The hand & the heart

So a 90-year-old British babe is Patient Zero as the great vax begins. Nice. She has more balls than a good chunk of this blog’s steerage section.

But let’s talk about being a wrinklie, instead of our fav pathogen. People getting older (100% of us) in a world where a pandemic can change everything in a few months, where interest rates are close to zero and ‘safe’ investment pay absolutely diddly, face new challenges. It used to be a 60-year-old would have 60% of his/her assets in bonds. At seventy, that became 70%. After all, bond and GIC returns were decent, more than inflation, and the interest was enough to live on.

Well, forget that.

Today a long bond pays half a per cent and GICs are no option. The best portfolio for people in retirement turns out to be the same one as for those still working – an exposure to equity or growth assets of about 60%, with a big chunk of the fixed-income stuff being high-dividend preferreds. In a low-rate world we all need growth, then we need income. The biggest risk has not changed. That’s running out of money, not losing it.

Now, this brings us naturally to the Numero Uno question financial dudes are ever asked: should I take my public pension early or later?

A new study on this was released Tuesday. Like every other one in the past, it reached this conclusion: “Delaying Canada and Quebec Pension Plans benefits for as long as possible is the safest and most inexpensive approach to get more secure, worry-free pension income that lasts for life and keeps up with inflation.”

Ah, but here’s the rub. Almost nobody waits until CPP maxes out at age 70. On average 41% grab the money when it’s first offered at age 60 and another 30% sign on at 65. Merely 1% of Canadians hold out until seventy candles.

So, another example of widespread financial illiteracy and social stupidity?

The pros think so. They consistently point out that waiting to collect the government cash means more income for life, because payments increase with each year delayed, plus the plan is inflation-indexed. The experts point out we’re living longer, need more income to finance those extra years, and live at a time when safe assets pay nothing and there are fewer adult children around to look after the old snorts.

In fact financial planners say there are only three reasons a sane person would collect early: You need the money to eat and pay the bills since you’re otherwise destitute, expecting to collect the GIS and probably read the wrong blog. Or you anticipate living a shorter life because of illness, heredity or your love of Harleys. Or you retired early and stopped making CPP contributions in your fifties. These authorities also point out that the 7% annual increase in CPP payments realized from just waiting is probably more than your investments would yield, so it makes financial sense to abstain.

Finally, TPTB want you to delay and burn thought your RRSPs first because it saves the government money. First, your retirement accounts are fully taxable as income is withdrawn so politicians finally get to suck off their share. Second, the longer you wait to collect the public pension, the closer is death. Then they don’t need to pay you anything (except maybe a small survivor benefit to your spouse).

Okay. So the consensus financial view is to suck it up, collect nothing at age 60, take your free OAS at 65 and hang in for CPP until seventy. Today’s report actually claims this strategy would yield about a hundred grand extra over retirement decades.

But, as noted, most people don’t wait. And this time they’re right.

You should stick your hand out and grab the monthly cash when it’s first offered to you. No regrets. No second-guessing. No spreadsheets. No online financial calculators. Pas de experts.

First, you have absolutely no idea how long you’re going to last. Look at what the virus has done. Not only the immediate deaths but all of the life-extending treatments and therapies that have been cancelled or delayed for hundreds of thousands of others, because of the damn bug. Crap happens. Take the money.

Second, getting old sucks. You have no idea what this involves until you get there. Assuming you’ll wait and spend your enhanced CPP on fun stuff – exotic travel or a big honking camo quad – after you pass seventy might end up in disappointment. Live now. Take the money.

Third, if you’ve got a proper B&D portfolio just let it continue to swell in retirement while you collect early CPP to pay for day-to-day stuff like bourbon and ammo. This is eight hundred bucks or so a month you don’t need to pull out of investments. Besides, if you have a lot of capital gains, waiting to collect more at age 70 could put you in a higher tax bracket, triggering a bigger bill. Take the money.

Finally, this is yours. You and your employer funded it. Your years of service earned it. This belongs to you. If 2020 has taught us anything, let it be this: each month in an unpredictable world is a gift. Make it count. And never leave anything for Chrystia.

193 comments ↓

#1 Upenuff on 12.08.20 at 2:41 pm

As JFK stated: “ask not what your country can do for you, ask what you can do for your country.”

Take the early CPP and run, my country isn’t certain what it is doing……

Upenuff

#2 Alberta Ed on 12.08.20 at 2:47 pm

As the saying goes, a bird in the hand… so take the money and run. Plus, there are tons of upgrades available for the Harley.

#3 Brian Ripley on 12.08.20 at 2:50 pm

My Plunge-O-Meter data is up:
http://www.chpc.biz/plunge-o-meter.html

The current percentage drop of Single Family detached housing prices since their peaks:

4.6% in Vancouver
7.4% in Calgary
2.7% in Edmonton
1.0% in Toronto
3.2% in Ottawa
0.0% in Montreal (new peak price… again)

The buy side is fearless.

Back in 2007-08 householder SF Detached equity vanished as follows:

Vancouver lost $122,900 or 15.9% in 8 months
Calgary SFD lost $92,499 or 18.3% in 18 months
Edmonton SFD lost $78,719 or 18.5% in 21 months
Toronto SFD lost $63,867 or 13% in 13 months
Ottawa Residence lost $25,664 or 8.6% in 6 months
Montreal SFD lost $6,000 down 2.6% in 6 months

Corrections will occur.

Notice the rental price drop in Montreal at a time when valuations continue breaking records:
http://www.chpc.biz/6-canadian-metros.html#Rentals

#4 calgary rip off on 12.08.20 at 3:00 pm

I don’t have enough time to eject from the hospital in Calgary where I work yet. 2007-present. Not enough. Don’t qualify.

Vitamin D3 on board, check. Vitamin C on board, check. Zinc and multivitamin on board, check. Cold shower daily ala Wim Hof method, check.

Be like the Ice Man Wim Hof.

#5 Dolce Vita on 12.08.20 at 3:05 pm

“Second, getting old sucks.”

True, but on the upside you get to be first in line for the jab along with Shakespeare.

Margaret the EU’s favorite Grandmother today. Everyone falling over themselves to put her on their front page. Italian’s, of course into Nonna’s and being Mamma’s boyz, put her video link front and centre on their website – Mags is SUCH a charmer:

https://video.corriere.it/esteri/margaret-prima-donna-vaccinata-contro-covid-gran-bretagna-fatelo-anche-voi/f9555b70-3946-11eb-97f0-6f118c19c928

————————

First, I want Canada to succeed with COVID-19 vaccinations and esp. the Cdn Military whom I respect. Second, Canada has plumbed NEW DEPTHS in the “World’s dumbest and smug” MSM, well CTV has. Global was smart enough to shut it. And nobody watches CBC anyways.

Yesterday CTV National News stated that Canada is getting a SPECIAL DEAL with the number of Pfizer doses it will receive supposedly in a week or so:

249,000

Common fact in the EU (for at least 1 month now) Pfizer (made in and largely funded by the EU) will allocate vaccine doses by POPULATION FACTOR. The UK got:

800,000 doses

When approved, Italia will get 724,000, Germany 995,500 and so forth.

SO, armed with that information do the SPECIAL DEAL math for Canada and it should have gotten if in the EU:

448,910.

Yup, a HADES of a deal.

———————–

PS:

Even better Canada, those doses will SPECIAL DEAL cost you, estimated:

US $50-74/person*

(*US $40 in the EU).

Wheeler Dealer Trudeau…King Singh unavailable for comment.

#6 willworkforpickles on 12.08.20 at 3:25 pm

Where is that saviour of the sidewalk life
and the road that takes us to the crusades
How long before JT sends the pension wagon into the ditch too. Could O’Toole save the nation.
We’ll meet again some day
but right now just go away
’cause we still got a long way to go

Is revolution even possible in Canada.
One day …in your future , it may be.

#7 Dolce Vita on 12.08.20 at 3:27 pm

Garth the advice you gave today excellent as usual.

But for the older population they are risk averse. You just have to look at StatCan gross income by age the majority, (70% if memory serves me correct) are barely scraping a few more bucks that CPP + OAS.

I follow your recommendations except I keep about 4 years worth of expenses in Savings (I still don’t trust the Italians, well, their Gov).

The rest invested pretty much how you say. Not a fortune, not even close, but I never look back over my shoulder (I’m poor compared to most of your Net Wealth Survey respondents a few year back – they must ALL be in that 30% cohort of Ritchie Rich).

Your advice today is best heeded by the YOUNG that are less risk averse than us Paleos with time on their hands.

#8 -=withwings=- on 12.08.20 at 3:27 pm

The pfizer pop allocation was EU only. The allocation for ex-EU was ….zero. So Canada got a deal to get any, although only because Trump turned it down first :)

#9 TurnerNation on 12.08.20 at 3:33 pm

DELETED

#10 BNiche on 12.08.20 at 3:36 pm

Most are not disciplined enough to take the money early, and save and invest it. A close family member took it at 60 with plans to save it all for retirement (expected 65), and so far, nothing saved, like at all.

