Personal Finance

Retire at 40, how much CPP will I get?

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  • Aug 31st, 2021 6:08 pm
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Feb 4, 2010
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will888 wrote: It's actually calculated by month, not year but it's the same thing different by a factor of 12. Set up a services Canada online account and you will find all your contribution information there. Or you can call them and they can mail you the information.

On the question of when to commence CPP, I will start at age 65, but closer to the date, I will re-evaluate.
Thanks - it seems like for the past couple years every time I try to access my Services Canada account there's some type of technical problem that forces me to have to call in to get an access code - it's very frustrating. No sense in having a secure account if can never be accessed by the account holder.
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May 9, 2013
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Lower mainland BC
hierophant wrote: Thanks - it seems like for the past couple years every time I try to access my Services Canada account there's some type of technical problem that forces me to have to call in to get an access code - it's very frustrating. No sense in having a secure account if can never be accessed by the account holder.
This calculator is fairly accurate. Just download your earnings from service canada and paste into the income column
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Dec 11, 2005
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Maybe it is a troll thread or not, but I certainly do wish there were more calculators and resources available for people who plan on retiring early.

I have ZERO plan to work until 65.

Like, I have no clue when I started working enough to contribute to CPP and I can't see it in CRA My Account.
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Dec 12, 2009
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brunes wrote: Maybe it is a troll thread or not, but I certainly do wish there were more calculators and resources available for people who plan on retiring early.

I have ZERO plan to work until 65.

Like, I have no clue when I started working enough to contribute to CPP and I can't see it in CRA My Account.
It is not in the CRA account. It is in the Services Canada account. I think both accounts used to be accessible via single login but after the data breach, it is separate login. As for information on retirement, this is definitely an underserved area. The financial services community is focused on attracting clients and having their investment portfolio grow, not shrink.
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Dec 11, 2005
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will888 wrote: As for information on retirement, this is definitely an underserved area. The financial services community is focused on attracting clients and having their investment portfolio grow, not shrink.
I know, it is desperately underserved, but an untapped market. The FIRE movement has a lot of legs and is still attracting people every year.

The whole idea of working yourself to the bone, until you're too old to actually enjoy life, is no longer appealing to this generation. People want to retire much earlier, with the full understanding that they will do part-time work or consulting to make up for any slack
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
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Dec 12, 2009
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brunes wrote: I know, it is desperately underserved, but an untapped market. The FIRE movement has a lot of legs and is still attracting people every year.

The whole idea of working yourself to the bone, until you're too old to actually enjoy life, is no longer appealing to this generation. People want to retire much earlier, with the full understanding that they will do part-time work or consulting to make up for any slack
The work life balance has definitely shifted over to life first and as little work as necessary to support life. Back in the day it was pretty much work and work some more. Quite the dichotomy.
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Dec 27, 2009
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will888 wrote: It is not in the CRA account. It is in the Services Canada account. I think both accounts used to be accessible via single login but after the data breach, it is separate login. As for information on retirement, this is definitely an underserved area. The financial services community is focused on attracting clients and having their investment portfolio grow, not shrink.
I think it has always been a separate login. That is how I remember it from years ago.
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Feb 4, 2010
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martik818 wrote: This calculator is fairly accurate. Just download your earnings from service canada and paste into the income column
Glad to hear - look forward to trying when I can finally access my account. I have to wait a week before I can try to login again because I used my bank to login, but they required that I update my profile (BTW is it normal for a bank to randomly ask you to verify your employment?) - what they don't tell you is that when you update your profile (even though they force you to) they lock your account for 7 days - ergo you can't access Services Canada website. Insane. At least communicate that instead of a lame message saying they can't access your account.
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Aug 27, 2021
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MARKTAMU wrote: I started working in Canada and contributing to CPP in 2014 when I was 28, I am planning to retire in 2025 and by that time I will have a decent 11 years of working. My salary has been around 100,000/year for the past few years, and I expect it to continue to be around that. I heard pension in Canada is great and most of people retire between 45-55.

Should I expect $250 per month starting 2026? I am in Ontario.

Thanks.
lol most cant even start to put money aside here in canada before their 50th and many many work way beyond 65
so no, the pension is not great and you should not just count on what you get from the government
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Jun 24, 2015
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Chickinvic wrote: I think it has always been a separate login. That is how I remember it from years ago.
I used to be able to login to MSCA (My Service Canada Account) via my CRA account. there was a direct link on the right side once i was already logged in to MYCRA which took me to MCSA. but after the big data breach it stopped working and just gives an error, now everyone needs to create a MCSA account to access the MCSA data and cant link thru no more. bummer
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May 3, 2008
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For someone aiming to retire at age 45-50, the question being asked is a dumb question.
Some who has the means and wisdom to actually retire at that age would have easily figured out all the math without coming on here.

Service Canada CPP estimate is based on working and contributing to the date specified in their table. It does not have the ability to give u the real scenario such as stop contributing at 50, but wait till 65 to collect.

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