I plan on taking CPP at age 70, my bridge benefit will stop at 65 as you mentioned and from that point I’m going to start withdrawing from my own personal RRSP account while my income has decreased due to the bridge benefit stopping. It’s a perfect opportunity for those five years to withdraw from your personal RRSP and then start receiving CPP at 70. It’s best to dwindle down your RRSP’s as much as possible and in fact to zero to avoid estate taxes, especially if you’re single such as in my case, God willing we all get there. I wish you all Good health and happy adventures.
It makes no sense to delay until 70. 3 years of a few extra dollars when you are in your 80s..what are you going to do with the extra money...pay more in taxes as well as pay more for your long term care home because its based on your income. Im taking my CPP at 63 as i retired at 54. The non contribution years kick in from 63 to 65..ill take a modest hit on CPP but still collect my bridge for 2 years which will go into my TFSA or spend it on fun while i have the energy
42% increase isn’t a few dollars it’s quite a substantial increase. Plus the interest rate alone of 8.4% is incomparable to any investment you might otherwise invest in such as a tax-free savings account. 70 is still young if you’re fit and healthy there’s no guarantees in life for sure but investment wise if you can afford it, it’s a good idea. Each case is unique and should be based your own personal and individual circumstance, one must decide what’s best in their case for themselves.
can u tell me what do you understand about bridge benefits? and cpp,, it says we can take bothe benefits at the age of 60? so we can take cpp and bridge benefit TOGETHER? Once we reach 60?as both of them pay very less 500 or 600 a month,,,, as i worked part time becasue of health issues
great video...i have a question if you can answer it....if i take CPP at 60 so receive the 640 / per month as per the example......at 65 i would have received the complete 1000 / month..and 70 receive 1420 as per the examples...great understand all that. But at 65 if i took the pension early would i still receive the 640 permonth because its reduced or would i then at 65 receive the full amount back to 1000 / month with no further penalty? does that make sense ? does the penalty of the reduced amount continue after 65 or do you regain the full amount with no reduction?? thanks keep up the great info
Hi Peter, the CPP reduction is forever, once you decide to take CPP early with a reduction, say at 60 with the $640 in this example, the CPP stays at this level forever. There is no reset at 65.
@@Businessin10 perfect thanks, i was having a hard time finding where it sai that in the websites. i understand it better now because of your videos and im still a few years away from 60 or 65 but retired at 55 from the CAF thanks again
@@garth217 so can u tell me what do you understand about bridge benefits? and cpp,, it says we can take bothe benefits at the age of 60? so we can take cpp and bridge benefit TOGETHER? Once we reach 60?as both of them pay very less 500 or 600 a month,,,, as i worked part time becasue of health issues
so at the age of 60 you can recieve reduced qpp and bridge benefit together till 65 age? and while you taking bridge benefit you can visit family abroad or live there,,,as one can survive in 1000 dollars better then in canada as canada has high rent,,, and any idea how much is bridge payment approximately ior minimum amount of bridge benefit,,as i work on minimum wage for 10 or 15 years
I would take the QPP as early as manageable and invest the unused portion of my total monthly income and keep the max contribution in my TFSA. That would make the break-even point a non-event.
Hi Eric, the reduction of QPP on an annual basis is 7.2%, it is a tall order to make this much money, annually, in an investment. If you need the money, well take the money, but if you don't need the money, don't risk it, this is your retirement money.
As far as I know, QPP and CPP are different from what we receive form Canada (OAS). If you have lived and worked all your life in Qc you only get QPP, but if you did work elsewhere in Canada then you can get your CPP for those yrs, which I believe you can also take at age 60. I am retired since age 55 but under my RREGOP (public sector pension). What we do get at age 65 is OAS Old Age Security which this is from the Federal governement (Canada) and it is not a part of the CPP, those are 2 different Federal payments. I was mixed up about this myself a few yrs ago. But you can verify with a professional my retirement advisor from work explained this to me back in 2019, if there were changes made since then I would not be aware of this.
@@Afterhoursangel55 You can start QPP/CPP at age 60 with a reduction or you can delay it after age 65 and you will get an increase, this decision does not impact your bridge benefit that you would receive with your pension until age 65.
well im from quebec,,,and i heard qpp handles it not cpp if u want pension at 60...do u know what is the minimum amount we can get at age of 60 in quebec,,, qpp will pay us or cpp will pay us at 60..and i heard quebec pays only 150 $ a month? its bit confusing,,,as because of my health issues i cant work much and was working as self employed to survive...so there is too much confusion ,,, or i can contact u directly?
If you live in Quebec, QPP will pay you, if you want to know the amount please connect with Retrait Quebec, here is the link: www.rrq.gouv.qc.ca/en/programmes/regime_rentes/Pages/regime_rentes.aspx
Hi Joseph 😀 This was a really good video. I like how you showed us that break even calculation too. I subscribed!!!!
Thank for the comment and for subscribing 😀
Isn’t the Bridge Benefit only available for public servants, I.e worked for the government?
