they grow, the stronger your future will be."
Exactly! With my adviser, I’ve cultivated deep investment roots, strengthening my financial security for the future.
I would love an introduction to an adviser who can help me strengthen my financial roots.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.
Thank you for this amazing tip. I just looked the name up and wrote her.
Thanks for this insight video on CPP and agree on your opinion and suggestion. Planned to defer my CPP at 70 but honestly changing my plan to collect at sweet 67 after watching the chart at 5:02 mark.
Take it now , bird in the hand
The one benefit to CPP deferral is the 8.4% annually is also indexed. 42% more waiting 5 years is worth considering, especially if a large RRSP can replace CPP income. On the other hand, if you die young at 65 your estate gets $2500 death benefit. The CPP keeps all the extra. It's an important decision. Do the numbers to compare both options.
So true, my bride of 36 years has an autoimmune diesease (8 years now), so she's going take her CPP when she turns 60 in 2025. We have increased our travel plans over the past few years because of her health uncertainity. At the end of the day health is #1 regardless of what you / we do in retirement.
One of the more compelling pieces on CPP earlier rather than later. I’ve a DB plan to boot.
Taking CPP the moment I turn 60. For 40 years been deducting CPP/EI from my pay. Getting it back and using it while still able and in my go-go years.
Silly silly silly. If you have sufficient alternative funds in your RRSP/RRIFs then draw these down between 60-70 when you take CPP. This lets you enjoy your he go-go years AND maximize lifetime income. The average age for men AT 65 is not 80 it is 87 as stated in the video.
Bonehead move.
@@TheRunLife average means nothing. I have to take it at 60. No other choice.
If delaying CPP means a reduced standard of living then yes … take it as soon as you can by all means. If it is a choice between alternative investments then the decision is more complicated.
Spoken by someone who clearly has not saved enough for retirement…don’t buy into this thinking folks unless you want a diminished income in retirement or simply require the income immediately on retirement. Note the Aaron Wealth guy talks about taking CPP at age 65 to 67 NOT 60. Ignore @DrivingPhilippines unless the previous items apply to you…
Thank you for your thoughts. It’s worth considering. Our situation is quite unique. Wife is dual citizen. U.S. and Canada. She files taxes for both countries. She will get full OAS but virtually no CPP. We have a decent nest egg over $500 thousand in a lira and Rrsp and tfsa. I’m a retired teacher that commuted my pension and have worked at another job for 10 years and plan to retire from that at 67 when my wife turns 65. I do the job because I’m enjoying it. We plan to take my CPP at 70 and we will get around 98% of the full amount. We will melt down our rrsp and lira’s first.
This video is nails the CPP planning. Take it while you can enjoy the $$.
You are so right. In my family there's diabetes and dementia. I'm turning 50 and worry about what might occur in old age.
For many, deferring CPP and doing an RRSP meltdown means more money each year over the entire retirement. My choice to defer brings more money in now when I’m a healthy, young retiree and more in my later years. Everyone is different, but do the math and look carefully at your tax situation
Excellent video. My mom lived to 100 and my dad still lives in his home in his 90s. I'm 67, stressed out on the job and have had it up to here with my 25 year old boss who is a moron and trying to push me out. I'm done deferring. I'm going to retire and get a part time job. The government is banking on you deferring and not living a long life. Also, the comment section is pure gold. If I live to be 90, I will just cut out the wild parties and expensive used clothes from Value Village.
I just found your channel. Very good info. It is good advice to think about the overall situation in regards to longevity. I worked in the healthcare field and the older you get the less you can do or even interested in doing. Every year can inpose further and further limitations. Thank you for your perspective.
For some it's not a matter of "enjoying" the money. It may be a matter of simply affording the cost of living and higher health care expenses. In those cases, an extra $300 a month may be considerable at age 80.
Very true. The cost of living in a "reasonably nice" seniors or care home can be unbelievably high.
I say delay CPP until late 60's if not 70 and look at the higher amount you would get as an insurance policy of sorts (where the risk being mitigated is living a long life).