#11 Calgary on 12.08.20 at 3:41 pm

DELETED

#12 willworkforpickles on 12.08.20 at 3:43 pm

Good health is freedom.
Protect it one and for all.

#13 Howard on 12.08.20 at 3:45 pm

Luckily, Millennials and Gen-Z will not have to make this decision because there will be no CPP left for them (or a pittance, at best).

That will leave them with more time to decide whether it’s a KD night or cup-a-noodles night.

#14 Stan Brooks on 12.08.20 at 3:46 pm

The good news is that no matter what option you choose, that CPP will be destroyed by the inflation anyway – cost of living increasing by close to 10 % while the CPP is ‘indexed’ at sub 1-2 %. So why worry?

If you count the contributions of somebody (employee + employer)who paid 40 years of max contributions up to 2005 for example NOT INVESTED, it probably totals to 60-80 % of a house in GTA as priced from 15 years ago.

Now you ‘get’ 1 k per month max only until you live and only if you retire at 65 +.

It is basically a robbery, you give something, you get nothing. Common thieves actually have more integrity.

Cheers,

#15 Felix on 12.08.20 at 3:48 pm

Think of it as the Cat Posterity Profit, (CPP) plan.

Take it early, and enjoy life with intelligent felines.

What could be better?

#16 Dougie on 12.08.20 at 3:48 pm

What the **** is Dolce Vita rabbiting on about…? Has a certain former alcohol-soaked Dog been reincarnated?

#17 tbone on 12.08.20 at 3:59 pm

I took CCP at 60 and blew it frivolously on vacations .
Cant wait for OAS to start rolling in.

#18 Brett in Calgary on 12.08.20 at 3:59 pm

“And never leave anything for Chrystia” — Amen.

#19 Looking up on 12.08.20 at 4:06 pm

#3 Brian Ripley on 12.08.20 at 2:50 pm
My Plunge-O-Meter data is up:
http://www.chpc.biz/plunge-o-meter.html

—————

Thanks for your charts Brian.

#20 Linda on 12.08.20 at 4:08 pm

When to take CPP depends on circumstances. For many CPP will be the only pension plan they have & a DB one at that. Those selfsame people may well need to work to age 65 in any case; therefore waiting to take CPP upon retirement is the best option. For anyone who has other financial assets to live on – workplace pension, RRSP, TFSA etc – by all means take CPP asap. This especially applies to those with pension partners. The current rules state that no one receives more than the maximum CPP. This means that if you & partner both qualify for maximum CPP at age 65 & wait to age 65 to collect that the death of the first partner means the surviving partner receives not one penny more in annual CPP payments, because the survivor is already receiving the maximum payment allowed. Unfortunately this can lead to income issues for the survivor, since the adage ‘two can live as cheaply as one’ does not work in reverse, especially if the income of the deceased ends upon their death.

As Garth stated, life is too short. Live it while you can.

#21 G on 12.08.20 at 4:09 pm

Alberta Premier Kenney issues…
(Whom should I believe, either or neither, considering the PM comment on the issue. Or just more noise to figure out. Link has short video.)
https://www.rt.com/news/509033-great-reset-warning-alberta-premier-kenney/

#22 Alister on 12.08.20 at 4:09 pm

When my kids lay the “boomers had it great” on me, I tell them – when interest rates were 15% I had no money for GICs and I couldn’t pay 15% a mortgage.

Now I’ve worked hard and saved some money, I’m old, and GIC’s are .5% and you can’t live on them.

Such is life.

#23 truefacts on 12.08.20 at 4:13 pm

The CPP Ponzie scheme…

US fact (but similar in Canada). First recipient of Social Security paid less than $25 but collected almost $25,000!
Who loses. The people who came later – typical Ponzi scheme.
I’m Gen-X and happily I’ve put very little into that sinkhole…but most people cannot avoid it, but my situation was unique.

But if they offer the money, take it and run!

#24 CPP my experience on 12.08.20 at 4:16 pm

Thank you for the blog Garth
Great post.
Here’s my experience as I just turned 60.
My reduce CPP amount is $500 less than the max. CPP

My argument was save the money in a TFSA till I turn 65 and then withdraw the difference of $500.
You can use any percentage to calculate return 6 percent or 10 percent and do you own calculation.

Then it hit me one night the $500 I withdraw from my TFSA is tax free, but if I waited till 65 and collect the full CPP I would pay over $200 more in tax. So the calculation changes dramatically.

On a side note those with a defined benefit plan that was in place prior to CPP which is most plans. You have a little thing called bridging. Please read your benefits before making any decisions as the bridging equals the max CPP calculation at 65, so you need to be mindful that taking CPP early and then losing the bridging at 65 is like a double hit. Research is your best friend.

Have a great day everyone.

#25 Prince Polo on 12.08.20 at 4:16 pm

The most touching part is that she looks about as happy as anyone who’s been called as the next contestant on The Price Is Right! C’moooooooon down!!!

https://www.news18.com/news/world/90-year-old-british-grandmother-is-first-in-world-to-get-pfizer-vaccine-outside-trial-3156515.html

#26 bucket55 on 12.08.20 at 4:17 pm

I agree and have taken the collect at 65 option. Bad knees, shoulders, attitude, so much for Freedom 55. Do not listen to the financial experts. They have only their own interests at stake. Anyway it was pretty nice today.

#27 Bartman on 12.08.20 at 4:17 pm

Of course she does. She is British. Survived both WW’s.

#28 MicroGX on 12.08.20 at 4:20 pm

Awesome, makes sense.

#29 Tim on 12.08.20 at 4:21 pm

The arguments for taking CPP and OAS early just don’t hold up mathematically, which is why analysis after analysis advises that most often, you will be financially better off by waiting.

The arguments above strike me as based on emotion. Every dollar of living income is the same, whether it comes from your RRSP, non-registered funds or government pension income. If someone lives into their 60s, unless there is specific personal reasons to think otherwise, they will likely live into their 80s.

By waiting, you get a 8.4% per year increase in pension payments. That’s a guaranteed locked-in 8.4% increase per year that will benefit you every year you collect the payment, and moreover, the payment will be further increased each year by inflation and will continue for life.

There is really no better guaranteed benefit in personal finance available to any person who has the financial ability to wait those few years.

Moreover, the certainty of the income actually allows greater spending of personal funds in the years before pension payments start because you have greater confidence and knowledge on what your future income stream will be.

Essentially, what one is doing each year of waiting is buying into a deferred indexed lifetime annuity except that the dollar cost to you is $0.00.

Yes, there are good reasons not to sell equities earlier in retirement. But readers of this blog will hopefully have a diverse set of assets to draw upon in an optimized way to maximize benefit and minimize risk.

I personally plan to collapse down my RRSP earlier so as to minimize the taxes and will draw from bond and fixed income assets first.

Thus, I’m spending fixed income money on living expenses and also turning that same income into future annuity revenue at the same time, trading one kind of fixed income for a better kind of fixed income. The equities and the TFSA/non-reg money get used later to give them the most time to grow.

#30 Blog Bunny on 12.08.20 at 4:29 pm

Garth, what if my parents are still working after 60? Should they still take the early CPP? That will increase their total taxable income.

#31 Jim on 12.08.20 at 4:29 pm

Finally, someone with a real life perspective ! You are absolutely correct ! Well said !

#32 Mean Gene on 12.08.20 at 4:30 pm

Meh split the difference and collect your CPP at 62 and 6 months, lol.

#33 SixFootSix on 12.08.20 at 4:31 pm

Garth…Isn’t it also true that should I die before I collect CPP my spouse only gets a one time survivor payment as opposed to 50% of my monthly CPP for the rest of her life?

#34 TurnerNation on 12.08.20 at 4:31 pm

Like I said they will not be letting up on this control and complete disruption of society. Medical martial law is here to stay. Even if you submit.

https://www.ctvnews.ca/health/coronavirus/this-is-why-you-will-still-need-to-wear-a-mask-after-being-vaccinated-1.5222206

#35 Piano_Man87 on 12.08.20 at 4:31 pm

I told my parents about your position on this once, Garth, as they were trying to figure out when to take CPP.

They said, “of course he would say that. That gives a financial advisor more money to play around with, so they make more money.”

I agree with your thinking on it. Money now is generally better than money later.

If you have any fiery retort to tell them about your advice here, I will gladly pass it on.

