Hi Chad. I have a question about CPP. I know that they won't count 8 years of non contributory years. So if I retired at 57, I should be okay from my understanding. If I retire at 56, I would get dinged for that one year of not contributing. My question is: Would I get dinged if I retire at 57 BUT delay my CPP to age 66 or later?
I think you mean OAS since CPP doesn’t work like that…. For OAS, you will still get dinged for having 1 less contributory year, but you will still get the added benefit of delaying your OAS for 12 months.
There is an awesome calculator that can help shed light on that, you can enter which years you made what income and can experiment with different stopping years. I’m on holidays today but I’ll send that link when I’m back
I wish there was someone as smart as you that could advise me in my town.
I’m virtual only, so I’m in all towns 😀
@ChadWiebeK4 and I'm quite sure that you get asked for free advice, ad nauseum. Your time is very valuable.
Very informative!!!
Glad you think so!
I can never understand why the likes on a video are not closer to the number of views. 🤷
Me neither haha but thanks for the all the likes 😀
Hi Chad. I have a question about CPP. I know that they won't count 8 years of non contributory years. So if I retired at 57, I should be okay from my understanding. If I retire at 56, I would get dinged for that one year of not contributing. My question is: Would I get dinged if I retire at 57 BUT delay my CPP to age 66 or later?
I think you mean OAS since CPP doesn’t work like that….
For OAS, you will still get dinged for having 1 less contributory year, but you will still get the added benefit of delaying your OAS for 12 months.
There is an awesome calculator that can help shed light on that, you can enter which years you made what income and can experiment with different stopping years. I’m on holidays today but I’ll send that link when I’m back