I retired at 56 with a special forces pension. Started collecting cpp at 60. My investments are approximately $250,000 and my home is paid for. I don’t really need the money but my father died at age 50 so I’ll take it early and enjoy every dime, I kinda call it mad money
Best walk in the park I’ve had thanks for the insight. I’m 64 next July I’ll be retiring. I will be taking my CPP and OAS at 65 I’m fortunate to receive the max amount. I will be traveling a lot so the dollars will help with that expense. I won’t need as much in my 80s. Watched my girlfriend’s 39 year old son die within 3 months with multiple Myeloma, we never saw it coming. Life’s way to short for hoarding money get out and live.
Hi Joe, Thanks for sharing your experience and I'm very sorry to hear of your girlfriend's son passing. T
Best cpp video/discussion I have ever watched…….bang on advice
Sensible, smart and just makes good sense.
Thank you for the heartfelt insight - morbid or not - you lived through it and were strongly influenced.
62. Two years ago. 65 next year in March. Living for experiences.
Great Discussion. Here's what I found. I ran many projections of my plan. Taking CPP at 60, 65 and 70. Also adjusted our plan from 75 to 100 years of age. Looked at me passing away first and then my wife and vice-versa. Looked at different ages of death for first of us and also for second of us. After all this, there was no one correct age to take CPP that satisfied all the options. The CPP age depended on the situation. All to say, in our case anyways, we've decided on 65 to 67, all depending on if we are still working or need to withdraw RRSP's in our 60's, wanting more funds in our go-go and slow-go years, etc.. After doing all this I realized just pick some age that seems reasonable and live with it. You'll never know if it was correct anyways until after you've passed away.
Fantastic comment. Very sensible approach. Thanks for sharing and for watching the video.
Good video and great to have an additional perspective.
Very well done , people should take note of your thought process.
Well said, nothing to add. Thanks
I have mort debt (but thats it). To me, it makes more sense to draw at 60 to increase the ability to pay into that. Interest saved is also money forward.
Aaron, I have always planned for 70 to take CPP. You have me second guessing that plan. I do feel that average life expectancy will continue to decline. When you consider the amount of processed foods, environmental concerns, obesity etc.
Very good video.
Big point is what if you don’t need the money at the time you retire?
I would rather have a larger source of income available later in life to combat the ever increase n the cost of living waiting to 70 gives you a 40% increase to deal with the future acceleration of the cost of living.
Lots of opinions and techniques, many different scenarios for people to analyze.
Biggest takeaway from the video is “do the math”.
I have a coworker that took her CPP at 63 and still works full time 40wk and now turning 70. This year .
I’ll be taking mine out at 60 and still work 35hrs a week . No retirement for me any time soon :I’ll be working forever in my life for now .
Putting off CPP increases your benefit as we all know but it also increases the survivor benefit. If you have enough money to enjoy life when you retire without the need for CPP, this is a major consideration. In my case, putting it off to 70 means my wife has a benefit almost as much as mine would have been at 65 if I was to die in my early 70's. So I'm not just betting on myself in this scenario, I'm also betting on my wife's longevity as well. This eases the "risk" somewhat. I find that this part of taking CPP at 70 is rarely talked about.
Hi Michael, thanks for sharing your very insightful strategy around CPP and survivor benefits.
It's my understanding that the survivor benefit is based on your entitlement as of your 65th birthday, regardless of whether you take CPP early or later. So waiting until 70 will not benefit your spouse in the way you are describing.
@@JeffFoss-vy1jt I don't think you are correct. Calculating CPP is complicated but I believe the survivor benefit does depend on when the couple involved each take their CPP. Take it early and the survivor benefit is reduced, take it later and the survivor benefit is increased.
@@ddavidson5 you might want to confirm your understanding with Service Canada. This is from their website: We first calculate the amount that the CPP retirement pension of the deceased is, or would have been, if the deceased had been age 65 at the time of death.
@@JeffFoss-vy1jt From the same Service Canada website: The CPP enhancement component of your survivor’s retirement will be added to the amount of the base component of your combined benefit. The enhanced component of a combined benefit is not subject to the above maximums.
i started mine at 65 and i couldnt be happier
I took CPP at 62 and continue to work full time investing CPP into my TFSA high interest return) will retire at 63 this year with a defined benefit pension. I might delay OAS once I analyze the tax implications as I get nearer to 65.