Why would an advisor get their five hundred bucks a month? You need better parents. – Garth

#36 truefacts on 12.08.20 at 4:33 pm

Okay…time to stir the pot – if Garth blocks this, I would understand as it will derail the whole CPP chat today, but here goes…

Ontario will be issuing “proof of Covid vaccine” cards. No papers, your activities will be limited.

https://toronto.ctvnews.ca/ontarians-could-face-restrictions-if-they-refuse-to-get-covid-19-vaccine-health-minister-says-1.5222009

Of course. What did you expect? As I have said, no vax will mean no travel, no valid passport, no sporting or entertainment event attendance, probably no clubs/restaurants and for many, no work. Nobody will ride for free on the immunity herd. – Garth

#37 Damifino on 12.08.20 at 4:47 pm

I am a case in point. I started CPP at 60. At that time the penalty was 30% for taking benefits early. (I believe it’s now 36%). I’ll be 70 next week. So, ten years of CPP. For me that’s been about $80k (taxable, of course). I am NOT sorry about my decision.

I was decently invested at 56 when I retired. Then after selling my SFH and a recreational property, I became seriously well invested. CPP was something that allowed me a slower draw down on my investments so they could grow more. That’s exactly how it’s worked out.

The thing today’s blog doesn’t stress is that CPP was meant only to be an income supplement. Just gravy.

One must make retirement provisions as if it didn’t exist. Discussion about whether to wait 5 or 10 years to maximize what is essentially a perk for having lived a productive life in Canada are rather pointless.

#38 Faron on 12.08.20 at 4:49 pm

Nobody will ride for free on the immunity herd. – Garth

Vaxx, gas and/or grass then?

#39 Camille on 12.08.20 at 4:53 pm

Thank you for your thoughts regarding CPP vs RRSP withdrawal timing.

Regarding bonds, my “bond portfolio” is 42% of my holdings, ex. preferred shares; about 26% long bonds and 16% mid-short. Of the bonds 30% corporate, 30% long TIPS, 5% high yield, 10% emerging market, 25% long treasuries.

Long treasuries have gained about 20% YoY. TIPS also. Fear of long bonds has been an error. Rates around the world in developed countries are negative. Rates in America will probably go negative. TINA, so more juice in bonds.

Overall duration 13.5 years. Yield 2.5%. Yield to maturity 1.6%, there’s the rub. Ex. dividends and interest portfolio earns 3.7%. Total return 5-10?

If I could live with the volatility, stock and short corporate bond portfolio (used like cash in portfolio to soften drawdowns and provide for rebalancing) is probably best. For now, without a very large portfolio, there probably is no alternative since both income and growth are really needed.

Vaccine = no negative rates and yield increases faster than many expect. Good luck with that. – Garth

#40 Penny Henny on 12.08.20 at 4:55 pm

#31 SixFootSix on 12.08.20 at 4:31 pm
Garth…Isn’t it also true that should I die before I collect CPP my spouse only gets a one time survivor payment as opposed to 50% of my monthly CPP for the rest of her life?
//////////////////

No this is not true.
She would receive a monthly survivor benefit and the amount will vary depending on age and contributions and also what her CPP is.
Go on gov of canada website, plenty of details there.

#41 theoryAndPractice on 12.08.20 at 4:55 pm

When there is no guarantee living another day why to wait to put your hand on that money another 10 years for let’s say x% more. The thing is you may end up having nothing all these years and also dead at the time or before planned larger cash out. Instead get it , invest it or use it for whatever is needed on the way. Life may fall very short compared to your own ‘long term’ plans. Even it goes beyond your ‘long term’ plans’ unexpectedly, still acquiring the money along the way, should never be worse than not acquiring it, at least you have the option of ‘ability to use when/if needed’. Consider also inflation now and then, official vs real. along the way.

#42 Donny on 12.08.20 at 5:03 pm

Sounds like Garth is wearing knee pads these days.

Let’s get a vaccine for a disease that has a 99 percent recovery/survival rate.
Should it even be called a pandemic if that’s the case?

Media- hysteria. Amazing what that does to people.

#43 Penny Henny on 12.08.20 at 5:05 pm

Of course. What did you expect? As I have said, no vax will mean no travel, no valid passport, no sporting or entertainment event attendance, probably no clubs/restaurants and for many, no work. Nobody will ride for free on the immunity herd. – Garth
///////////////

There is doublespeak from the MSM because apparently you will still have to mask up after immunization. You see you a disease spreading whether you vax or not.

https://www.ctvnews.ca/health/coronavirus/this-is-why-you-will-still-need-to-wear-a-mask-after-being-vaccinated-1.5222206

Of course, until the herd is dosed. – Garth

#44 Armpit on 12.08.20 at 5:18 pm

CPP?? – Anyone collecting a CPP survivors’s benefit with no intention of retiring at 60- should calculate what would be earned if collecting CPP at 65.

Remember – There is a cap on CPP payments of $1,175.83 per month even with a survivors benefit.

If the calculations are relatively close to the max when 65 – AND If you have RSP Room – You may consider taking it and rolling it in RSP until you do retire.

SINCE it is mandatory to contribute into CPP when employed until you are 65 – those post CPP contributions enhances your CPP payments immediately each following year (about $22/month) and is not included in the CPP maximum calculations.

Something to think about….

#45 Blair on 12.08.20 at 5:18 pm

#4 calgary rip off I too work in a hospital. The zinc, mutivites and C and D supplements are no help. You are wasting your money. I take nice hot showers every day.

#46 KNOW IT ALL on 12.08.20 at 5:22 pm

YUP….Live to your fullest.

Today could be your last.

#47 Stone on 12.08.20 at 5:26 pm

#4 calgary rip off on 12.08.20 at 3:00 pm
I don’t have enough time to eject from the hospital in Calgary where I work yet. 2007-present. Not enough. Don’t qualify.

Vitamin D3 on board, check. Vitamin C on board, check. Zinc and multivitamin on board, check. Cold shower daily ala Wim Hof method, check.

Be like the Ice Man Wim Hof.

———

Apparently, lots of fools working in the hospital too.

Should I need hospital care, I’ll make sure to ask questions on what you advised above. If the person answers the same as you, I will make sure that they don’t touch me and find someone else who bases their decisions on science, not hocus pocus.

#48 Raul on 12.08.20 at 5:27 pm

Don Cherry is a idiot that deserved to be fired.

https://dailyhive.com/vancouver/don-cherry-canucks-anthem-singer-mark-donnelly

#49 Linda on 12.08.20 at 5:34 pm

#29 ‘Tim’ – OAS does not kick in to age 65. Unlike CPP, there is no ‘taking it early’. The Harper government had worked out a plan to move the OAS start date to age 67, but the Liberal government returned the start date to 65 when they got elected.

#50 Timmy on 12.08.20 at 5:39 pm

WRong again Garth, I’d rather die with money unspent than constantly worry that I may run out and have to scrimp in my final years. Delay to 70

#51 Ponzius Pilatus on 12.08.20 at 5:40 pm

“Take the money and run” is not just a funny movie by Woody Allen, but also good advice in these uncertain times.
Life’s to short to calculate every possible permutation whether you should or should not take it.
And if you should run out of money and have to resort to robbing banks, make sure your note to the teller is readable. Gun not Gum.

#52 DON on 12.08.20 at 5:40 pm

#29 Tim on 12.08.20 at 4:21 pm
The arguments for taking CPP and OAS early just don’t hold up mathematically, which is why analysis after analysis advises that most often, you will be financially better off by waiting.

********

A family member took her CPP at 60 and passed unexpectantly at 66. Sometimes age trumps math.

#53 Penny Henny on 12.08.20 at 5:44 pm

There is doublespeak from the MSM because apparently you will still have to mask up after immunization. You see you are a disease spreading machine whether you vax or not.
//////

Of course, until the herd is dosed. – Garth

///////////

What is the disease proves to be less deadly than before and fewer people die from it than the yearly flu?
Still mandatory vaccine?
Possibly 2-3 times per year, because we don’t know how long it is effective for?
What if you’ve already been tested and have the antibodies? Still mandatory vax?

I not trying to needle you (no pun intended) for the answers that you can’t possible have?
.
But one size does not fit all just like your CPP talk.
For me I stopped contributing to CPP at 49 and with health issues I have no illusions of getting past 75.

#54 IHCTD9 on 12.08.20 at 5:46 pm

“Assuming you’ll wait and spend your enhanced CPP on fun stuff – exotic travel or a big honking camo quad“
——

I’ll take two of the later :). YAMAHA persuasion, hopefully the 850 or the new 1000 twin will be between the frame rails by then.

#55 cuke and tomato picker on 12.08.20 at 5:49 pm

Yes take your CPP at 70. However you are forced to take your RRSP/RIF at 72. We take ours out in a lump sum on Dec. 15th every year and have a with holding tax send to the government from them. We would prefer to have our RIF frozen and start taking it out when we are in a care home. We always do our TFSA with this money and invest
the rest but the government gets the first crack at it.

#56 Ponzius Pilatus on 12.08.20 at 5:51 pm

#49 Linda on 12.08.20 at 5:34 pm
#29 ‘Tim’ – OAS does not kick in to age 65. Unlike CPP, there is no ‘taking it early’. The Harper government had worked out a plan to move the OAS start date to age 67, but the Liberal government returned the start date to 65 when they got elected.
————-
Case in point why you should take it early.
Never know what the next government will fancy.
Thanks for reminding us that Harper was a meany.

