With "Freedom 55" left in the dust for a growing number of pre-retirees, the debate over when to begin collecting Canada Pension Plan benefits has become more acute.
Should you start early and accept a lower monthly amount? Or wait for the full monty?
Paul Shelestowsky, senior wealth adviser at Meridian Credit Union in Niagara-on-the-Lake, Ont., can see both sides. Psychologically, a lot of people want to start their CPP payments as soon as possible because it's their money, he says. But in the long run you're likely better off waiting. The question is complex and turns on factors including financial need, health, life expectancy and taxes.
Mr. Shelestowsky, a certified financial planner who has been with Meridian for 12 years, joined us to talk about CPP and the best time to take it. The majority of his clients in Ontario's Niagara region are near retirement, or have retired, he says.