Great video I was thinking the same 65 or 67 😊
Couple of opposing thoughts. He said he has 6,000 clients and 5 or so death cases per month, or 60 per year. So ONLY 1% of his clients died per year.
Total life expectancy includes deaths at birth, and all causes. If you are alive at age 60 your life expectancy is now way over the national average.
And you might want some extra money in later years to pay for individualized care or changes to your home so that you can continue to live comfortably.
CPP is the closest thing to a defined benefit plan that most people will ever be able to get; doing some planning to maximize CPP is always something to consider.
@@benboots6956Hi Ben, thanks for your comment. I used to have 6,000 clients 15 years ago and since then I have reduced my number of clients to a much more manageable amount. The 6000 clients was not an exact cross-section of the Canadian population just simply an observation of what people were passing away from, not so much about mortality rates after age 60, but simply what people were passing away from, and they were not passing away from old age. They were passing away from illnesses that were unexpected. Planning out your CPP you have to take into consideration all possibilities and weigh those against what you believe to be is the best outcome for you
Using average life expectancy from birth is a common mistake many amateurs make when thinking about life expectancy as they near retirement. Average life expectancy from age 65 is higher, in the mid-80s, but an actuary will tell you that in a couple who are both aged 65, the man has a 40% chance of reaching 90 and the woman a 50% chance. The chances that one of them will live to age 90 is 70% and there is a 34% chance that one of them will live until 95. That's something to consider as you are planning your long term retirement income sources: "At age 65 the chances that one person in a couple will live to age 90 is 70%".
There is also the fact that those who die early stand out in our minds, we remember them and it's top of mind when we think about our own mortality. On the other hand no one rushes in and says "Did you hear about Tom? He's healthy and didn't die last week". I think we are hard wired to imagine the worst and ignore everything else no matter what the statistics say.
@@ddavidson5 Excellent information. Thank you.
Life expectancy is lowered when we include smoking drugs, booze, junk food, lack of exercise, don't drink enough water, stress, DNA and bad choices in life.. If you have the above take ur cpp at 60
Agree….taking it at 65 as I’ve saved enough
Paid into it since 1967. Started collecting as soon as available, (60). Started collecting 19 years ago. Life is good.😊
It's a complex area but this is a great addition to the growing pile of CPP strategies out there. I do add this however; yes to the "Math" and yes to the lack of merit of extra income at 80 when it's probably not so valuable but also it's important to consider spousal circumstances and what would happen when transferring CPP benefits after death. To me, there is no single right answer, just considerations and accommodations.
I will likely take it at 60. I have a defined benefit plan, OAS in the future.. I want the money at 60 when I can travel and enjoy. I might lose some later in life. But who knows if I make it and by then I won’t need as much money. I will likely downsize my house by then too.
Retired 2 years ago, income cash from rsp, next year, drawing cpp at 60 👌
Pillars of retirement are TIME, HEALTH and then $$$ so weigh them all in order to best decide when to take it.
Also, taking CPP earlier, can make your investments, work harder, longer, depends on a lot of variables.
Thank you. Good common sense. I'm mid-fifties and that graph showing total draw at 80 shows me I may draw at 60. The chances of me seeing 80 and being healthy are slim to none. You cannot take money with you.
I took it at 60 because we had structured our income so we would not pay taxes, and the added CPP was extra to requirements, still did not push us into paying taxes, so we invested it into our self-directed TFSAs, and over the six years, we have seen 35% growth. The "math" says if you take CPP at 60 the break even point is age 74, purely on what you receive. However, based on our personal experience, the break even point, with investing the CPP, is more like 84 years old. I will not be looking back with regret in 18 years time, I may not be looking back at all....
Great comment and thanks for sharing your experience
Self directed tfsa ? So stock market ? Thanks
I retired at 57 with a DB pension and a bridge after 32 years of teaching. I will take my CPP at 65.
Consider before 65. You don’t when God says time’s up.
Taking CPP when your DB plan bridge expires is simple and keeps your income in retirement level. One could make a monetary case for deferring or not but sometimes it's not about about the money, it's about having one less thing to think about in retirement. Enjoy.
