What is CPP? | 2024 Canada Pension Plan Explained
0:39
YouTubeBecker Orr Wealth Management
What is CPP? | 2024 Canada Pension Plan Explained
What is CPP? All Canadians have plans for retirement with different scenarios. The 2024 Canada pension plan explained. You can reach out to the minimum and maximum age to take CPP. Also, we share the minimum and maximum numbers to take CPP contributions. Clinton and Kevin are with Becker Orr Wealth Management and Portfolio Managers with ...
2.4K viewsJan 28, 2024
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🇨🇦 Did You Know? Taking CPP at 60 could cut your payout by up to 36%. That means locking it in early might cost you hundreds every single month — for the rest of your retirement. Let’s do the math: 🏠 Average rent for a 1-bedroom in Canada: ~$1,500/month 🛒 Groceries for a couple: ~$800/month 📞 Utilities, insurance & other bills: $400 Even if you’re collecting both CPP and OAS, that’s barely enough to get by — and if one of you passes away, your income could drop by 40% overnight. 💔 That’s w
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🍁Retirees: After working hard your entire life, what happens when your savings run out but the bills keep coming? The average CPP payment is only $850/month — nowhere near enough to cover today’s mortgage, groceries, and bills. And here’s the truth: 75% of Canadians aged 55–64 have less than $100,000 saved for retirement. That’s why more Canadians are turning to life insurance — to protect their family’s future when savings and CPP simply aren’t enough. 🍁 Here’s what you can lock in today: ✅ U
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