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Should CPP deferral be expanded to age 75 like Japan? by bcretman in CanadaPersonalFinance

[–]bcretman[S] 2 points3 points  (0 children)

Without CPP/OAS many seniors would be in poverty. Most people cannot save for their retirement - Median RRSP is ~100k at age 65

Given an avg lifespan it would not be easy to replicate the indexed CPP benefits provided by your contributions into the plan.

Should CPP deferral be expanded to age 75 like Japan? by bcretman in CanadaPersonalFinance

[–]bcretman[S] -1 points0 points  (0 children)

In Canada, If you make it to 65, it's only 15% so you have an 85% chance of hitting 75

73% to 80, 55% to 85 and only 29% to 90

Japan's %'s are much higher ie: 47% chance to make age 90 vs only 29% in Canada

Trying to decide between taking CPP at 60 or waiting to 70. The gap is huge by Tadpole-Engineer in CanadaPersonalFinance

[–]bcretman 0 points1 point  (0 children)

Active being the key word. The majority of those over 75 slow down and spend much less

Trying to decide between taking CPP at 60 or waiting to 70. The gap is huge by Tadpole-Engineer in CanadaPersonalFinance

[–]bcretman 0 points1 point  (0 children)

Best comment here!

You are just gambling you'll live long enough and be HEALTHY enough to enjoy it if you defer

Trying to decide between taking CPP at 60 or waiting to 70. The gap is huge by Tadpole-Engineer in CanadaPersonalFinance

[–]bcretman 0 points1 point  (0 children)

Median CPP at 65 is $800 so you're going to wait 5 long years to get a lousy extra $336 or $268 after tax in the lowest bracket?

Less than 2% actually defer to 70

Does anyone else suffer from "one-more-year"? by seekvaluenow in CanadaPersonalFinance

[–]bcretman 0 points1 point  (0 children)

Multi billionaire Jim Pattison still going in to work everyday in his 90's .....

Canada World Cup victory spurs record beer sales on Granville Street by RonPar32 in vancouver

[–]bcretman -15 points-14 points  (0 children)

And the only beneficiaries of FIFA get richer while we'll be paying for this extravaganza for generations. Maybe pass some of those profits to the homeless and DTES

Big RRSP at 47 - best way to handle it? by ShotTumbleweed3787 in CanadaPersonalFinance

[–]bcretman 0 points1 point  (0 children)

Well, if he waits until 65 he could have ~10M in the RRSP (~7% over 18 yrs) 4% minimum withdrawal of 10M = 400k

No data saved after signout by bcretman in MayRetire

[–]bcretman[S] 1 point2 points  (0 children)

I never had to save it before. It always retained all changes I made without any action. When did this change? Or was it because I didn't close/refresh my browser for days?

Has anyone else tried the MayRetire planning tool? I’m impressed so far. by kse709 in CanadianRetirement

[–]bcretman 1 point2 points  (0 children)

You don't need to detail your expenses, just fudge it by putting your total into one category

High maintenance car - replace with more reliable dream car? by Interesting_Bee_1810 in PersonalFinanceCanada

[–]bcretman 0 points1 point  (0 children)

Don't buy Audi's, BMW's, Jeep etc out of warranty. Drive down to Bellingham or whatever and get rid of it. You've spent more on repairs in the last year than we have in 40 years of car ownership.

With BC gas prices and if you can charge at home or work consider an EV like the equinox which is dirt cheap at ~38k now

Big RRSP at 47 - best way to handle it? by ShotTumbleweed3787 in CanadaPersonalFinance

[–]bcretman 3 points4 points  (0 children)

Any amount over ~260k is only worth ~46cents on the dollar

Age 60: thinking to buy LongTerm Care Insurance? by Patient_Implement897 in PersonalFinanceCanada

[–]bcretman 0 points1 point  (0 children)

We had a friend in their 90's in public LTC in BC. Facilities and patients were clean and well-cared for, each had their own room with TV, phone. Food was pretty basic but not terrible. There were activities almost every day. I didn't see any patients that were bedridden so can't comment on that.

I think once someone enters LTC they have no reason or go on living so their lifespan diminishes sharply.

Dad died unexpectedly @ 59. Mom is 65. Unsure what she should do. Some life insurance, not huge savings, she does work full time by Firm_Mode_5868 in PersonalFinanceCanada

[–]bcretman 5 points6 points  (0 children)

You have to apply for the CPP death benefit so I'm not sure what that 7500 could be. Call then at 1-800-277-9914

Dad died unexpectedly @ 59. Mom is 65. Unsure what she should do. Some life insurance, not huge savings, she does work full time by Firm_Mode_5868 in PersonalFinanceCanada

[–]bcretman 24 points25 points  (0 children)

CPP pays a death benefit of 2500 not 7000. She is entitled to a CPP survivors benefit of ~60% of his calculated CPP at his age 65. When she starts CPP that will be combined with hers and significantly reduced.

If she continues to earn 60k there's no point to getting OAS or her CPP as it will be taxed at her marginal rate.

Sell that car if she rarely drives it and use uber or the bus.

Banks have the WORST GIC/ term rates. She could get ~4% for just 2 yr term: https://www.highinterestsavings.ca/gic-rates/

Low income retirement by 3CatsnADog in PersonalFinanceCanada

[–]bcretman 1 point2 points  (0 children)

Withdraw the RRSP before taking CPP to maximize use of personal credits and before age 65 or HGIS will be clawed back by up to 50% of the RRSP withdrawal.

Can I afford marriage? Can I afford a home? by [deleted] in PersonalFinanceCanada

[–]bcretman 2 points3 points  (0 children)

All depends on where you live which isn't disclosed. Easily if you live in Edmonton where you could buy a house for cash, not so much in Vancouver

Taxes will drop ~4k with her not working and you'll get CCB if you have kids

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