Quote:
Originally Posted by Red
Here’s my contribution to this thread. Assuming this is not specific continuation from the layoffs thread.
Don’t wait till 65 to collect CPP, start at 60 at reduced rate.
The 5 extra years of receiving CPP far outweighs the little higher amounts of money you’d otherwise get starting at 65.
If you are still working after 60, put the CPP money in RRSP to lower your taxes. Or get that Corvette you have always wanted.
Good idea? Bad? Hope our resident financial gurus can comment.
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My parents are taking their early CPP and using it to travel to Maui every year. No retirement in sight, either. I think it's an outrageously horrible idea. But hey. My sibling and I are probably their fall-back plan, realistically. So... YOLO.