49: The guide to your $500k CPP decision

Your decision of when to begin receiving CPP could be worth $545,550! In this episode we are getting the rundown on CPP from Riley Many people make this decision on a whim. They may not think it matters, or they may just do what their friends or parents did. However if you want to maximize your income in retirement, there is a better way to go about it.

Many people make the decision of when to begin taking their CPP on a whim. They may not think it matters, or they may just do what their friends or parents did. However if you want to maximize your income in retirement, there is a better way to go about making this decision.This is what we dive into today.

Learn more about:

• How to calculate the most optimal time for you to begin receiving your CPP
• Common cases when it makes sense to take CPP early and the financial benefits of delaying your CPP
• A simple question framework for you and your planner to use to assist you in making the best decision

Memorable Quotes:

• The majority of people choose to start CPP as early as possible. In fact, over 9 out of 10 people choose to start CPP at or before the age of 65. As an accountant, financial planner, someone that wants to help people maximize their money – this breaks my heart!

Resources:

• Canada.ca CPP Retirement pension Overview

Hosted by Caleb Miller and Riley Anderson of InvestorDNA

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