#57 Soon to be on the dole on 12.08.20 at 5:51 pm

My wife and me are part of the 1 percent that decided to wait till 70. According to service Canada the wife and me should get north of 50k between the two of us by waiting till 70. That’s for CCP and OAS.
Our income has been sufficient enough over the last number of years, that to have collected we would have just returned a large amount back to CRA.
As far as potentially not getting it, we always though better to pay in and not needing it than not paying in and wishing we had.
I’ll be 70 in 8 months and the wife will be 70 in 3 1/2 years.
Right now there’s more worries than our pension.
Stay safe and healthy everyone.

#58 bellend on 12.08.20 at 5:51 pm

“So, another example of widespread financial illiteracy and social stupidity?”
dunno…hows about all this taking the bux and bolting is a vote of no confidence in govt.? and govt. goal post shifting?

#59 DON on 12.08.20 at 5:56 pm

How long is the vaccine good for? For one year or for life.

#60 IHCTD9 on 12.08.20 at 5:57 pm

#32 Mean Gene on 12.08.20 at 4:30 pm
Meh split the difference and collect your CPP at 62 and 6 months, lol.
——-

A better plan Mr. Okerlund, is to take yours at 60, and have the wife take hers at 65.

#61 Tim on 12.08.20 at 6:01 pm

@ #49 Linda. Thanks for that correction. I was typing too quickly.

Yes, OAS (and possibly GIS) start between ages 65 and 70. OAS increases significantly (36% per year overall) if one waits to collect it but GIS amounts do not.

CPP starts between ages 60 and 70. Compared to age 65, starting it at age 70 instead results in a 42% per year overall payment amount increase.

#62 IHCTD9 on 12.08.20 at 6:05 pm

#37 Damifino on 12.08.20 at 4:47 pm
I am a case in point. I started CPP at 60. At that time the penalty was 30% for taking benefits early. (I believe it’s now 36%). I’ll be 70 next week. So, ten years of CPP. For me that’s been about $80k (taxable, of course). I am NOT sorry about my decision.

I was decently invested at 56 when I retired. Then after selling my SFH and a recreational property, I became seriously well invested. CPP was something that allowed me a slower draw down on my investments so they could grow more. That’s exactly how it’s worked out.

The thing today’s blog doesn’t stress is that CPP was meant only to be an income supplement. Just gravy.

One must make retirement provisions as if it didn’t exist. Discussion about whether to wait 5 or 10 years to maximize what is essentially a perk for having lived a productive life in Canada are rather pointless.
——-

Good points, I plan on doing the same. I can see how folks who arrive at retirement in good shape won’t be sweating this decision too much – they’ll be fine either way. A little less for longer is probably better.

We’ll have “too much” in RRSP’s, so a little CPP/OAS and one DBP will allow enough to get by fine while we slide the RRSP’s over TFSA’s without getting pounded too badly on the tax front. Hopefully, we’ll still be able to continue pumping the TFSA’s till death by the time I get there.

#63 Nonplused on 12.08.20 at 6:16 pm

Does anyone know how to check your CPP balance and future payments? Is it on the CRA website?

#64 Long-Time Lurker on 12.08.20 at 6:19 pm

>Back to the future: warmer temperatures.

Climate change has revealed a huge haul of ancient arrows in Norway
25 November 2020
By Chris Baraniuk

An extraordinary number of arrows dating from the Stone Age to the medieval period have melted out of a single ice patch in Norway in recent years because of climate change.

Researchers from the Universities of Cambridge, Oslo and Bergen gathered up a total of 68 arrow shafts, some with arrow heads still attached or nearby, and many other artefacts. Almost all of the items were found on an area of mountainside no bigger than 18 hectares in Jotunheimen, a region of southern Norway.

The oldest arrows date from around 4100 BC while the youngest are from roughly AD 1300, based on radiocarbon analysis. However, the dates aren’t evenly distributed across the millennia, raising questions about whether environmental conditions during some periods were more likely to preserve fallen arrows than at other times. Peaks and troughs in reindeer hunting activity could also have played a role….

https://www.newscientist.com/article/2260700-climate-change-has-revealed-a-huge-haul-of-ancient-arrows-in-norway/

#65 Tommy on 12.08.20 at 6:24 pm

It’s a big mistake to confuse being a sheep and having balls. Most elderly people today couldn’t hack a day in the life of a millennial so excuse me if the chunks are rising when I read that some old bag is lauded for having balls for complying with an incredibly coercive policy. Give me a break!

Apparently there’s a reason people dislike Millennials. – Garth

#66 Dean on 12.08.20 at 6:25 pm

Read you all the time but first time posting. 100% agree life is short so use the money while you are healthy enough to enjoy it…you can watch Jeopardy later. Quick question at what age did you grab your cash?

#67 RBull on 12.08.20 at 6:26 pm

Not so simple. Sorry Garth.

Money managers/advisors like Garth almost always want you to take CPP early. They make money when you use money from another income source instead of your own assets, so delaying is beneficial to them.

I’ve run all the numbers. It would take a very strong investment return to meet the return of delaying CPP, and it can’t be done as safely. Delaying also allows more time to draw down our registered accounts to smooth taxes and help avoid OAS clawback. I am also looking for longevity insurance that comes with enhanced, indexed CPP. In the much less likely event one of us dies early and doesn’t collect a lot it won’t change their life much.
Our CPP application ages haven’t been decided yet but it will be several years away – 65+ for near certain.

Actually the vast majority of advisors, as mentioned, suggest taking CPP later. The report I referenced was co-sponsored by the industry. So blow it out your ear. – Garth

#68 The West on 12.08.20 at 6:28 pm

That is excellent advice!

What do you think the CPP has left?

Three years, tops.

You’re welcome boomers. :)

Actions by the CPP Investment Board have ensured at least 75 years of funding. – Garth

#69 Tommy on 12.08.20 at 6:31 pm

I thought giving away free money was the NDP’s specialty so why does the BC NDP keep screwing it up?! First, they reneged on their 2017 campaign promise ofva $400 rebate for renters. That was when Selina Robinson was the Housing Minister. She did suchba great job on housing in BC that she’s been promoted to Finance Minister, God help the people of BC! Now, the $1000 election promise/bribe of the BC NDP is being widely panned as you have to apply for it, while on the campaign trail the BC NDP gave the impression it would be an automatic payment to all who qualified. We’re also learning most people won’t get the money before Christmas as the deadline to apply is in June 2021 and they’re basing it on 2019 incomes, before the pandemic even started. And it’s called BC Covid Relief Program but those out of work due to COVID-19 may not qualify since the payments will be based on incomes before the pandemic, despite the deadline being well into 2021 when 2020 Notice of Assessments would be available. The BC NDP and this Selina Robinson are a total gong show!

#70 Arcticfox on 12.08.20 at 6:33 pm

Real rates after WWII bottomed out at -14%. Non industrial nations bottomed at -64%. The fiscal situation is much worse now then at that period. After the second world war, industry, demographics and unprecedented productivity gains were favourable winds that don’t exist today. One can only extrapolate forward to anticipate the degree of yield suppression(official tolerance for spiking inflation) that will be required/executed today. If official CPI’s are so massaged it renders indexing moot to a large extent. Chapwood encapsulates 500 everyday household items and is running north of 10%. If above is trend, I agree, take it cpp sooner then later..

#71 Ken M. on 12.08.20 at 6:33 pm

The first man to get the vaccine was William Shakespeare.

#72 theoryAndPractice on 12.08.20 at 6:36 pm

Enjoy while you can, something Canadian, and also A+.

https://www.youtube.com/watch?v=d9NF2edxy-M&list=RDEMxkMCZWJg2N9NuI6I3VTXuw&index=1

https://www.youtube.com/watch?v=rlPzLfe0vJI&list=RDEMxkMCZWJg2N9NuI6I3VTXuw&index=2

#73 IHCTD9 on 12.08.20 at 6:37 pm

#15 Felix on 12.08.20 at 3:48 pm
Think of it as the Cat Posterity Profit, (CPP) plan.

Take it early, and enjoy life with intelligent felines.

What could be better?
— ———

“Charlie” our orange male tabby, left us a shrew on the kitchen floor yesterday. But he somehow knew not to eat the thing (they are venomous). He’s been a busy kitty this fall, taking out anything that may have hoped to spend the winter in our old farmhouse. Most of the time there is little evidence of the event, a tail, a little blood, an intestine, some fur – or in the case of a shrew – the whole thing.

At least when it comes to killing things, cats are geniuses.

