Question: If I take my CPP at age 60yrs ( It is only a couple hundred dollars) will it effect my Survivors benefit monthly payment or will this benefit stay the same till it drops at age 65yrs even though I took CPP early? thank you for any info.
Hi Stewart, it is hard to say, there are a few moving parts here. I would need to know when your spouse passed away? and how much was your spouse receiving/eligible for CPP? If you don't want to get into that personal information via the UA-cam comments section please feel free to email me at chris.jardine@bellvest.ca and I will point you in the right direction.
I don't have much confidence in Service Canada and their CPP estimates. I am currently receiving CPP survivor benefit. On three times occasions, I have asked for calculation specifically of the CPP Survivor benefit amount when I turn 65 (since their numbers did not make sense to me). I received 3 widely different estimated amounts via mail from Service Canada.
That's not ideal and not the first time I have heard this unfortunately. I have heard of great experiences and some very poor ones. You may want to look into contacting Doug Runchey: www.drpensions.ca/dr-pensions-services.html
I'm turning 65 in 2027. What figure with cra use to recalculate my survivors pension? Will it be what my late spouse was getting at the time of his death or the current days amount? $$$×60%=survivors pension 2027
Hi @lisemalette3009 .... I assume you are currently receiving a survivor's pension? It will change when you get to age 65. It will be 60% (plus the annual indexation) of your late spouse's pension, plus your own CPP but only up to the maximum monthly pension. Hope that is helpful.
@@beachesfinancialgroup My husband passed in Feb 2019. Will his THEN pension be indexed every year since his death (which is 2020 thru to 2027. So 8 years). So the formula will be: $$$(his 2019pension)×60%=$$$(when I turn 65) Plus 8 years of indexation. Is this a correct understanding? If not, please explain "annual indexation"
Hi @930terry It changes a bit once you turn 65. If you are 65 or over then you will receive up to 60% of your spouses CPP benefit. Up to is the big part here though. The most you can receive is the maximum CPP pension. I am sure you don't want to give out your personal information over UA-cam comments so if you want to have a quick chat by email then feel free to email me chris.jardine@bellvest.ca
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Excellent summary Scotsman. ✅
Let’s talk RRIF meltdown strategies. 👍
Thank you Billy!
😂😂😂😂😂
Your examples were invaluable and made everything crystal clear. Thank you.
Thank you for the kind words!
Question: If I take my CPP at age 60yrs ( It is only a couple hundred dollars) will it effect my Survivors benefit monthly payment or will this benefit stay the same till it drops at age 65yrs even though I took CPP early?
thank you for any info.
Hi Stewart, it is hard to say, there are a few moving parts here. I would need to know when your spouse passed away? and how much was your spouse receiving/eligible for CPP? If you don't want to get into that personal information via the UA-cam comments section please feel free to email me at chris.jardine@bellvest.ca and I will point you in the right direction.
I don't have much confidence in Service Canada and their CPP estimates. I am currently receiving CPP survivor benefit. On three times occasions, I have asked for calculation specifically of the CPP Survivor benefit amount when I turn 65 (since their numbers did not make sense to me). I received 3 widely different estimated amounts via mail from Service Canada.
That's not ideal and not the first time I have heard this unfortunately. I have heard of great experiences and some very poor ones. You may want to look into contacting Doug Runchey: www.drpensions.ca/dr-pensions-services.html
I'm turning 65 in 2027. What figure with cra use to recalculate my survivors pension? Will it be what my late spouse was getting at the time of his death or the current days amount?
$$$×60%=survivors pension 2027
Hi @lisemalette3009 .... I assume you are currently receiving a survivor's pension? It will change when you get to age 65. It will be 60% (plus the annual indexation) of your late spouse's pension, plus your own CPP but only up to the maximum monthly pension. Hope that is helpful.
@@beachesfinancialgroup My husband passed in Feb 2019. Will his THEN pension be indexed every year since his death (which is 2020 thru to 2027. So 8 years). So the formula will be:
$$$(his 2019pension)×60%=$$$(when I turn 65)
Plus 8 years of indexation.
Is this a correct understanding? If not, please explain "annual indexation"
That is a correct understanding, you have it bang on!
@@beachesfinancialgroup Thank you so much. This has been hard on my brain. No one but you has been able to give me this clarity. Thanks again. 😊
You are very welcome, happy to help, and sorry to hear about your husband, it can't be easy for you.
Question, I'm receiving cpp survivor benefit what happens when i turn 65 ?
Hi @930terry It changes a bit once you turn 65. If you are 65 or over then you will receive up to 60% of your spouses CPP benefit. Up to is the big part here though. The most you can receive is the maximum CPP pension. I am sure you don't want to give out your personal information over UA-cam comments so if you want to have a quick chat by email then feel free to email me chris.jardine@bellvest.ca
What if they are only married for 10 years?
Not an issue. As long as they were married.
Does taking my husband’s OAS at age have an impact on my pensions?
I believe this question got answered on a the other video thread but if not let me know.