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Benefits paid to retirees are an overlooked example of how employers are backpedalling like mad from the commitment they once had to help their workers pay for retirement. (Getty Images/iStockphoto)
Benefits paid to retirees are an overlooked example of how employers are backpedalling like mad from the commitment they once had to help their workers pay for retirement. (Getty Images/iStockphoto)

Carrick on money

Real life examples of when to take CPP early Add to ...

If you’re looking ahead to retirement, one of the top questions you’ll want to answer is when to start receiving your Canada Pension Plan benefits. Age 65 is when a full CPP benefit is available, but you can also receive a reduced benefit at 60 and an increase benefit if you delay until as late as age 70.

As far as I can tell, there’s a lot more interest in receiving benefits early than there is in waiting past age 65 to receive a larger benefit. That’s why I’m including this article using real life examples to help people see if taking benefits early makes sense. Here's some more commentary on taking CPP early.

Now for an argument – a persuasive one – to delay receiving not only CPP, but also Old Age Security. The larger payments could have a big impact on your living standard.

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Tipping away their financial future
Millennials are big on dining out. This chart shows the cost in terms of the tips they leave at restaurants.

If you love rules, condo living is for you
Pets and seniors meeting their friends in the lobby of their condo are covered in this eye-opening Q&A with a condo law expert.

Before you buy any new stuff…
A financial planner writes about how he and his wife are screening new purchases to make sure they’re worthwhile. It’s all part of a plan to de-clutter their house. They’re removing stuff from their home, of course, but they also want to be careful about what they bring in.

Easier kitchen clean-ups
Eight ideas for solving kitchen clean-up challenges using stuff everyone has around the house.

15 cities where your Canadian dollars go farthest
A travel website selects global travel destinations based on favourable foreign exchange rates, low airfares and the cost of living. Here’s another travel website’s list of the best cities in the world outside the United States. Quite a few Canadian cities make the list.

Today’s featured financial tool
Need help managing your debt reduction and savings goals? Here’s a calculator from the federal Financial Consumer Agency of Canada that may help.

Ask Rob
The question: “Should a restaurant tip be calculated on the total bill or the total bill less tax? Should the same calculation apply when a significant portion of the bill is wine related?”

My reply: “My wife has convinced me that a flat 20 per cent tip on the entire meal bill is the way to go when we’ve had good service. It’s recognition that waiters and waitresses work hard and deserve to make a decent living. Not sure what tipping experts say, but that’s what we do.”

Do you have a question for me? Send it my way. Sorry I can’t answer every one personally. Questions and answers are edited for length.

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Also on The Globe and Mail

Should I delay starting my CPP and OAS benefits? (The Globe and Mail)

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