#74 Drew on 12.08.20 at 6:39 pm

90 years are old enough to remember when people they knew would die from diseases that are routine vaccinations now, and the polio epidemic

#75 Ponzius Pilatus on 12.08.20 at 6:40 pm

Many posters are complaining about Canadians abusing the CERB program.
But what about large corporations that have profited from Covid and are distributing generous dividends to their shareholders?
And still are claiming and receiving benefits under the CEWS program.
The following article sheds light on these shady practices:

Kevin Carmichael: Sight of large, healthy corporations feasting on sustenance meant for weaker employers emblematic of why Canada’s style of capitalism is in trouble.
https://theprovince.com/news/economy/a-subsidy-that-is-hard-to-resist-and-sometimes-harder-to-justify/wcm/437ef5e7-6eb4-4211-8f22-752546fe3f9f

#76 fishman on 12.08.20 at 6:42 pm

British war brides. We knew one that worked in an airplane factory during the war & liked to dance. Whenever she cut a shift the boss would look for her in the dancehalls. She had 15 engagement rings from 15 different Canadian soldiers. Reminiscing, she said the hardest part was remembering & then matching each unique ring with the right soldier.

#77 Nonplused on 12.08.20 at 6:45 pm

#48 Raul on 12.08.20 at 5:27 pm
Don Cherry is a idiot that deserved to be fired.

https://dailyhive.com/vancouver/don-cherry-canucks-anthem-singer-mark-donnelly

——————————–

I can’t tell from the article whether Cherry was agreeing with the anti-mask message or just with Donnelly’s right to his own opinion on the matter.

I do agree that the Canucks probably wanted to distance themselves from the anti-mask message for good reason though. You have to be thoughtful of these things when you are a public representative of an organization.

And why on earth Cherry took to talking about poppies on a hockey program is anyone’s guess. Bad call for sure. But based on what he said I can see why the CBC wanted to distance themselves from him as well. And it was one of those things where a retraction might not be enough. If, of course, Cherry could be induced to issue a retraction, which I don’t think he would. He has “screw you” money, so he don’t care.

#78 Ponzius Pilatus on 12.08.20 at 6:49 pm

#76 fishman on 12.08.20 at 6:42 pm
British war brides. We knew one that worked in an airplane factory during the war & liked to dance. Whenever she cut a shift the boss would look for her in the dancehalls. She had 15 engagement rings from 15 different Canadian soldiers. Reminiscing, she said the hardest part was remembering & then matching each unique ring with the right soldier.
————–
British war brides.
That’s what they called them in those days?
Thanks for the chuckle.

#79 DON on 12.08.20 at 6:55 pm

#62 Tommy on 12.08.20 at 6:24 pm
It’s a big mistake to confuse being a sheep and having balls. Most elderly people today couldn’t hack a day in the life of a millennial so excuse me if the chunks are rising when I read that some old bag is lauded for having balls for complying with an incredibly coercive policy. Give me a break!

***************
How did you manage to come to that conclusion?

Imagine having to put your life on hold for 5 years due to a World War.

#80 Nonplused on 12.08.20 at 6:55 pm

#70 IHCTD9 on 12.08.20 at 6:37 pm

“At least when it comes to killing things, cats are geniuses.”

We have one little female that is absolutely brilliant at killing things. She mouses for not only our house but both neighbors as well. Sometimes 2 a day that we know of. She also gets the occasional pocket gopher. Unfortunately also the odd baby rabbit and bird. Bad with the good I guess.

The big male is a lazy bum. He’ll help eat the mice, but he can’t be bothered to catch them.

The dog is useless in all regards other than chasing of coyotes so the cats don’t get eaten. Cats often can’t tell the difference between a coyote and a harmless dog, but dogs sure can.

#81 Ponzius Pilatus on 12.08.20 at 6:55 pm

Re: Don Cherry.
Canadian Hockey is guided by conservative values.

#82 Out Of Work CEO, Will Travel on 12.08.20 at 6:55 pm

Taking your CPP at 60 considering the past ten years prior to the covid you would have gotten over 3% on your GIC there is more than enough evidence taking the money at 60 is wise. We all have an expiry date which is unknown but we know the rent has to be paid every month.

#83 will on 12.08.20 at 6:56 pm

Garth, you forgot to add that if you collect cpp early and continue working until or even past 65 it increases the amount you receive. That is to say you continue paying into it and increase your take even while collecting it. Isn’t that win-win? At least that’s what my tax preparer told me. That might influence one’s thinking. Is that still the case? I get what you are saying, take it early and invest it all if you don’t need it. In the end I think sort of like #32 Mean Gene. Meh. I won’t wait until I am 70, but I might wait until I am 65. Even 66 if I decide to work another year. How is one to “enjoy” the extra money these days anyway? Buy a new flat screen TV? I doubt it. Not me. My heirs won’t want any more of my crap they will already have to deal with when I go to the beyond. Instead of buying more crap I think people start thinking about getting rid of their existing crap before they die. I want to travel and that’s hard to do much of these days and may continue for some time even after the virus and vax are behind us. I told my friends a few years ago not to wait until retirement to travel. Do some of it NOW I said. And thank dog I did…

And finally, retirement is overrated. Take a few years and do some long awaited put off stuff, and then get back to work. Isn’t that what the one percenters do? Keep working? You are a one percenter. Aside from unforeseen circumstances, do you plan to ever stop working?

BTW that’s a great picture.

#84 crossbordershopper on 12.08.20 at 7:12 pm

idk man, people trading 1 million dollar houses all over southern ontario. and people are still talking about dividend pref shares and b and d portfolio etc. i dont know. i think we are dooming our children. which kids can come up with 300K down, like really $22 hour and you think you can save 300K down and what, weighed down for life with debt. what are we doing to our children and our society.
getting cpp early etc, is minor topic if your 60 or 65 or 70 and you dont have at least your home paid for, man your done. no one 68 years old i know likes working, its due to poor choices and lifestyle decisions.
the problem is our youth wont even have a chance to screw up there life, its beind dictated already without there input. thats the sad part.
like i always say, stay poor, collect all govt benefits and spend your time where its warm all the time and cheap to live. life in canada is going to be very difficult for many of our children unless they are given keys to place free and clear.

#85 Bill Grable on 12.08.20 at 7:16 pm

My late Father had a saying “growing old is not for the faint of heart”. TRUST ME – DO IT NOW….don’t wait until you might face major issues, as you hit the big numbers….Life seems to go by in heartbeat….

#86 crowdedelevatorfartz on 12.08.20 at 7:16 pm

@#73 IHCTD9
“At least when it comes to killing things, cats are geniuses.”
+++++

I had a cat that once caught a hummingbird.
I saw it happen and grabbed it from the cat before it became a meal.
Took the little guy out of cat range, through the house, out on the back deck….. and put it down on a handrail in the sun.
After a minute it sat up.
A minute after that….gone.
A very lucky hummingbird.
The cat looked for that bird for hours in the house.

#87 meslippery on 12.08.20 at 7:17 pm

And never leave anything for Chrystia.
——————–
Yeah she hangs with T2 and He thinks the two Michaels make hand sanitizer in China.

#88 Nonplused on 12.08.20 at 7:19 pm

So, back to topics more pertinent to this blog, this time I am going to argue in favor of Garth’s opinion on the future of WFH for a change.

Results are coming in from the world of online learning due to all the school closures. Apparently a rough number would be that the number of students currently on track to get an “F” has doubled in the online community. And marks across the board are falling.

I can attest to this from personal experience as my son went from an “A” student last year to holy crap he’ll be lucky to pull off a “D” this semester. He’s doing better now that we moved his work location out in the open and established strict working hours, but unfortunately we didn’t detect the problem until he was already significantly behind because our main tool is monitoring his marks.

So work from home isn’t going to be for everybody. To do it efficiently you need a) a dedicated work space, b) set working hours that equal what your WFW hours would be, and 3) you still need daycare if you have little ones (well in a non-covid world where there are daycares).

And the cats can be a real pain in the butt because they can’t see why you would think the keyboard thingy is more interesting than they are. You have to shoo them outside to mouse. Dogs also because they figure if you are home and just sitting there it must be a good time to go for a walk. And little kids, well forget about it you will not get any peace unless you shoo them outside with the dogs and cats, and then social services will show up.

#89 IM in C on 12.08.20 at 7:20 pm

As soon as you are eligible for a pension…take it ! They would not have offered it to you if they did not want you to take it.

#90 Keeks Online on 12.08.20 at 7:28 pm

Garth – any special story with the photo? It’s both adorable (and terrifying).

#91 Doghouse Dweller on 12.08.20 at 7:33 pm

#63 Nonplused
Does anyone know how to check your CPP balance and future payments? Is it on the CRA website?
—————————————————————————

You need a Service Canada Web account , the viewable data the Gov has collected during your lifetime is there .

Up next on the totalitarian train No VAX – NO Cheque !

#92 crowdedelevatorfartz on 12.08.20 at 7:33 pm

@#65 Tommyboy
“…… Most elderly people today couldn’t hack a day in the life of a millennial…”

+++++
Ahahahahaha. Thank you for that.

A Millenial’s day .

