048 | What Really Happens To CPP When You Retire Early

On episode 48 of Retirement Unpacked, Adam Bornn and Mathieu Huneault discuss how retiring early affects CPP and non-contributory years, what to consider if you have multiple RRSP accounts, why most retirees should consolidate their accounts, when it makes sense to convert your RRSP to a RRIF, and what to do if you took CPP early and realize you made a mistake.Later in the episode, Michael Barichello joins the show to discuss a real case study where the client was set on starting CPP early. He discusses how the goal isn’t to find the “right” CPP decision, but to understand the trade-offs, see how starting at different ages impacts the overall plan, and make an informed decision.Chapters0:00 Intro0:34 Why delay CPP if you already have a pension?3:37 Delaying CPP: Do ages 65 to 70 count as non-contributory years?4:52 How does retiring early affect CPP?7:05 What happens if you have multiple RRSPs?10:42 Should you convert to a RRIF prior to 65?15:36 Retiring with 2 pensions: should I convert my RRSP now?18:36 RRIF withdrawals: Should you put money back into an RRSP?24:54 RRIF vs. non-registered accounts: Understanding the tax differences30:50 Do you need a cashflow wedge if you have a pension?37:22 I made mistake of starting CPP at 60, should I delay OAS?39:57 A real CPP timing case study43:46 Tax implications of converting a property to your principal residence