Just over half of Quebecers take out their public pension as soon as they qualify, at age 60. By contrast, only 30 per cent of Canadians outside Quebec do. Many factors explain this phenomenon but one thing is clear: Canadians need to get smarter about when to start their public pension in order to prosper financially in retirement or they risk leaving too much money on the table.
In the face of rising longevity and eroding private pensions, it is increasingly vital for Canadians to maximize their retirement income while addressing the financial risks associated with living longer. The age at which a person decides to take up their Quebec Pension Plan (QPP) or Canada Pension Plan (CPP) benefits should be a major factor in planning for retirement.
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