Awake around 10am when mom turns on the washing machine.
Check for texts, emails, etc. fall back asleep.
Wake at noon, check for texts, emails, etc.
Complain to friends that Mom woke you up….again!
Go to the bathroom.
Ask mom what’s for breakfast.
Check texts, emails. etc
Ask mom where the clean laundry is….
Check texts, emails, etc.
Complain to mom that laundry is wrinkled.
Go back to the bedroom and turn on a tablet.
Check texts, emails, etc.
Reply to texts, emails, etc.
Ask mom what’s for lunch.
Ignore mom to check texts, emails, etc.
CERB autodeposited in Bank account.
Complain to friends about how cheap CERB is.
Go into the Kitchen to grab a snack, squint at the sunshine outside, close the curtain.
Check texts, emails, etc.
Ask Mom whats for dinner.
Take the family dog for a walk while checking texts, emails etc.
Complain about dinner.
Check texts, emails, etc.

An Elderly Persons day of retirement after 47 years of work.
Walk or bus to the grocery store, clothing store, etc to find anything affordable on sale.
Talk to people.
Meet with friends to talk.
Walk the dog for fresh air.
Cook their own meals.
Clean the house inside and out.
Wash their own clothes in something called a washing machine.
Survive on a pension that is less than CERB after 47 years of paying into it.

#93 Howie on 12.08.20 at 7:35 pm

#48 Raul on 12.08.20 at 5:27 pm
“Don Cherry is a idiot that deserved to be fired”
————————————————
Maybe someone should tell “fatty pants” Donnelly that he’s in a high risk category. Public officials are working day and night just to protect us asking for simple sacrifices like distancing and mask wearing. What a weak coward he is. Glad he was fired. He does not have the right to sing the national anthem if he can’t even do a little bit for our country. Maybe now the Canucks will get a good singer of the anthem.

#94 Steve on 12.08.20 at 7:35 pm

“Or you anticipate living a shorter life because of illness”

I mean, can you blame them after this past year?

But inflation is higher than they publish. Let’s talk about that.

#95 Fabio on 12.08.20 at 7:40 pm

Of course. What did you expect? As I have said, no vax will mean no travel, no valid passport, no sporting or entertainment event attendance, probably no clubs/restaurants and for many, no work. Nobody will ride for free on the immunity herd. – Garth

And we think we live in a free society, eh?

#96 Guelph Guru on 12.08.20 at 7:45 pm

Only the person who has toiled can fathom the value of his labour. Take the money and ensure that the wealth is preserved and the pot passes over to the next gen.
Note: the money has to be converted to wealth.

#97 Re-Cowtown on 12.08.20 at 7:53 pm

#64 Long-Time Lurker on 12.08.20 at 6:19 pm
>Back to the future: warmer temperatures.

Climate change has revealed a huge haul of ancient arrows in Norway
25 November 2020
By Chris Baraniuk

An extraordinary number of arrows dating from the Stone Age to the medieval period have melted out of a single ice patch in Norway in recent years because of climate change.

Researchers from the Universities of Cambridge, Oslo and Bergen gathered up a total of 68 arrow shafts, some with arrow heads still attached or nearby, and many other artefacts. Almost all of the items were found on an area of mountainside no bigger than 18 hectares in Jotunheimen, a region of southern Norway.

The oldest arrows date from around 4100 BC while the youngest are from roughly AD 1300, based on radiocarbon analysis. However, the dates aren’t evenly distributed across the millennia, raising questions about whether environmental conditions during some periods were more likely to preserve fallen arrows than at other times. Peaks and troughs in reindeer hunting activity could also have played a role….

https://www.newscientist.com/article/2260700-climate-change-has-revealed-a-huge-haul-of-ancient-arrows-in-norway/

++++++++++++++++++++++++++++++++

Unless the ancient hunters took the time to bury their arrows in a glacier, it’s a safe assumption that the temperature when the arrows were lost was higher than it is today.

So the climate change event was actually the glaciation.

We’re now just getting back to where we should be. Whew!!!

Not sure why paying Trillions to the UN will make it all better though. Sounds more like the Aztecs scamming everyone into the human sacrifice thingy. I’m sure the Aztecs who didn’t have to die thought their Priest-Gods had a winner of a system.

#98 Chele on 12.08.20 at 7:54 pm

What if you are still working. Should you still collect at age 60 or wait until retirement

#99 Outrage on 12.08.20 at 7:57 pm

If we had done what China did fighting Covoid ,Canada would be a much better place.So far China only has 4634 deaths according to worldometersinfo. They did a amazing job ending this deadly virus for its citizens.

#100 Frank Blood on 12.08.20 at 8:00 pm

But what if you are still working? I slowed down to half time just because I want to enjoy life when I’m healthy. Not touching investments, and I will get a DB pension.

#101 Garth's Son Drake on 12.08.20 at 8:00 pm

What is you die before age 70?

#102 crowdedelevatorfartz on 12.08.20 at 8:01 pm

@#83 will

Yes, that is a great picture.

#103 Kato on 12.08.20 at 8:08 pm

#27 Bartman on 12.08.20 at 4:17 pm
Of course she does. She is British. Survived both WW’s.
————————

Nope, just the second one. 90 years old puts her born in 1930 or 1931 (year older than my grandmother). Hopefully she has years of health and happiness ahead.

#104 Pete from St. Cesaire on 12.08.20 at 8:13 pm

#88 Nonplused on 12.08.20 at 7:19 pm
Results are coming in from the world of online learning due to all the school closures. Apparently a rough number would be that the number of students currently on track to get an “F” has doubled in the online community. And marks across the board are falling.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
You’re making a big mistake in thinking that falling grades are a result of schooling at home. The spiking rates of depression amongst kids (and adults) due to the lockdowns are the real culprit. Just the way that drug use is directly related to depression and abuse, which then leads to a drop in school performance.

#105 Blacksheep on 12.08.20 at 8:14 pm

Penny # 43,

“here is doublespeak from the MSM because apparently you will still have to mask up after immunization. You see you a disease spreading whether you vax or not.”

https://www.ctvnews.ca/health/coronavirus/this-is-why-you-will-still-need-to-wear-a-mask-after-being-vaccinated-1.5222206

“Of course, until the herd is dosed.” – Garth
—————————-
Dosed or not, they don’t have a clue.

In fact if you read this doctors language below it points out, the vaccine does not ‘prevent C-19 infection’, it simply reduces the potential LEVEL of sickness if one becomes ‘infected’.

This means the numbers of those infected may (will?) continue to rise at a exponential rate, vaccine or not.

Yes, a vaccine should reduce C-19 deaths (a good thing) but will still require all social distancing / masks / shut downs until humans develop an actual real immunity, the old school way and that could be a long, long time…..

Quote from link:

“As promising as these results are, they were only able to show if people who were vaccinated became sick with the disease and not whether vaccinated individuals could still be infected, but they don’t have any symptoms.”

“This means there is the possibility that vaccine recipients could still unknowingly spread the virus to others because they’re asymptomatic.”

“We don’t know,” Dr. Zain Chagla, an infectious disease specialist and associate professor at McMaster University, told CTVNews.ca during a telephone interview on Tuesday.”

“There’s nothing there [in Pfizer’s data] that suggests that people are less transmissible. All we know is individuals who got the vaccine had less symptomatic disease than people who didn’t get the vaccine.”

#106 Robert Ash on 12.08.20 at 8:16 pm

Thanks for the advice Garth, I think we need to think outside the box, these days.

#107 mike from corbeil on 12.08.20 at 8:20 pm

# 101 Garths son
What is you die before age 70?

unless you starved or froze to death, it wouldn’t matter.

#108 the Jaguar on 12.08.20 at 8:23 pm

I’ve still got giggles and sh_ts after reading Garth’s comeback to #175 Tommy on 12.08.20 at 11:25 am on the previous Blog Post. “Go ahead, Make my day’.

Who knew Garth carried a Smith & Wesson Model 29?

Tommy, don’t lecture the Blog Host on 1960’s Civil Rights or their application to this Blog. As Lyndon B. Johnson ( who knew a thing or two about such things) once said,… “Don’t you come into my living room and piss on my rug.”

About this business of when to take CPP……. Seems like some people just like to handwring and tighten their sphincter muscle on every sure thing that comes their way, whether it’s a life saving vaccine or CPP from the Feds. They need to watch that “START THE CAR…!” IKEA commercial.

A problem many have is seeing themselves in any realistic light when it comes to ageing or their mortality. They drag every ancestor imaginable out of the closet as a testament to their belief they’re going to make it to 90 or 100. Fate is the Hunter, as Ernst K Gann wrote, because he saw many in profession die before their ‘time’.

