First @ Cash Cow Couple, Vanessa featured questions and answers from a bunch of talented and accomplished women in Woman Crush Wednesday (follow hashtag #WCW) and I was delighted to be part of it. This is a one stop shop for some fantastic career advice and you don’t want to miss this!
Did you know Mr. Canadian Budget Binder has a newborn? While they’re adjusting to their new (lack of) sleep schedule due to bundle of joy baby CBB, he’s been featuring some great guest posts on his site. Today I will go through our decision making process on whether The Irishman should apply for his Canada Pension Plan early, as in now.
Canada Pension Plan Dilemma
My husband just turned 62 and we’ve been in a quandary about whether he should take his Canadian Pension Plan (CPP) early (before 65) with penalty or not. We’re both still working and plan to be for the next 4 years while we pay off a whack of debt. Because of penalties introduced in 2012, the amount you receive if you take early CPP is less than before this legislation was introduced. Let me try to walk through the peculiarities of our situation and how we reached our final decision.