This is my thought as well. I’m in the same situation as a retired teacher. I have friends who both took it at 60 and they are in their 79s and struggle financially. She has said she regrets it.
I’m collecting the day I retire whatever age that is.
Super great video great advice. Thank you Sir
Valuable perspective. Thank you.
I'm definitely melting down my RSP between 60 &70 and taking CPP (and OAS) at age 70. In my view, it's impossible to get the same real return that CPP will give me by waiting when compared to possible market downturns for the 10 year period. And, taxation will be low (due to a large non-registered eligible dividend income source), and both my parents live to 89 so I can plan accordingly.
Good planning there.
At 65 you get the pension tax credit with a riff $2000
@@niceguy8305 yup, we will both qualify for that. We will also benefit from income splitting but I haven’t done the math on that yet. It will further lower our taxes estimate though.
My worry is the quality of where I'll be able to afford to live if I reach an age that I need to move in to a retirement living or even more supportive place.
Excellent work 👍
Thinking of starting my cpp at 61 to maybe cover my taxes on my investment withdrawals?
My thoughts exactly!!! Thank you for sharing
Don't forget to factor in inflation. The charts say you get 42% more after waiting five years (65-70) but that's also 5 years of inflation, so the 42% is not an effective rate, but a calculated rate.
Wrong. Inflation is adjusted for. The 42% is on top of the inflation adjustment.
@@tinayoga8844 I think you're right. The amount of CPP one gets is also based on the previous 5-yr avg of YMPE... thusly, it's inflation protected. Once CPP starts, it's indexed to CPI.
Always great content
well done!! quality, not quantity, imo!
Down to earth person
I have found that ppl spend most of their lives preparing their 'ideal' retirement nest-egg but sacrifice their health in the process. Fact is only 3 in 10,000 will make the Centenarian Club and for the rest, the median avg age for life expectancy in Canada as of 2023 stats is 86yrs old. So that means for most ppl your mid-life starts at age 43. So prevailing wisdom would suggest that you look after yourself via 'life-style' intervention to prolong the benefits of your retirement.
Thank you so much for the advice great video
Actually I'm thinking 60 would be better, the difference at age 75, even 80 is not worth it for myself. With my back shot at 59 I just can't see my quality of life improving as I get older. I got the forms in my hands right now to apply on my birthday...
Apply 6 months before you turn 60 or you will be waiting for your money.
I will start my BC Government pension at age 60. That will include a bridge benefit of about $850. At age 65, the bridge will go away, and I will start my CPP and OAS, which will add $2080 or a net amount of $1200. I will choose a 100% continuation just in case I predecease my wife.
Why not spend your other income streams (pension, RRSP, TFSA,…) at a young age and maximize CPP & OAS when you would need less in your older years and that be some of your main streams?
Yes, you can do that. Your plan should be based on your goals and whats best for you. As I said in the video most plans have CPP deferred to age 70. I am simply shedding some light on the simple truth that life rarely works out the way you thought it would.
@@AaronWealthManagementexactly- look at the your individual goals and plans Great advice
@@AaronWealthManagement Well captured! I really appreciate the insights you give on your channel. Your advice consistently encourages us to reflect and carefully consider our actions before making any financial decisions. Each of us has unique goals and priorities, and your videos are a great resource in helping us navigate these. Keep the great content coming-it's much appreciated!"
@@pbujold thanks for watching and for your comment. Very much appreciated
@@AaronWealthManagement "...life rarely works out the way you thought it would" is true but of course you could end up living much longer than you planned for as well. That's a risk to take into consideration when thinking about your retirement income sources.
Thanks for sharing your insights
I like this thought process
In 2016, I took mine at 60 and one month. I bought my first ever new vehicle and had some money left for paying down debts. A bird in the hand is better than two in the bush. Especially since 2020; what weird time that was and still is.
I want it as soon as possible but 60 seems terrible. I'll probably end up at 62 or something.
Thanks for your opinion. I’m looking at now 62 or 65…thoughts on this?
Hi great video,! I will be 63 April, 2025, I have worked, I am on Disability, all of my earnings I send to ODSP,,. I have no idea, if I should apply now, or wait, til after 65,
Very sound advice.
