Nuiloa
Recycles dryer sheets
- Joined
- May 12, 2011
- Messages
- 496
I got my Canada Pension Plan (CPP) statement yesterday.
If I wait until I'm 65, the pension will give me $955/month in today's dollars, or $11,460/year.
If I take the pension at age 60, it will be $655/month or $7,860 per year. However, I will be collecting the pension for an additional 5 years, for a total of $39,300.
I don't need the money - my work pension will cover all of my needs and then some. However, when I turn 65, I will lose the 'bridge benefit" which approximates the CPP, so my work pension will drop by about $850. By then CPP will kick in so I won't really notice any difference in my income.
Do I take the extra five years and invest the money? Or do I leave it for 5 years and collect the max?
If I wait until I'm 65, the pension will give me $955/month in today's dollars, or $11,460/year.
If I take the pension at age 60, it will be $655/month or $7,860 per year. However, I will be collecting the pension for an additional 5 years, for a total of $39,300.
I don't need the money - my work pension will cover all of my needs and then some. However, when I turn 65, I will lose the 'bridge benefit" which approximates the CPP, so my work pension will drop by about $850. By then CPP will kick in so I won't really notice any difference in my income.
Do I take the extra five years and invest the money? Or do I leave it for 5 years and collect the max?