Posted on Sunday 25 October 2015
It's controversial and always has been for every Canadian across British Columbia , but it is a financial consideration that needs due attention as the rules appear to be shifting. This is definitely a very personal choice--and when it comes to taking early CPP; circumstances are always different for individuals. Now, with regard to your pension and those benefits--how and when you take them is entirely up to you, but know that there is no way to tell your life expectancy. This alone has a tremendous role on when most Canadians do apply for the Canadian Pension Plan. The first question many younger Canadians might have is: "What is the CPP?" It's all about when you hope to have access to those Canadian Pension Plan Benefits . The worry is that some might be waiting too long and therefore aren't benefiting anything at all. Those with lower life expectancies (individuals with chronic conditions) might be expected to take their benefits early, while others who appear to have excellent health and long life expectancy should wait until at least 65 as they can gain a 30% increase in those pension benefits. You simply have to decide if you want less early or more later? What if you end up living past your life expectancy? As we know, doctors don't know everything and can't predict death. So, while applying early for benefits will decrease your pension, this might also be beneficial to those who are having a difficult financial time as well. Just know that early pension benefits are liable to confront tax penalties whereas if you apply for these benefits after 65 you'll sometimes get more than expected. Let's not forget how important it is to plan and budget for retirement too!