Take it — Greater Fool – Authored by Garth Turner

Great article by Garth Turner on his Greater Fool blog. Why almost all people should elect to take their Canada Pension Plan (CPP) at age 60, even if they don’t ‘need’ it. Here’s the gist:

CPP [for folks who don’t ‘need’ it] is play money. A few hundred a month to go and enjoy – which is a helluva lot easier when you’re 62 than 80. Additionally, given the fact T2 has grown permanent deficits and the national debt’s exploding, it’s not beyond the realm of possibility that CPP benefits (like OAS) will be corralled in the future. Why incur any political risk?

Finally, if you need the cash flow at age 60, then take it. No debate there. If your family history sucks and relatives have routinely fallen over in the sixties, take it.

Overall, you must have a powerful reason, and confidence your life will be long and healthy, not to grab the cash early. Of course if you feel you’ve paid too little in taxes, and are guilty about it, delay your CPP.

Yeah, thought so.

Source: Take it — Greater Fool – Authored by Garth Turner – The Troubled Future of Real Estate

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