Who can draw CPP

[Bluesky]

Can anyone begin drawing on CPP at age 60? Or does one HAVE to retire; quit working? Can a person just continue while collecting CPP?

[Stickler]

I believe you have to claim retirement but you can work part time.

[Evil Monkey]

Can anyone begin drawing on CPP at age 60? Or does one HAVE to retire; quit working? Can a person just continue while collecting CPP?

This info is from where?
In Canada you can apply for CPP at age 60 and continue to work at a certain income threshold.

In January 1987, several major new provisions came into effect. These included:

* flexible retirement benefits payable as early as age 60;
* increased disability pension;
* continuation of survivor's benefits if the survivor remarries;
* sharing of retirement pensions between spouses or common-law partners; and
* expansion of credit splitting to cover the separation of married or common-law partners.

Look here blue for all the info http://www.servicecanada.gc.ca/eng/i.../cppinfo.shtml

[Bluesky]

Thanks, EM. I would need to know what that income threshold is to be eligible. I cannot find that information.

[mr ed]

your not supposed to work thirty days prior to the date you want benefits to begin and thirty days after. After that there is no income threshold you can earn as much as you want

[1337]

Sky you're 60?

[Bluesky]

Sky you're 60?

Not quite.. 59

I know I know, I don't sound nearly that old.. that's what you were going to say, right? right?

[Upper Decker]

Dont you get spanked really good for starting your CPP claim early? I remember a couple of years ago my wife was mentioning her father wanted to start collecting CPP @ 60 due to osteopersosis, so he decided to wait until 65.

[Evil Monkey]

The Canada Pension Plan (CPP) has a maximum monthly benefit of $884.58 for 2008 (for a 65 year old). That means that if you made the maximum annual contribution to CPP for a certain number of years, then if you were turning 65 this year and elected to take your CPP pension – you would receive this maximum amount. This works out to $10,614.96 for the year.

For every month before your 65th birthday that you elect to begin receiving CPP you must subtract 0.5% from the monthly benefit you are entitled to receive. For every month AFTER your 65th birthday that you delay beginning to receive CPP benefits, you ADD 0.5% to the monthly benefit. These adjustments are applicable for 5 years either way – so if you elect to start taking CPP at 60 your STARTING benefit would be reduced by 30% (since this is 60 months early). If you elect to delay taking CPP until 70 (or later) your monthly benefit is 30% more (60 months late). This is essentially a one-time election since this calculation only applies to the starting benefit amount – thereafter it can only change with inflation.

[Bluesky]

Dont you get spanked really good for starting your CPP claim early? I remember a couple of years ago my wife was mentioning her father wanted to start collecting CPP @ 60 due to osteopersosis, so he decided to wait until 65.

You get a less monthly amt, but you get 60 cheques (12 X 5). You would start taking a loss if you lived longer than 77, from what I was told. But if you sock your CPP into an RRSP and inverst it conservatively while still working, you would be way ahead of the game, I think.

[Bluesky]

your not supposed to work thirty days prior to the date you want benefits to begin and thirty days after. After that there is no income threshold you can earn as much as you want

I would like to see this confirmed somewhere on the canada services website. can someone find this? I can't.

[Koss]

You get a less monthly amt, but you get 60 cheques (12 X 5). You would start taking a loss if you lived longer than 77, from what I was told. But if you sock your CPP into an RRSP and inverst it conservatively while still working, you would be way ahead of the game, I think.

In most cases you can't invest your CPP into an RRSP as you don't have any earned income to build up RRSP contribution room when you are drawing CPP. There are always exceptions. But yes, I usually recommend that people draw CPP as early as they can and they can invest want they don't use into either a tax-free savings account or a plain old non-registered investment. There are no guarantees that you will live until 77.

The rules have either recently changed or are changing where you will be able to work, draw CPP and continue to contribute too up to 65 to build up future credits.

[The Handyman]

I would like to see this confirmed somewhere on the canada services website. can someone find this? I can't.

This info is bang on as far as I know. Just prior to retiring, I took a retirement course and this is what they told me. I don't believe that 70 is the top end of the age which you can defer. I believe it is re-calculated to infinity if you wait longer. Maybe if we wait until we are 100, we will get at least one monthly cheque for about $1,000,000.00 .....lol

[GRUMPY]

I would like to see this confirmed somewhere on the canada services website. can someone find this? I can't.

Just phone Tony Martin's office and they will give you whatever info you need, that is what they get paid for.

[mr ed]

skyblue go to
http://www.servicecanada.gc.ca/eng/i...s/retire.shtml

and read the answer to "If I am between 60 and 64, how do I qualify for a retirement pension?"

[Bluesky]

Thanks! That's what I needed.