This Small Mistake Is Costing The Average Canadian $100,000
This Small Mistake Is Costing The Average Canadian $100,000 Don’t Let This Slip-Up Rob You of $100,000! I just read an article in The Globe and Mail about a startling new survey that found the vast majority of Canadians begin to take payments from their Canada Pension Plan (CPP) as early as age 60, even though it’s usually a lot better financially to defer those payments until much later, like age 70. I found this trend to be quite shocking, since traditional retirement knowledge, along with what I have experienced in my own practice frequently suggests that deferring Old Age Security (OAS) and CPP payments as long as possible until age 70 tends to maximize your payouts from CPP and OAS and optimize your retirement plans. When you combine this finding with the fact that Canadians are living longer — in some cases well into their 90’s, it would seem to me that Canadians by and large are not getting proper advice or they are not getti...
