DEC and turning 65
- Thread starter RTD021
- Start date
OldSolduer
Army.ca Relic
- Reaction score
- 14,973
- Points
- 1,140
It technically is not a clawback but its legislated. and Yes I went 65 this year and it happened.
- Reaction score
- 4,249
- Points
- 1,260
Not so much a clawback as policy that you can only have one main pension from the government...which is well advertised and should not be a surprise. What some don't know is that you can draw your CPP from 60-65, before the adjustment. So that is free money. I just started drawings, and it is all being invested. 5 years of 800 a month is...useful.
- Reaction score
- 26,623
- Points
- 1,090
OTOH, leaving CPP to age 70 increases the amount. If age 65 = 100%; at age 60 you lock in at 64%; at age 70 you lock in at 142% - more than double the amount your 60 year old friend took.
Takeniteasy
Sr. Member
- Reaction score
- 13
- Points
- 280
Here is the link to the Veterans Well-being Regulations, go to section 22 to see the list of what classifies as "B" for the A - B calculation of the IRB (DEC) sum.
- Reaction score
- 4,249
- Points
- 1,260
I will take the free money for 50K Alex. Its not like my career and lifestyle choice suggest a long life, at 45% disabled already and counting...
lenaitch
Army.ca Veteran
- Reaction score
- 3,557
- Points
- 1,160
Yup. Average male life expectancy is ~80 years, so reduced CPP for 20 years vs. enhanced for 10.
- Reaction score
- 26,623
- Points
- 1,090
Short answer is "it depends". It can derisk your retirement to draw down RRSP, and take the larger CPP with its inflation protection later. Plus, you can always change your mind about drawing late, start, and even claim a year in arrears. There are also questions about overall income and marginal tax rate when you draw. Plus mandatory minimums for RRIF withdrawals.
www.planeasy.ca
Taking CPP Early Or Late? How Long Until Breakeven? | PlanEasy
Should you take CPP early or late? Are you considering taking CPP early? Are you wondering if you should take CPP late? When deciding to take CPP early or late there are both financial considerations as well as non-financial considerations to weigh.
www.planeasy.ca
- Reaction score
- 4,249
- Points
- 1,260
Meh.. Give me money now that I can shrink by myself in the market. All of that whiskey and 42 years of smoking tilts the balance, you know? Add in a sprinkle of 40 years in the Infantry and I think I have the right approach for my circumstances..
- Reaction score
- 26,623
- Points
- 1,090
Exactly. It depends.
- Reaction score
- 6,320
- Points
- 1,360
Or just family history,......males on both sides of my family have all passed on well below the average, taking the money while [a] I can, [b} can still do stuff to enjoy it.
- Reaction score
- 26,623
- Points
- 1,090
You're saying that you're a below average male?
- Reaction score
- 6,320
- Points
- 1,360
Well there has to be at least ONE time in my life that happens.....
- Reaction score
- 6,320
- Points
- 1,360
You and I should be pro wrestlers and face each other in a no words barred ego match.
It'd be epic....
Weinie
Army.ca Veteran
- Reaction score
- 3,482
- Points
- 1,140
More like epochal.
Weinie
Army.ca Veteran
- Reaction score
- 3,482
- Points
- 1,140
I was paying you a compliment.
- Reaction score
- 21,391
- Points
- 1,360
- Reaction score
- 6,320
- Points
- 1,360
I was thinking you meant two old guys......kinda like that other "fellow" right above this post. Winner gets to take him out afterwards...I was paying you a compliment.
Similar threads