I took it at 60 cuz I can
Great info
Cash in hand is cash. Deferred CPP is a promise from a politician less deflation. Political promises aren't worth the paper they are printed upon. Also, retire early. Once you have retired you will adjust to the cash flow you have.
What political promises? CPP is independently managed (including actuaries who are used), regardless of political party. Based on several sources, CPP is fully funded for 70-75 years, which is excellent.
@@terrygelinas4593 Sounds just like the billions that were in the Worker's Compensation plan until the fed's decided to call that part of general revenue and federal assets. They already count CPP funds as assets of the government to counterbalance the national debt.
Your graphic is interesting even though max payouts are low. At 60 the max monthly payout is $738.93. At 65 it's $1364.60. Could you please redo your graph with current totals? By my calculation if you manage to live to age 90 you will collect $152,068 more in your life if you waited until 65 to start. That might be a deal breaker for some to take it at 60.
I think I have read all the comments and no one is considering the OAS clawback at $$90,997 income.
Great observation. One of the considerations on when to begin CPP is minimizing OAS clawback. This is a balancing act which requires careful planning.
Early? 65 or 67? I took it at 62 and continued to work for 12 more months before retiring with DB pension) at 63. 😆
Thank you for the video walking in the forest. i plan to take CPP 10 yrs from now at age 67 and retire with defined benefit pension after working in BC health care for 20 years. As an immigrant, I only get 50% of Old Age Pension as I by the time turn 67, would have lived in CA for 20 years. I am enjoying life now on my days off as I agree with you: life is short, enjoy every moment we can
CPP is confusing to me. I still don’t get it. I’m coming up to 62 and I’m wondering if I should take my CPP now? I was a stay at home mom for a few years, from the age of 18 and didn’t start work until I was 32 years old and not quite even full-time at 32 1/2 weeks for 10 years. For the last 20 years, I have only been working part time. Maybe 18 to 25 hours a week now. Looks like if I take it now, I would only get a couple hundred dollars a month because I have not worked full-time all my life! Doesn’t seem worth it to me but Should I take my CPP now or wait another three years when I’m 65 ? I’m 62 in November.
took mine at 23
I will retire at 55 and bridge
I retired at 55, 58 now and thinking of waiting until 65. I've read might not be worth waiting to 65, rather start at 62-63 since I will have 8 years of non contributions that will be dropped in calculating the monthly amount I will receive. Thoughts anyone?
You’re right about expecting a reduce CPP payment because of the early retirement age. Call CPP and get the estimate and be sure to explain you stopped contributing at age 55
Ive never been able to figure if the personal calcs shown on the MyCanada page include a possible fact that you will have "zero" income years in between 60 and 65, if you retire at say 60 and then just do nothing until starting CPP at 65. I suppose you could look at your estimate now , at 58, and then look again at 59, 60 etc. See if the numbers are starting to fall.
@@davecarpenter4917 The number is actually going up which is the confusing part.
So if all you have $20,000.00 bank how long do you wait ? To get some of it ? Just keep working till D.O.A.
Excellent wisdom and has got me rethinking things. Thanks!!👏
I think 60 is too early and 70 is too late so 65 is best for most ppl. Extra payments with deferred collection are just a ploy by the government to ease their budget on the whole plan. I might also add that CPP and OAS collectively are "chicken scratch" and barely pay rent or property taxes/upkeep/utilities. They are also at risk of being clawed back by the government at any time! So, you must rely on YOUR OWN PENSION arrangements such as your RRSP and/or group retirement plans...that's where the money comes from. Do the math from there!
If you took the cpp money from age 60 to 65 and invested it how would it change the final talley ?
My take is the opposite from yours. For me, my finances should be in good stead for retirement, including "enjoying my money" during the earlier, healthier retirement years. And due to our family histories, I expect my partner to not only outlive me, but to live a long time (well into her 90's). I'm going to delay CPP until 70 because I want to ensure that SHE has money in case she outlives our plan of depleting our investments/assets by 90. More money for her old age, adjusted for inflation, helps me sleep better at night.
Your focus is her and not you ?
@@bobbyjames4300 No... my focus is on BOTH of us. That's... that's what partners do, right?
