@rioborzeli147
WOW , A Big Thank You for this . I'm 55 now and had NO idea
@pauls5433
Don't for get to take off 30% for taxes.... $1900 x .70 = $1330 per month.... Not even enough to pay the rent!
@halina9064
In US a full retirement pension is $3,822 in 2024 compere to $2091 (CCP + OAS) in Canada. Our dollar is weaker too. We are very poor. With our pension we can't go anywhere. Finally it should be changed and amounts adjusted to prices in stores and abroad. Whole world has changed, but we are still in the same place like 30 years ago.
@garygagnon5057
This really depends on how good you budget your money, i did read some people say after 30% tax, which is not true, if you make 50,000 your tax table is 15%, that`s a big difference. You should look up your own tax table.
@pierresimard9312
Very good video. First time I've seen one of yours. I'm not sure if you cover this elsewhere, but an often overlooked issue is "lost opportunity", by which I mean that waiting beyond 65 for either CPP or OAS comes with a price. Since we don't live forever, there is a cut-off point at which it doesn't pay to wait, since you'll never get back the portion you've forfeited by waiting, as you'll run out of racetrack. For example, if I forfeit the maximum amount from 65 to 70, I've "lost" about $78K in 2023 dollars. It would take me several years to "earn" that back.
@tramppaints
thats great as long as you think you will live for 10 years after age 70. I know many friends who thought they would live until 95, but only made it to 72.
@joyhobbs3369
You are lucky to have that much saved. I was a single parent all my sons.Iife. Didn’t get to save. Barely had enough for food and day care.
@timwernicke8824
The CCP and OAS should be tax free
@set921
This is probably the best channel to watch when you need financial planning info for retirement. I just wish all these channels would stop telling us the max we could get. Yes, some people will get that, but how about using the average or median amount for this who've lived here since 18 years old.
@cdb989
You should make a video of what a politician will get in retirement,
@blue04mx53
I applied for my CPP last month. (to start when I'm a bit over 65) The website says if I start collecting now (at 64) I will get 'say' 1200/month . If I wait til I'm 71 I'll get 1800 / month (roughly) But, if I start collecting when I am 65 I will get $0.00. So I called the helpline. They said, "Don't worry about it" well, guess what? I'm worried. What the hell is going on? Have you heard of this?
@JiaN8626
Thank you for your high quality and educational videos ! They are focused and easy to understand. I am glad to learn them now waaaaay before my planned retirement.
@Sunny.Williams
Great video! Thanks for the info.
@bjk777
Just spoke with CPP folks today. They really don't have the info at-hand to properly fully answer questions. This includes future prediction of expected monthly payments based on any given contribution amount. The good news is the new legislation is supercharging contributions since 2019. Not sure if they are fair for those contributing, but anything to make our pension system stronger is fine by me.
@michaele1278
I have a private pension. So whatever amounts I get would be subdued I think. So there isn't much of a benefit to returing late. I will of course crunch the numbers to make sure. I love your channel. Good work.
@jamesmitchell9470
My estimate was 40% of what he's saying. Then the tax. I dont know of anyone getting the max except politicians
@dwaynejohnson6277
The CRA site gives you estimate assuming you retire at 65. What if you want to retire early - say 55? This means no contributions for last 10 yrs. Is there a way to scale the amount back to arrive at a calculated estimate of the cpp in this case?
@catman19
I get $1800 a month from cpp & oas and cant spend it all. Maybe most people spend too much on junk
@kellymcmillan3137
I laugh at you saying the pension is substantial try and live on it as$$ lol 😂
@rioborzeli147