Money Feels

34: CPP and Your Retirement

Aug 24, 2023

This podcast discusses the Canada Pension Plan (CPP) and demystifies misconceptions about it. Topics include: how CPP works, who gets it, calculating benefits, concerns about running out, self-employment, having a pension, and when to start taking out CPP.

41:31

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Quick takeaways

Contributing to CPP is essential as it provides a supplementary income in retirement based on contributions made.

Delaying the start of CPP can result in higher monthly payouts, maximizing the benefits received.

Deep dives

Overview of CPP and Retirement Anxiety

The podcast episode explores the Canada Pension Plan (CPP) and addresses the anxiety many people have about retirement. It emphasizes that CPP is a secure retirement plan that provides a monthly taxable benefit to replace part of your income when you retire. The hosts aim to calm listeners' worries and highlight the importance of understanding how CPP works.

Introduction

4min

Understanding the Canada Pension Plan

12min

Differences Between Canadian and American Social Security Systems

15min

Retirement Savings Strategies and Asking Questions

2min

Understanding Pensions and the Importance of CPP for Retirement Planning

5min

Transparency, Value, and Returns of CPP Investments

2min

The Importance of the Canadian Pension Plan (CPP) for Retirement

3min

Today we're discussing the Canada Pension Plan (CPP) and demystifying some common misconceptions about the funds. So, on that note, time to enjoy another episode of Money Feels! We're your hosts, Alyssa and Bridget. Welcome to the podcast, where we talk through our money trauma and create a better understanding of building a healthy relationship with finance.

In today's episode, we discuss the following:

An overview of what CPP is and why it exists
How does it work? Who gets it?
How are benefits calculated?
Is CPP going to run out? Why is this a thing people say?
The political landscape and CPP
Is CPP worth it if you’re self-employed?
What if you have a pension?
When in retirement, should you start taking out your CPP?

Thanks for listening to today's episode! If you want to keep listening, we've now launched our Patreon! You can subscribe for bonus episodes and extra content from your hosts. Thank you for listening to today's episode! Join us next week for a new one. Until then, follow us on Instagram @mixedupmoney, @bridgiecasey and @moneyfeelspodcast, and we’ll see you next time!

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Money Feels

34: CPP and Your Retirement

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Overview of CPP and Retirement Anxiety

Benefits and Contributions of CPP

Maximizing CPP and Considerations for Self-Employed Individuals

Dispelling Myths and Reassurances about CPP

Remember Everything You Learn from Podcasts