User Tag List
Results 31 to 40 of 40
-
Sat, Jan 25th, 2020, 10:28 AM #31
- Join Date
- Dec 2010
- Location
- Ontario
- Posts
- 24,146
- Likes Received
- 40601
- Trading Score
- 7 (100%)
@dagney , I agree with your post. One coworker is going for hip AND knee surgery this year at age 60s. She's afraid if the surgery is not great, she may need to stop working. This is why some take CPP at 60.
-
-
Sat, Jan 25th, 2020, 10:46 AM #32
- Join Date
- Dec 2010
- Location
- Ontario
- Posts
- 24,146
- Likes Received
- 40601
- Trading Score
- 7 (100%)
@Mudit , I have a friend who had medical issues way before 60. She applied for CPP disability and was denied. She got a lawyer to help her apply again. She was approved. She had to pay the lawyer but she said that the lawyer knew exactly what to do and had lots of experience so it was worth the fee.
-
Sat, Jan 25th, 2020, 12:29 PM #33
- Join Date
- Apr 2009
- Location
- GTA Area
- Posts
- 2,632
- Likes Received
- 8238
- Trading Score
- 3 (100%)
-
Sat, Jan 25th, 2020, 12:36 PM #34
- Join Date
- Apr 2009
- Location
- GTA Area
- Posts
- 2,632
- Likes Received
- 8238
- Trading Score
- 3 (100%)
-
Mon, Jan 27th, 2020, 05:03 AM #35
this thread has given me a lot of food for thought as i approach 60. thanks for all the insights and helpful info. syndi
-
Mon, Jan 27th, 2020, 07:12 AM #36
I myself plan to take CPP at 60. A few reasons:
- I will be able to collect it for more years. Yes, it is a smaller amount, but it will start five years earlier. The crossover for me is about 74, so if I live past 74, then I would have been theoretically better off waiting. Given that the "worst case" here is that I lived long, that's not a bad worst case.
- The above crossover does not consider the time value of money - if you don't need the payments for day to day living. If you use your CPP payments to pay off debt (I don't have any, so this doesn't apply to me), then it is a no brainer to take it early - if you actually pay down your debt with your CPP payments. If your debt is at a high interest rate, it makes even more sense. If you have no debt, then investing this money will still do better than waiting for it by increasing the crossover year. But keeping it in the bank at 0.5% would not do as well as say bank stock dividends paying 4.5%.
- Once you start collecting, any changes to the rules as to when people can start collecting should not apply to you. So, if they up standard CPP age to 67, and early to 62 (not a stretch that this could happen), then you still get to receive it. From an actuarial standpoint, it really should be increased. This is not some tinfoil hat conspiracy, but a serious topic with which countries around the world are struggling (https://www.macleans.ca/opinion/the-...owing-problem/).
-
Mon, Jan 27th, 2020, 07:39 AM #37
- Join Date
- Mar 2017
- Location
- Who knows ... but I Would Rather Be Someone's Shot of Whiskey, Than Everyone's Cup of Tea
- Posts
- 4,033
- Likes Received
- 12166
- Trading Score
- 0 (0%)
I too plan to take my CPP at 60. It will be a good chunk of spending cash in the pocket and less to withdraw from my RRIF.
No debt at all just want to have the $$ as fun money!
-
Sat, Feb 29th, 2020, 11:58 AM #38
Also an important idea to consider BEFORE retiring, is to get a complete physical. If you are feeling “old and under the weather” and chose to retire, there maybe an underlying condition which will no longer be covered under your health plan. We recently lost a niece (42 years old) who took a lay-off and payout from her work only to discover she had bladder cancer - died 6 months later. She had been “doctoring” but nothing was confirmed til the week after she signed her layoff notice - no extra health coverage or death benefit for her family. So sad and for her kids and spouse.
-
Mon, Mar 2nd, 2020, 10:31 AM #39
Yes that What I did and I got approved this time
-
Mon, Mar 2nd, 2020, 10:53 AM #40
I got approved too. Yeah thats what I DID, I also took some help but not lawyer as they seem to be charging fortune. I got it done through another company called Disability Credit Canada. They did all the work So it was all waiting and getting approved this time around.
I recon if i wasn't in hurry to get approved they have pretty good content for someone who wants to get approved on their own.
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)