If you’re a Canadian living in the United States, deciding when to collect CPP and Social Security can feel complicated. You want income to enjoy retirement today, while protecting your ability to support yourself—and your spouse—later.
You don’t have to start both benefits at the same age. Coordinating their timing creates several possibilities, each with different demands on your savings.
In this video, Bryan Haggard, CFP®, CFA, uses a hypothetical Canadian couple to compare three approaches:
• Starting CPP at 60 and Social Security at 62
• Starting CPP at 60 and delaying Social Security until 70
• Delaying both benefits until 70
The comparison shows annual household benefits, cumulative payments by age 90, and the breakeven ages when delayed benefits catch up with earlier payments.
Bryan also explains why benefit totals alone don’t determine the right strategy. Your available savings, health, survivor income needs, currency exposure, and tax planning all influence how these decisions fit into your retirement.
The illustration uses a fixed exchange rate and excludes taxes, inflation adjustments, investment returns, and survivor benefits. Actual results depend on your circumstances.
Watch the video here:
Build a retirement plan that brings both countries together.
RetireMitten Financial helps Canadians living in the U.S. coordinate their retirement benefits, investments, and cross-border tax considerations. Schedule an introductory meeting to learn about our planning process and how we work with clients:
https://retiremitten.com/schedule-a-meeting/
Disclaimer:
Investment advisory services are offered through RetireMitten Financial Planning, a registered investment adviser. Registration does not imply a certain level of skill or training. This video is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. The views expressed are those of RetireMitten Financial Planning and are subject to change without notice. This video is for educational purposes only and does not constitute personalized investment advice. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. Any testimonials or endorsements appearing in this video were given by individuals who may or may not be clients of the firm. For more information, please refer to our Form ADV and privacy policy available at https://retiremitten.com/.