Most seniors start their CPP and OAS when they retire or at age 65, without evaluating the options. But many would benefit from delaying CPP until age 70. Here's how to figure out what's best for you. CPP and OAS offer cool opportunities to increase after-tax income, because seniors often have flexibility in choosing taxable vs. non-taxable income, and OAS comes with several "clawbacks" beyond regular tax. To spot these opportunities, you need to think creatively about pensions, tax, and investments. After 65, the biggest factors in deciding whether to delay CPP are whether you'll need to withdraw more from your investments, and whether you're a growth investor, as this decision looks very different for growth-focused portfolios. In my latest podcast episode you'll learn: Why should you ignore "CPP breakeven" calculations? Why are life expectancy stats understated? What is the best way to estimate your life expectancy? What happens if you are still working? How does your tax bracket each year affect your CPP & OAS & GIS? How can you qualify for the maximum GIS? How does your CPP & OAS fit into your overall retirement income? Who should take CPP & OAS early and contribute it to RRSP? How do CPP & OAS affect the estate you leave for your kids? Who should delay their CPP to age 65? Real life examples.
