Claiming CPP Later Could Be a Smart Move for Canadians [Yahoo! Finance Canada]
Enbridge Inc (ENB)
Last enbridge inc earnings: 2/14 07:00 am
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Source: Yahoo! Finance Canada
Do Canadians take the Canada Pension Plan (CPP) early? Data from Statistics Canada show almost 40% of CPP users start payments at 60, not at the standard age of 65. Those who claim their pensions at the earliest possible time usually have immediate financial needs, health problems, or expect shortened life expectancy. Smart move The early take-up hurts the pocket because payments reduce by 0.6% per month before 65 or 7.2% per year. If you start at 60, the permanent decrease is 36%. Thus, instead of receiving the average monthly pension of $831.92, the payout drops to $546.05. Moreover, the reduction is permanent. On the other hand, people without the issues mentioned above could claim later. Inversely, CPP users can start payments late or past age 65. It's smart if you do because a financial award awaits at 66, 67, 68, 69 or 70. The incentive is a 0.7% monthly increase after 65 or 8.4% annually. At age 70, the monthly pension becomes $1,181.33 because of the 42% permanent incre
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ENB
Earnings
- 11/1/24 - Beat
ENB
Sec Filings
- 11/8/24 - Form SC
- 11/1/24 - Form 10-Q
- 11/1/24 - Form 8-K
- ENB's page on the SEC website