We’re all living on borrowed time. If you doubt this, give a listen to a 2014 CBC interview with Oncologist Dr. Zeke Emanuel, one of 10 advisory board members named to Democratic President-elect Joe Biden’s coronavirus task force. Then do some push ups and sit ups.

https://www.cbc.ca/radio/sunday/canada-s-refugee-policy-michael-s-essay-dr-ezekiel-emanuel-living-arrangements-the-itinerant-life-geoffrey-james-mail-about-wills-and-estates-tragedy-builds-a-new-family-1.2905324/dr-ezekiel-emanuel-says-75-is-a-good-age-to-die-1.2905333

Sure glad we don’t have raccoons in Calgary. They look cute, but check out the choke hold he has on that poor canine. Mercy.

#109 Tommy on 12.08.20 at 8:28 pm

@elevatorfartz etcetera
Triggered babyboomers lol. I respect the elderly. I just like writing cheeky comments and I am just standing up for the younger generations, many of whom do not live anything close to the glorified basement dweller stereotype you so eloquently describe.

#110 IHCTD9 on 12.08.20 at 8:29 pm

#80 Nonplused on 12.08.20 at 6:55 pm
#70 IHCTD9 on 12.08.20 at 6:37 pm

“At least when it comes to killing things, cats are geniuses.”

We have one little female that is absolutely brilliant at killing things. She mouses for not only our house but both neighbors as well. Sometimes 2 a day that we know of. She also gets the occasional pocket gopher. Unfortunately also the odd baby rabbit and bird. Bad with the good I guess.

The big male is a lazy bum. He’ll help eat the mice, but he can’t be bothered to catch them.

The dog is useless in all regards other than chasing of coyotes so the cats don’t get eaten. Cats often can’t tell the difference between a coyote and a harmless dog, but dogs sure can.
—- ——- –

Heh, Charlie is happy to catch the mice (he’s 11), but often won’t eat them. Over the years, he’s caught rats, squirrels (red, black and grey), Frogs, bunnies, and chipmunks – they all go straight down the hatch, and just you try and take them away from him! I guess the eating effort requires enough meat to make it worthwhile.

There are a good handful of semi wild domestic cats around here, but I think the coyotes and coywolves keep their numbers down for sure. I work with a few guys who hunt coyotes with dogs, sounds like a gruesome business. I get the idea that dogs do not like coyotes one bit, and if the hunters don’t get to where the dogs have the coyote pinned down soon enough, all they get is a tail out of the deal…

#111 Prince Polo on 12.08.20 at 8:36 pm

#71 Ken M. on 12.08.20 at 6:33 pm
The first man to get the vaccine was William Shakespeare.

====================

https://en.m.wikipedia.org/wiki/To_be,_or_not_to_be

#112 Dolce Vita on 12.08.20 at 8:40 pm

#8 -=withwings=-

Not exactly.

Israel got 100,000 doses.

N. Americans, don’t know dung from clay.

#113 Dolce Vita on 12.08.20 at 8:41 pm

#16 Dougie

TOEFL. Take it.

Let me know how you make out.

#114 Camille on 12.08.20 at 8:43 pm

Apologies, but by example, UK is a big boy country right? Well then I can’t quickly follow all the big moves from a high of 0.5% before Mark Carney to whatever near zero rate they are at now, after 7 years! But please begin to consider central bank policy as it exist in modern times.

0.5% UK rate before Mark Carney-Governor Bank of England for 7 years.

At his first quarterly inflation report meeting in August 2013, he said a fall in unemployment from 7.8% to below 7% would trigger a rise in interest rates from their then all-time low of 0.5%. But unemployment quickly tumbled below 7% without any discernible jump in wages – which would have pushed up inflation and triggered a rate rise. Carney, the outsider, had misread the flexibility of the UK labour market and how fragile workers felt after the financial crash.

Following Brexit vote, Carney’s immediate reaction to the leave vote in June 2016 was feted by nervous investors. Dubbed “the only adult in the room” at the time, he was the first to react when early economic indicators showed business confidence falling through the floor. He stepped in days after the vote on 30 June to say an interest rate cut was needed to steady the ship. Jittery financial markets rallied and stability was restored. The bank’s monetary policy committee duly delivered a rate cut a few weeks later.

A year later, the Labour MP Pat McFadden, a member of the Treasury select committee, accused Carney of behaving like an “unreliable boyfriend”. Carney was a man who promised much and delivered very little, he said. It was a cruel jibe that stuck. Carney has never backed down, however. He defended forward guidance at his last appearance before MPs earlier this month.

Finally, just after Covid, The Bank of England announced Wednesday an emergency cut to interest rates in an attempt to limit the economic impact from the new coronavirus.

The Bank of England base rate is currently 0.1%. The U.K. sold three-year debt at a negative yield for the first time in May this year. Let’s wait and see.

Why would I, or anyone cheer for negative rates?

#115 Polecat on 12.08.20 at 8:44 pm

#92 Farts,

That’s gold. As far as work from home, I get more done, don’t mind spending a couple extra hours at night when not pissing on fires during the day. I’ll go back to office if that time comes but now with work laptop, I’ll bring it home. Having no kids at home helps plus winter sucks so why not, summer…meh, I’ll spend extra time fishing and leave the laptop at work. Millenials…ffft, us gen xer’s got this.

#116 Phylis on 12.08.20 at 8:47 pm

Bird in the hand please. 60.
If you think you are going to run out of money, you can rummage through the bush.

Or maybe another way to put it. In retirement, take your money back from the gvmnt or spend only your own money.

#117 IHCTD9 on 12.08.20 at 8:49 pm

#86 crowdedelevatorfartz on 12.08.20 at 7:16 pm
@#73 IHCTD9
“At least when it comes to killing things, cats are geniuses.”
+++++

I had a cat that once caught a hummingbird.
I saw it happen and grabbed it from the cat before it became a meal.
Took the little guy out of cat range, through the house, out on the back deck….. and put it down on a handrail in the sun.
After a minute it sat up.
A minute after that….gone.
A very lucky hummingbird.
The cat looked for that bird for hours in the house.
— ———-

That must have been one quick cat! We have a big burgemot plant right off the stairs of our front deck, and the hummingbirds love the thing. I’ve seen 4 HB’s buzzing around it at the same time. Not for long though, pretty aggressive little buggers. Curious too, back when I smoked, I’d be having a toot sitting on the stairs, and often I’d end up with a hummingbird hovering 2 feet from my face, checking me out.

I only had a live humming bird in my hands once. Out by the big door to my driveshed, there are several big burr plants. One year, a flowering vine sprouted amongst them, and grew over top the burr plants. One day, I go back there, and as I approach the driveshed door, I hear the telltale buzz of a humming bird. I look and see it on the vine, but it can’t fly away, it looked to be stuck. I walk up, and its ass end is glided to a burr! I guess it must have hovered backwards into one while feeding off the flowers stemming from the vine. I clipped the burr off the plant and carefully removed the burr from its back end. It lost a few feathers, but after a short time-out, it buzzed away no less for the wear.

#118 Stone on 12.08.20 at 8:52 pm

#79 DON on 12.08.20 at 6:55 pm
#62 Tommy on 12.08.20 at 6:24 pm
It’s a big mistake to confuse being a sheep and having balls. Most elderly people today couldn’t hack a day in the life of a millennial so excuse me if the chunks are rising when I read that some old bag is lauded for having balls for complying with an incredibly coercive policy. Give me a break!

***************
How did you manage to come to that conclusion?

Imagine having to put your life on hold for 5 years due to a World War.

———

Pffft. That’s nothing compared to social media going down for like…10 minutes. Come on. Apples to apples comparison. Puleeease! War. Like that’s tough? When you can’t get access to Insta…that’s PTSD at a whole other level.

I’m sure Tommy can explain it better than me. Oh…maybe not. He’s already fixated on the next shiny bauble.

#119 Hilroy on 12.08.20 at 8:52 pm

Will there be a contribution adjustment for the lean or missing Covid year(s)?

#120 Doug t on 12.08.20 at 9:04 pm

That picture says it all – can’t we all just get along ffs

#121 Faron on 12.08.20 at 9:08 pm

#97 Re-Cowtown on 12.08.20 at 7:53 pm

#64 Long-Time Lurker on 12.08.20 at 6:19 pm
>Back to the future: warmer temperatures.

Newsflash: humams can walk on top of glaciers!

Newsflash: glacier ice moves! If you drop something on the Columbia Icefield near the top, that thing will get spit out in as little as 100 years.

Newsflash: I’ve found and radiocarbon dated wood from trees bulldozed by a glacier 8200 years ago. Yet that is consistent with climate change. Why? The glaciers we see today are relics from a colder past, not indicative of our climate today.

#122 Doug t on 12.08.20 at 9:09 pm

#92 fartz

Love ya fartz but gotta say – my son opens 6:30am, 5 days a week at a local cafe/restaurant that he manages (25 years old) – works out 3 days a week and runs, gives to charities that he really can’t afford and is good to his mom and dad :) – he rocks

#123 crowdedelevatorfartz on 12.08.20 at 9:17 pm

BC NDP cash hand outs start Dec 18.
Any couples earning $125,000 or less will be eligible for $1000.
Any couples earning $150,000 or less will be eligible for $500.
Any couples earning over $200,000 will not be eligible for cash.
Singles earning $85,000 per year are eligible for $500.
Singles earning over $100,000 per year are not eligible.