I'll be well-funded during my retirement even without CPP/OAS. There's no real benefit for me to taking those early... but taking them later can help her if she lives past 90 (which I won't do but she might, based on both her current health and family history; 1 out of every 5 women in Canada will reach age 90 in good health.)
So... no, I won't be risking her financial future so that I can... what... sit on money longer until I die before her.
I'm taking mine at 60.
Me too, paperwork is done.
@@kennordsfan1494 Do you have any idea how much you're going to get? I'm only 52, but I'm going to start taking cpp as soon as I qualify.
Same
I agree, if you started collecting a 70 instead of 65 you would miss out on all that money you could have saved and invested over 5 years, living healthy cost money so if you want to live a long time it's better have enough money to eat well and live well.
Holy crap...the graph at 5:02
Good/bad, shocking?
I will never retire
wow congrats you're getting alot of views. As a first-time home buyer Canadian I want to purchase a property hours outside of Toronto , immediately flip it and roll the funds into a home closer to Toronto, and repeat that til I can afford something in Toronto. But I don't want to pay capital gains tax each time. So the USA has a 1031 but as far as I can see Canada only has section 44 of the Canadian Income Tax Act but it seems I have to rent it out for some time to show rental income...is that correct? For how many months, before I can flip it?
Isn't the whole RRSP burn-down concept to defer CPP? As far as available cash to enjoy your early retirement that's coming from the RRSP withdrawals pre-70. It really depends on how much RRSP/other sources(work pension etc) you have available. I recently had a financial review done and based on what I perceive as required yearly income I'm at 101% meeting my goals to age 95. That is with deferring OAS and CPP. I don't have any kind of employment pension. I'm 63 now and plan on retiring at 65. Relatively good health. Hard to judge longevity in my case, My mother and her mother both lived to 93. But my father passed at 60 due to a brain aneurism.
delaying CPP to 70 is about balancing out your income- melting down an RRSP early and CPP later is a common plan
What good is that when you’re six feet under before 70?
@@R58-n8n 100%. When you retire, spend everything really fast because you know you will die. There is absolutely no chance you will live. Science has proven if you turn 65 and retire, you will die.
@@R58-n8n But if you are 6 feet under will it really matter to you how much you were able to squeeze out of CPP? A simple truth is that dead people do not have financial problems, they are dead.
@R58-n8n if you have a life-threatening illness case
@@R58-n8n You won't care because you're dead.
you should really look at your health and how you feel at 65 then how much money you have. You cant retire with 10 dollars in your savings account. Everyone is different and different situations. Dont be fooled by wealth management people who do not have your best interests in mind. They want to know how much money they can make off you not to see how you are feeling physically. Average age of death is between 85-90 if you are of average health so you can basically calculate what you need from that.
You want to brag at Tim Hortons how much your CPP is per month or on the experiences you have witnessed since collecting it early.
Thanks for this video, some good words of wisdom. I turn 65 this year and plan to start taking my CPP. Both my wife and I are healthy/mobile enough to continue traveling and we have some remaining bucket list items to check off. I have always looked at life as a winding road and you never know what is around the next bend. Be prepared for the unexpected and enjoy the moment.
If you have over a million dollars in RRSP. How can you melt it down if you take your cpp at 65 . Also is it a good idea to have multiple riffs in order to control the withdrawals. Thank you
Yes, your withdrawal strategy has to consider the math behind your CPP decision.
1 million in an RRSP, that alone might be bad planning. My guess might be that an average RRSP is in the range of $150,000
@@johnwillock6787 $1 million in an RRSP does present challenges with the Meltdown. A large RRSP balance can also be from high returns. The NASDAQ has returned 377% over the last 10 years.
If you have over $1 million in RRSP’s you can help your melt down strategy and your church / community philanthropically.
It can also be a defined contribution plan that just grew and grew, but you haven't worked there for a while and have another pension. The defined contribution plan is rsp-like. What to do?
I've got rental income,a pension plan, and saved a ton of money. Own some awesome stocks as well as other investments.
Yeah, none of these apply to me, so ... here I am after two divorces, a bankruptcy, and a suicide. And... I am okay with being the poor old guy, I kinda have to be.
Well that's a side we seldom here. Thank you for sharing such a very personal experience. Your insights are valuable.