Optimal Government Pension Claiming | Rational Reminder 301
Вставка
- Опубліковано 9 чер 2024
- Meet with PWL Capital: calendly.com/d/cpws-jyp-znp
In this episode, we delve into the best time to claim your Canada Pension Plan (CPP) benefits. Although the focus of this episode is on Canada, there will be many relevant and valuable insights for our non-Canadian listeners. In our conversation, we discuss the importance of understanding the intricacies of CPP benefits, the fundamentals, and how individuals can optimize their retirement income by making informed decisions. Explore the importance of understanding when to claim CPP benefits, how much future financial security a CPP offers, and why the CPP is one of the most valuable retirement assets for most Canadians. Gain insights into how wage growth ties into CPP benefits, the exceptions to deferring a CPP claim, and what made 2022 different regarding CPP claims. Join us as we uncover the nuances of CPP benefits!
Timestamps:
0:00:00 Intro
0:04:23 Main Topic: When should you claim CPP benefits?
0:55:49 Aftershow
Links From Today’s Episode
Rational Reminder on iTunes - itunes.apple.com/ca/podcast/t....
Rational Reminder Website - rationalreminder.ca/
Rational Reminder on Instagram - / rationalreminder
Rational Reminder on X - / rationalremind
Rational Reminder on UA-cam - / channel
Rational Reminder Email - info@rationalreminder.ca
Benjamin Felix - www.pwlcapital.com/author/ben...
Benjamin on X - / benjaminwfelix
Benjamin on LinkedIn - / benjaminwfelix
Cameron Passmore - www.pwlcapital.com/profile/ca...
Cameron on X - / cameronpassmore
Cameron on LinkedIn - / cameronpassmore
Mark McGrath on LinkedIn - / markmcgrathcfp
Mark McGrath on X - / markmcgrathcfp
When Should You Start CPP? - • When Should You Start ...
The Canadian Institute of Actuaries (CIA) - www.cia-ica.ca/
Society of Actuaries (SOA) - www.soa.org/
FP Canada - www.fpcanada.ca/
When Should You Start CPP? - • When Should You Start ...
CE Drive with Jason Watt - cedrive.podbean.com/
Episode 137: David Blanchett: Researching Retirement - rationalreminder.ca/podcast/
137
Episode 254: David Blanchett: Regret Optimized Portfolios and Optimal Retirement Income -
rationalreminder.ca/podcast/254
Episode 289 - Retiring Retirement Income Myths with the Retirement Income Dream Team -
rationalreminder.ca/podcast/289
Jason Yi on LinkedIn - / jason-yi-cpa-ca-56544446
Episode 225: The Index Fund "Tipping Point” - rationalreminder.ca/podcast/225
Books From Today’s Episode:
Wealthier - wealthierbook.com/
The Algebra of Wealth - www.amazon.com/Algebra-Wealth...
dp/0593714024
Sleep Well, Take Risks, Squish the Peas - www.amazon.com/Sleep-Well-Tak...
Squish/dp/0757324711/
Papers From Today’s Episode:
‘The CPP Take-Up Decision: Risks and Opportunities’ - www.soa.org/4a223f/
globalassets/assets/files/resources/research-report/2020/2020-cpp-take-up-decision.pdf
‘Get the Most from the Canada & Quebec Pension Plans by Delaying Benefits’ -
www.fpcanadaresearchfoundation.ca/media/5fpda5zw/cpp_qpp-reseach-paper.pdf
‘Financial Advisor Compensation Structure and Client Equity Allocations’ -
www.tandfonline.com/doi/full/10.1080/15427560.2023.2294812 - Навчання та стиль
Too bad most people are not taking advantage of all the valuable information you provide for free here. Your service is much appreciated and I learned a lot from your other episodes as well.
Y'all should do this for US Social Security.
True, but I think the outlook for SS would be much more depressing
I do wish there was more info on taking it early due to many zero years.
Massive thank you for taking the time to address the sibilance issue! Apologies for the spam on those two episodes. And apologies for not providing specific EQ suggestions - not an audio specialist.
Regarding the two different kinds of indexing that affect CPP benefits (the wage growth indexing before retirement, and the CPI indexing after retirement) how does that square with commonly quoted information such as the maximum monthly CPP amount being $1,364.60 in 2024? Is that number relevant for the specific people who pulled the trigger and retired in 2024? Is each annual cohort of CPP retirees working off a different maximum and a different scale, depending on the calendar year in which they retired? And are those numbers easily accessible online?
Great video. Thank you for this info much appreciated!
There is a table in the OSFI actuarial report on the CPP that showed that current CPP benefits will exceed current contributions in the next few years. The shortfall will be made up by earnings generated by the reserve.
I do wish there was more info/math on taking it early to avoid including more zero years.
Did you guys cut the Meir Statman discussion? I was in the middle of watching it when it got removed from the episode :(
They reposted it this morning as its own video!
Great video! Can you guys talk about why the Fed has a fixed 2% inflation target, instead of a more flexible target?
For a futur video, would it be possible to address the volatility risk premium and the viability of including it in a portfolio for a long term investor? Specifically by using shorted volatility indices? Loving the content, I've learnt so much!
how do I learn more about that RESP bit by mark?
What happened to the Meir interview in the middle of the episode?
Prof. Meir Statman: A Wealth of Well-Being | Bonus Episode
ua-cam.com/video/A8QqKPfQFIw/v-deo.html
For certain low-income individuals (I'm talking someone below 19,000 retirement income), wouldn't it make sense to take the CPP as early as possible? The GIS and OAS will make up for less amount of CPP they would be getting if they opted for 60 VS opting for 65.
If I remember correctly, we did talk about this. I agree.
-Ben
I think those are not this channel’s target audience.
YMPE historically outpaced inflation....maybe? what's the time frame? It certainly doesn't feel like the last 10 years that was the case, I would like to see some data on that assumption. Once you take CPP you get inflation increases so 3%, vs 1% wage inflation? However 80 seems a reasonable guess at when CPP delay gets ahead.
I would agree. I did some research on YMPE to understand my DB pension, and based on the StatsCan average weekly earnings tables YMPE is now only outpacing inflation by about 0.5%. Both figures are all over the place in the last four years.
...ugh, who voted for these acronyms! Thankfully the US system is so much clearer... * gulp *. 😉