Who died before they collected Canadian Pension Plan? (CPP)

[JLM]

!
Our retired seniors living on a 'fixed income' (CPP and OAS) receive no additional federal aid nor do they get any financial breaks,.

That isn't quite correct, Cliffy. I looked into it on my sister's behalf as she feels she still has to work at age 71. If your sole source of income is the C.P.P. and the O.A.P. you qualify for the supplement..............you'll never get rich on it, but I think the worst cases can get up to about $800 a month.

 

[DaSleeper]

He's on disability CPP which may even be a little higher than we get unless he's getting OAS too...
65 is when disability CPP takes a drop...

 

[Walter]

That'll be the day when actuaries don't count the people who are going to die.

 

[Curious Cdn]

That'll be the day when actuaries don't count the people who are going to die.

That's how life insurance works. You bet that you're going to die and the Actuaries bet thst you're going to live (for a time, anyway).

 

[JLM]

He's on disability CPP which may even be a little higher than we get unless he's getting OAS too...
65 is when disability CPP takes a drop...

I would guess Cliffy is getting the same as what others in his category are getting so I don't quite see why what he is getting should be of concern to anybody.

 

[DaSleeper]

I would guess Cliffy is getting the same as what others in his category are getting so I don't quite see why what he is getting should be of concern to anybody.

He's the one who wrote the bullshyte O.P.

Why should we let him get away with it??

 

[Ludlow]

How much is social security in the U.S. ?

Depends on what you paid in JLM. If you claim early at 62 there is a substantial penalty.

It's not much regardless

 

[PoliticalNick]

So if you are married when you die your spouse gets survivor benefits for the rest of their lives. It's about $600/mo if the survivor is under 65, $650/mo if they are over 65

Children under 25 can claim a survivor benefit up to age 25. It is about $250/mo per child.

There is also a 1 time payment of a death benefit of $2500.

So you do actually get something out of it if you die before you are able to collect for yourself.

I have a bigger issue with the recent change by the PC government where if you have other pensions and retirement income in excess of $75,000/yr you do not receive any CPP or OAS. While I understand the theory that you don't need the income I recognize that it is a pension plan you have paid into therefore should be able to claim your benefit from it. I have an idea that sooner or later someone will challenge this new policy and it will have to be repealed.

 

[10larry]

•Did you spend $8 million marketing the ORPP even though it didn’t exist? That sounds so crazy it can’t be true.
Sad but true promotion of a pension plan that never was.
I'm not a kevin fan however his assessment of Mcwynnes' financial wizardy is bang on, tossing taxpayer money around like rice at a wedding is a habit libs simply can't cure themselves of.

Open letter to Ontario Premier Kathleen Wynne, Part 2 | O'Leary | Ontario | News

 

[Cliffy]

I would guess Cliffy is getting the same as what others in his category are getting so I don't quite see why what he is getting should be of concern to anybody.

I'm 70 years old. When you reach 65, provincial government disability is cut off. Never figured out how you are suddenly no longer disabled when you turn 65, but somehow they think that way. Because I was disabled and unable to hold a job, my CPP is a pittance.

 

[JLM]

I'm 70 years old. When you reach 65, provincial government disability is cut off. Never figured out how you are suddenly no longer disabled when you turn 65, but somehow they think that way. Because I was disabled and unable to hold a job, my CPP is a pittance.

Not hard to figure out, Cliffy, they figure because you are disabled and have the O.A.P. you don't need much just to languish in bed. No need for shoes, street clothes & basically you can live on broth and custard. Don't expect much from Justin, his "plate is full" feed and housing Syrians!

Depends on what you paid in JLM. If you claim early at 62 there is a substantial penalty.

It's not much regardless

In Canada you can elect to start taking it at any age from 60 - 70. It's a sliding scale where 65 is the base. I started taking it at 60 (a bird in the hand is worth two in the bush) If you don't need it at 60 it still makes sense to take it as with good investments you'll probably have as much or more at age 65 as you would otherwise.

 

[JamesBondo]

I'm 70 years old. When you reach 65, provincial government disability is cut off. Never figured out how you are suddenly no longer disabled when you turn 65, but somehow they think that way. Because I was disabled and unable to hold a job, my CPP is a pittance.

Other than the last 50 to 150 years, it would have been rock solid advice for someone to tell you 'buddy, you have to have a plan,you can't rely on the government or charity'.

I don't know if it was the CBC or the leftard dreamers in this country, but someone sure sold us on a bunch of bulls hit beliefs that we were the chosen ones and that someone was going to take care of us if we don't plan for ourselves.

God help us if there is some apocalyptic event. We're all f*cked

 

[DaSleeper]

In Canada you can elect to start taking it at any age from 60 - 70. It's a sliding scale where 65 is the base. I started taking it at 60 (a bird in the hand is worth two in the bush) If you don't need it at 60 it still makes sense to take it as with good investments you'll probably have as much or more at age 65 as you would otherwise.

On that sliding scale, we figured out when I retired, the break even point is 77 years old
If you expect to live past 77 You get more money starting to collect at 65.

 

[10larry]

So if you are married when you die your spouse gets survivor benefits for the rest of their lives
Unless things have changed once cpp is rec'd survivor benefit ceases, my late wife died at 56 and I rec'd the benefit til I hit 65 then it came to an abrupt halt. CPP is a really good plan if only gov were savvy money managers, the lure of unspent cash is just too much for their sticky fingers to resist. Any idea that gov operates above board remains in the domain of brain dead optimists.

