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A retirement crossroads
Canadians on the cusp of retirement often struggle with one question above all others: when should they officially start living off their savings?
Many choose to retire on schedule, at 65, drawing income from a mix of their Registered Retirement Savings Plan (RRSP), Canada Pension Plan (CPP) and Old Age Security (OAS). What they may not realize, however, is their contributions will continue growing between the ages of 65 and 70 – if left untouched.
Waiting to access these assets has clear financial upsides: Canadians who delay collecting their CPP can see payments rise by 0.7% per month after the age of 65, up to a maximum of 42%.