I plan on taking CPP at age 70, my bridge benefit will stop at 65 as you mentioned and from that point I’m going to start withdrawing from my own personal RRSP account while my income has decreased due to the bridge benefit stopping. It’s a perfect opportunity for those five years to withdraw from your personal RRSP and then start receiving CPP at 70. It’s best to dwindle down your RRSP’s as much as possible and in fact to zero to avoid estate taxes, especially if you’re single such as in my case, God willing we all get there. I wish you all Good health and happy adventures.
It makes no sense to delay until 70. 3 years of a few extra dollars when you are in your 80s..what are you going to do with the extra money...pay more in taxes as well as pay more for your long term care home because its based on your income. Im taking my CPP at 63 as i retired at 54. The non contribution years kick in from 63 to 65..ill take a modest hit on CPP but still collect my bridge for 2 years which will go into my TFSA or spend it on fun while i have the energy
42% increase isn’t a few dollars it’s quite a substantial increase. Plus the interest rate alone of 8.4% is incomparable to any investment you might otherwise invest in such as a tax-free savings account. 70 is still young if you’re fit and healthy there’s no guarantees in life for sure but investment wise if you can afford it, it’s a good idea. Each case is unique and should be based your own personal and individual circumstance, one must decide what’s best in their case for themselves.
I wonder what the break even is for 60 vs 70
The information is in the video, please watch it again
can u tell me what do you understand about bridge benefits? and cpp,, it says we can take bothe benefits at the age of 60? so we can take cpp and bridge benefit TOGETHER? Once we reach 60?as both of them pay very less 500 or 600 a month,,,, as i worked part time becasue of health issues
great video...i have a question if you can answer it....if i take CPP at 60 so receive the 640 / per month as per the example......at 65 i would have received the complete 1000 / month..and 70 receive 1420 as per the examples...great understand all that. But at 65 if i took the pension early would i still receive the 640 permonth because its reduced or would i then at 65 receive the full amount back to 1000 / month with no further penalty? does that make sense ? does the penalty of the reduced amount continue after 65 or do you regain the full amount with no reduction?? thanks keep up the great info
Hi Peter, the CPP reduction is forever, once you decide to take CPP early with a reduction, say at 60 with the $640 in this example, the CPP stays at this level forever. There is no reset at 65.
@@Businessin10 perfect thanks, i was having a hard time finding where it sai that in the websites. i understand it better now because of your videos and im still a few years away from 60 or 65 but retired at 55 from the CAF thanks again
@@pweir2005 you are welcome, please share the video I am sure your colleagues may find it interesting.
This is common knowledge. CPP is fixed and for life. The only change that comes into play is the cost of living adjustment
@@garth217 so can u tell me what do you understand about bridge benefits? and cpp,, it says we can take bothe benefits at the age of 60? so we can take cpp and bridge benefit TOGETHER? Once we reach 60?as both of them pay very less 500 or 600 a month,,,, as i worked part time becasue of health issues
so at the age of 60 you can recieve reduced qpp and bridge benefit together till 65 age? and while you taking bridge benefit you can visit family abroad or live there,,,as one can survive in 1000 dollars better then in canada as canada has high rent,,, and any idea how much is bridge payment approximately ior minimum amount of bridge benefit,,as i work on minimum wage for 10 or 15 years
I would take the QPP as early as manageable and invest the unused portion of my total monthly income and keep the max contribution in my TFSA. That would make the break-even point a non-event.
Hi Eric, the reduction of QPP on an annual basis is 7.2%, it is a tall order to make this much money, annually, in an investment. If you need the money, well take the money, but if you don't need the money, don't risk it, this is your retirement money.
am I obliged to start both pensions at the same time ? I thought I could start with the QPP at 60 and then start the CPP at 65 ?
As far as I know, QPP and CPP are different from what we receive form Canada (OAS). If you have lived and worked all your life in Qc you only get QPP, but if you did work elsewhere in Canada then you can get your CPP for those yrs, which I believe you can also take at age 60. I am retired since age 55 but under my RREGOP (public sector pension). What we do get at age 65 is OAS Old Age Security which this is from the Federal governement (Canada) and it is not a part of the CPP, those are 2 different Federal payments. I was mixed up about this myself a few yrs ago. But you can verify with a professional my retirement advisor from work explained this to me back in 2019, if there were changes made since then I would not be aware of this.
If you live in Quebec, you will receive your CPP through QPP, the are coordinated, and they will start at the same time.
@@Afterhoursangel55 You can start QPP/CPP at age 60 with a reduction or you can delay it after age 65 and you will get an increase, this decision does not impact your bridge benefit that you would receive with your pension until age 65.
well im from quebec,,,and i heard qpp handles it not cpp if u want pension at 60...do u know what is the minimum amount we can get at age of 60 in quebec,,, qpp will pay us or cpp will pay us at 60..and i heard quebec pays only 150 $ a month? its bit confusing,,,as because of my health issues i cant work much and was working as self employed to survive...so there is too much confusion ,,, or i can contact u directly?
If you live in Quebec, QPP will pay you, if you want to know the amount please connect with Retrait Quebec, here is the link: www.rrq.gouv.qc.ca/en/programmes/regime_rentes/Pages/regime_rentes.aspx