 

[petros]

I'm 70 years old. When you reach 65, provincial government disability is cut off. Never figured out how you are suddenly no longer disabled when you turn 65, but somehow they think that way. Because I was disabled and unable to hold a job, my CPP is a pittance.

You are on OAS not CPP. CPP is for people who worked and paid into it not scumbags who work under the table while collecting welfare.

Your "f-ck the man" attitude put you in this boat. Not Govt but you.

You blew it. You have no room to complain.

 

[JLM]

On that sliding scale, we figured out when I retired, the break even point is 77 years old
If you expect to live past 77 You get more money starting to collect at 65.

Sounds right. Is that taking into account investments you might make taking the pension earlier?

 

[petros]

So if you are married when you die your spouse gets survivor benefits for the rest of their lives
Unless things have changed once cpp is rec'd survivor benefit ceases, my late wife died at 56 and I rec'd the benefit til I hit 65 then it came to an abrupt halt. CPP is a really good plan if only gov were savvy money managers, the lure of unspent cash is just too much for their sticky fingers to resist. Any idea that gov operates above board remains in the domain of brain dead optimists.

CPP is only collected and distributed by the Feds. They don't have access to any of the money or investments.

It is one of the best managed investment funds on the planet.

If you want to hedge your bets, invest in what they do. They are making money hand over fist since becoming independently run by the CPP Investment Board.

Every penny of the fund is accounted for and fully open to public scrutiny.

Here is every CPP Investment, the number of shares, value of shares as of last quarter:

https://www.sec.gov/Archives/edgar/data/1283718/000114420416118231/xslForm13F_X01/infotable.xml

More on CPP Investment Board: Who We Are | CPPIB | Canada Pension Plan Investment Board

 

[tay]

This fall, Canada’s Parliament will debate a proposal to expand the Canada Pension Plan (CPP). And over at the Behind the Numbers web site, I’m co-author of a blog post titled “Ten things to know about the CPP debate.” The blog post’s other co-authors are Allan Moscovitch and Richard Lochead.


Points raised in the blog post include the following:


-CPP covers a smaller percentage of a retired person’s income than similar schemes in most OECD countries.
-CPP helps reduce poverty in Canada, but it doesn’t provide any of its beneficiaries with sufficient retirement income.
-CPP’s former Chief Actuary has proposed an expanded CPP scheme that would almost eliminate the need for private pension schemes in Canada. This proposal has been virtually ignored by most of Canada’s elected officials and journalists


The link to our full blog post is here.

 

[taxslave]

This fall, Canada’s Parliament will debate a proposal to expand the Canada Pension Plan (CPP). And over at the Behind the Numbers web site, I’m co-author of a blog post titled “Ten things to know about the CPP debate.” The blog post’s other co-authors are Allan Moscovitch and Richard Lochead.


Points raised in the blog post include the following:


-CPP covers a smaller percentage of a retired person’s income than similar schemes in most OECD countries.
-CPP helps reduce poverty in Canada, but it doesn’t provide any of its beneficiaries with sufficient retirement income.
-CPP’s former Chief Actuary has proposed an expanded CPP scheme that would almost eliminate the need for private pension schemes in Canada. This proposal has been virtually ignored by most of Canada’s elected officials and journalists


The link to our full blog post is here.

Hopefully they keep ignoring expansion too. Bureaucrats are always looking for ways to rise taxes and generate additional bureaucratic jobs. Normal people have RRSPs,savings and union or company pension plans.
Couldn't look after your own retirement because yoou were too busy squandering your money? Sucks to be you.

 

[tay]

That isn't quite correct, Cliffy. I looked into it on my sister's behalf as she feels she still has to work at age 71. If your sole source of income is the C.P.P. and the O.A.P. you qualify for the supplement..............you'll never get rich on it, but I think the worst cases can get up to about $800 a month.

Internal evaluations of the Canada Pension Plan show the retirement system is poorly understood by most of the public.


QUICK FACTS ABOUT CPP
1. The retirement pension is currently designed to replace one-quarter of the earnings on which a person's contributions were based. That changes starting in 2019, when the income replacement rate begins increasing towards one-third of earnings, but the full effect of the change in benefits and contributions won't be felt for another 40 years.
2. Disability benefits are paid to people who are disabled and cannot work at any job on a regular basis.
3. Survivor benefits are paid to a surviving spouse, estate, or dependent children. People receiving survivor and retirement benefits get them blended into one payment that's usually lower than the combined value.
4. A maximum $2,500 death benefit can be made to an estate, surviving spouse or next-of-kin.
5.The value of the retirement benefit changes depending on when you take it: The benefit amount is adjusted downward for each month you took the benefit before age 65. There is an opposite effect if you wait take the benefit after age 65.
6. The program has several provisions designed to compensate for periods when someone wasn't earning much or anything at all.
7. Couples can voluntarily share their CPP retirement pension. Alternatively, separated or divorced couples can equally divide their CPP contributions, even if they remarried.
8. The post-retirement benefit allows Canadians who work while collecting a pension to continue to contribute to CPP and increase their benefits over time. The benefit is payable for life and increases with the cost of living.


https://www.thestar.com/news/canada...poor-understanding-of-cpp-reports-reveal.html