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Timing CPP and OAS with workplace pensions Mar 31st
Q: My husband is retired military and will turn 60 this year. He’s been told by his military buddies that he should apply soon for his CPP as then he can receive it and the bridge for the next five years. I thought he should be delaying on taking his CPP but perhaps it’s the OAS he should dela.... More »
RRIF and LIF withdrawal rates: Everything you need to know Mar 7th
At some point, a registered retirement savings plan (RRSP) is typically converted to a registered retirement income fund (RRIF). The latest you can defer the conversion of your account is the end of the year you turn 71. This means that by December 31 of your 71st year, you need to either withdraw t.... More »
Should you borrow to pay expenses on an investment property? + MORE Nov 18th
Q. I have an investment property that I rent out. Now that I’m retired, I would like to use the income to supplement my retirement income. That would leave me with no money to pay the expenses on the property (mortgage payment, maintenance, utilities, etc.).
I’m wondering two things: One, can I .... More »
Financial hardship withdrawal exceptions and increasing income in retirement + MORE Apr 4th
Ask MoneySense
I am in B.C., Canada. I moved my LIRA into a LIF two years ago. I have taken the maximum annual withdrawals for each year. I thought it’d be smart to start taking it. How can I get more out of it? I need the funds to help deal with bill payments. All my monthly i.... More »
Chicago Has Another Bond for You Aug 19th
The city may try to paper over its pension woes with new debt..... More »
Should I work past 70 while collecting CPP and OAS?
– moneysense.ca
Q: I turned 67 in February of 2016. I still work full time and my yearly income is about $96,000 annually. I also collect a survivor benefit of $389 per month and have contributed to CPP for 14 years. I would like to delay collecting CPP and OAS until 70 but can I still work after age 70 while I’m still collecting CPP and OAS? What would be the pros and cons of working past 70 while collecting CPP and OAS.
—Marie M.
A: If you plan in any case to work until age 67 or 70, then that’s probably when you should start collecting your CPP. You can use the tool at cppoptimizer.com to make an exact calculation, one that factors in some variables you’ve not specified such as: presence or absence of an employer pension plan, RRSP or TFSA savings to date, non-registered investments and whether you have prospects of working part-time once you cease full-time work. But generally speaking, the later you can wait to collect CPP, the better, and this applies double in your case because you’ve only contributed to the plan for 14 years so far…
