Canada Pension Plan

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Canada Pension Plan


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Old 29th March 2012, 04:38 PM
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What can I expect from the CPP as a realistic dollar amount taking it 3 years early? Alan

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Old 29th March 2012, 04:45 PM
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It depends on level of and years of contributions. You can calculate the amount at the CPP website.

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Old 30th March 2012, 03:30 AM
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About $475 a month clear. Assuming you worked a full career

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Old 30th March 2012, 04:30 AM
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You would have to made the maximum contributions for at least 20years , most people when entering in the workforce never attain the max level, so it stands to reason for many it takes longer than 20yrs to be at max..

BTW 'retirement age' went up in todays budget.. Those born before 1957 (or age55 this year) it stays the same at 65 for those after it's up to 67.. the baby boomers in between 50 -55 I think they are talking a compromise!!

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Old 30th March 2012, 10:38 AM
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Quote:
Originally Posted by telcoman View Post
About $475 a month clear. Assuming you worked a full career
I don't think this is quite correct. Before any possible tax mine is $856 p/m and that's taking it early.

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Old 30th March 2012, 11:54 AM
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Originally Posted by Auld Yin View Post
I don't think this is quite correct. Before any possible tax mine is $856 p/m and that's taking it early.
I am in the process of getting my social security # removed from the dormant flag status to get onto the CPP website. Thank you everyone.

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Old 30th March 2012, 12:35 PM
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As far as I am aware (but I am not a specialsit at all, far away from retirement), your pension can have a couple of components. And you have to check if you in your specific situation will qualify, or for how much you can qualify):
1) Canada Pension Plan (CPP)
$986.67/month
2) Old Age Security (OAS)
= starting at age 65 (or in the future at age 67)
- when you have lived at least 10 years as a resident in Canada
- about $540/month
3) Guaranteed Income Supplement
= for lower incomes. They also take your foreign pension into account for this one, so big pension from abroad = no GIS
This is about $600 to 850 /year, depending on your status as single or couple
4) RRSP
=the money that you have saved yourself
5) A private pension from your employer (here in Canada or from your home country)

And what they told me during a tax information session, based on how it was up till now, with retirement at 65:
- retire at age 60 = -33% less pension
- retire at age 70 = + 42% more pension
(I think this the percentage of your CPP?)

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Old 31st March 2012, 02:33 PM
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Originally Posted by EVHB View Post
As far as I am aware (but I am not a specialsit at all, far away from retirement), your pension can have a couple of components. And you have to check if you in your specific situation will qualify, or for how much you can qualify):
1) Canada Pension Plan (CPP)
$986.67/month
2) Old Age Security (OAS)
= starting at age 65 (or in the future at age 67)
- when you have lived at least 10 years as a resident in Canada
- about $540/month
3) Guaranteed Income Supplement
= for lower incomes. They also take your foreign pension into account for this one, so big pension from abroad = no GIS
This is about $600 to 850 /year, depending on your status as single or couple
4) RRSP
=the money that you have saved yourself
5) A private pension from your employer (here in Canada or from your home country)

And what they told me during a tax information session, based on how it was up till now, with retirement at 65:
- retire at age 60 = -33% less pension
- retire at age 70 = + 42% more pension
(I think this the percentage of your CPP?)
Thank you. Sounds good so far.

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Old 31st March 2012, 03:14 PM
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Don't forget: most of us don't get all of that!
In my native language, there's an expression that goes like "don't number yourself rich". There's probably a proper English expression for something like that too. ;-)

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Old 31st March 2012, 03:34 PM
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Quote:
Originally Posted by EVHB View Post
Don't forget: most of us don't get all of that!
In my native language, there's an expression that goes like "don't number yourself rich". There's probably a proper English expression for something like that too. ;-)
I would not expect much as I have immigrated to the USA and will collect SSI here and they calculate any and all foreign governments pensions into the equation.

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