Your politicians buying you with your own tax dollars.

#124 baloney Sandwitch on 12.08.20 at 9:20 pm

Good review of CPP. I think I will wait for 65 to collect, as I don’t need the money and already pay too much tax. My wife has very long-lived genes so I have asked her to wait till 70. Anyway, there is an insurance component to CPP i.e. insurance against living too long.

#125 will on 12.08.20 at 9:28 pm

hey crowded #102:

would you like to add something to your comment? i don’t care if you don’t but i invite you to anyway…

#126 cmj on 12.08.20 at 9:32 pm

“Take the money and run” was my decision at 60. It’s about quality of life and this money sure helps to spend on vacations and activities you may not be able to do in 70s and beyond

#127 Head Chef specializing in Lame duck l'ronge on 12.08.20 at 9:50 pm

Amazing picture. Pretty sure they are several things in it people could learn if they chose to.

#128 crowdedelevatorfartz on 12.08.20 at 9:52 pm

@#122 Doug t

” – he rocks”

++++
Yes he does. As rare as a diamond in the rough.

However.
I pray every day for a software virus or a communications ending Solar Max flare that will end all cellphone tech for at least 12 months to get todays kids to lift their faces up from their goddamn “smart” phones…

#129 Bill on 12.08.20 at 10:01 pm

DELETED

#130 crowdedelevatorfartz on 12.08.20 at 10:02 pm

@#117 IHCTD9
Yep Hummingbirds are amazing.
Like little helicopters.
I have a feeder out at my office.
I have two of the little buggers fighting it out TODAY for dominance.
Pouring rain and they were hammering the nectar.
I rigged up a little lightbulb heater to keep the nectar from freezing.
We’ll see if they last the winter.
Supposed to get cold in Jan.-Feb. here… La Nina

#131 crowdedelevatorfartz on 12.08.20 at 10:12 pm

@#125 will

It was a great picture.

I find that most people that take CPP at 60 do it for the wrong reason.
They are broke and need the money while they work.
Thus it puts them into a higher tax bracket and they end up paying at the end of the year.
Yes. as they continue to work…. their CPP increases due to their continuing contributions……
Unfortunately….they just pump it into lotto desperation tickets…..because they have nothing else and ….eventually….they will retire….on a reduced CPP , OAS ……and nothing else.

I will enjoy working when I retire….on things that dont require annoying Human Resources, politically correct tip toeing, endless paperwork no one reads, emails to everyone for god knows what, and a pay cheque that the govt dips deeper into every year…….

Nah. Upon retirement.
I was thinking of shoveling manure , for cash, at a pig farm so I could relate to what politicians are trying to say……….

#132 Ponzius Pilatus on 12.08.20 at 10:15 pm

#123 crowdedelevatorfartz on 12.08.20 at 9:17 pm
BC NDP cash hand outs start Dec 18.
Any couples earning $125,000 or less will be eligible for $1000.
Any couples earning $150,000 or less will be eligible for $500.
Any couples earning over $200,000 will not be eligible for cash.
Singles earning $85,000 per year are eligible for $500.
Singles earning over $100,000 per year are not eligible.

Your politicians buying you with your own tax dollars.
————
Thanks CEF for the info, and helping me out with your tax dollars.
Where do I line-up?

#133 Thomas on 12.08.20 at 10:21 pm

Why should you retire if you love what you are doing and you can still do it at competitive levels?

#134 binky barnes on 12.08.20 at 10:25 pm

I think I will write to my PM, Mr. Justin Trudeau, and ask his opinion. He is a monetary whiz, so I will heed his advice.

BB

#135 Brad on 12.08.20 at 10:54 pm

Hi Garth, curious to hear you thoughts on Freeland’s comment to “unlock the pre-loaded stimulus” What does this mean?

#136 cramar on 12.08.20 at 11:13 pm

#65 Tommy on 12.08.20 at 6:24 pm
It’s a big mistake to confuse being a sheep and having balls. Most elderly people today couldn’t hack a day in the life of a millennial so excuse me if the chunks are rising when I read that some old bag is lauded for having balls for complying with an incredibly coercive policy. Give me a break!

Apparently there’s a reason people dislike Millennials. – Garth

—————

I can guarantee Tommy boy, when you are elderly you will not be able to hack a day as you do now. I can also tell you that your attitude will change as you get older. That is if you make it to 90 as she did.

#137 millmech on 12.08.20 at 11:29 pm

://www.theworldcounts.com/challenges/people-and-poverty/hunger-and-obesity/how-many-people-die-from-hunger-each-year/story

#138 YVROptimist on 12.08.20 at 11:35 pm

@#99 Outrage – I fear that China may have not reported all their cases and deaths.

Call it a hunch.

#139 Nonplused on 12.09.20 at 12:22 am

#104 Pete from St. Cesaire on 12.08.20 at 8:13 pm
#88 Nonplused on 12.08.20 at 7:19 pm
Results are coming in from the world of online learning due to all the school closures. Apparently a rough number would be that the number of students currently on track to get an “F” has doubled in the online community. And marks across the board are falling.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
You’re making a big mistake in thinking that falling grades are a result of schooling at home. The spiking rates of depression amongst kids (and adults) due to the lockdowns are the real culprit. Just the way that drug use is directly related to depression and abuse, which then leads to a drop in school performance.

———————————

Not saying I know all the factors. I read a little, I observe a little, and I think a little. But stats are stats, whether depression, lack of social interaction, lack of structure, or just plain thinking we are all going to die, my son’s grades are off and off hard. And he doesn’t much want to talk about it.

#140 Sara on 12.09.20 at 12:30 am

I think that the decision as to when to take CPP is dependent on one’s financial circumstances as well as personal goals and risk tolerance. For example, if your goal is to collect the most money from the CPP over your lifetime, your choice of start date may be different than if your goal is to insure a certain income level until the day you die. There is no one-size-fits-all answer.

#141 Nonplused on 12.09.20 at 12:34 am

#91 Doghouse Dweller on 12.08.20 at 7:33 pm
#63 Nonplused
Does anyone know how to check your CPP balance and future payments? Is it on the CRA website?
—————————————————————————

You need a Service Canada Web account , the viewable data the Gov has collected during your lifetime is there .

Up next on the totalitarian train No VAX – NO Cheque !

————————–

Ok, thanks. I have an account but I use it mostly to tell the government that no, I don’t owe any GST, all my business was in the US and I paid taxes there as required.

Absolutely Texas is a way better place to do business than New Jersey. Well at least since they got their online payment system working so I could pay my $50 business licence with a credit card. Even Elon is saying he may get a cowboy hat and a horse. And probably a ranch.

#142 Last of the Boomers on 12.09.20 at 12:39 am

@ #5 Dolce

Have you considered the fact that it is coming in more than one allotment with the first being 249,000 doses?

#143 So glad I sold on 12.09.20 at 12:50 am

No.98 Chele
If you’re still working at 60 take the money. You are still required to contribute until age 65 unless you retire before then. Your cpp income will continue to increase because you are still working.
I took it then and used the money for vacations with family or for their vacations. They were very appreciative and I was glad I did.

#144 Nonplused on 12.09.20 at 12:56 am

#83 will on 12.08.20 at 6:56 pm

I met a man once, 70, and I was just a young buckeroo surveying a bridge not far from where he lived, a couple doors down. Turns out he had also been a surveyor and since I was sort of strapped to my total station he’d talk me up.

One day he says to me “Well Nonplused, I don’t know if I’ll see you again because I am going back to work and I might not be back before you are done here.” “Going back to work???” I exclaimed. “You are 70 and I thought you were retired!” “Well, I am out of money” He said. “Why did you retire without enough money?” I asked. “Well, Nonplused, I’ve been married 7 times. I kind of learned not to keep too much money all in one place.” “7 times??” I further exclaimed. “Well the first one died on me and that kind of got it going”.

He also made pretty decent home made beer, a little too carbonated at times but that works ok with beer. And every weekend his house was stuffed with visitors. Apparently he had children with more than one of the wives, and now also grandchildren. He also had other interesting tidbits of advice. “Treat all the women you meet well because you never know” he would say. “What you see around you is all there is” he would also say. So I guess he didn’t go to heaven. He also had lots of stories about clear-cutting in BC and how he worked many jobs marking the trees that could be seen from the road. The other side of the peak would be gone. But he mostly did pipelines. Ya, back then nobody gave a rat’s ass about a pipeline.

Anyway my point is that there is a balance to be made between today and tomorrow, and when interest rates are 1% it is all today, baby. If tomorrow won’t fund itself through the usual “time value of money” because there is none, get rid of your money.

#145 SOMETHINGS UP!! on 12.09.20 at 1:15 am

GOOD JOB YA DINKS!!!

https://www.cnn.com/2020/12/08/world/canada-covid-second-wave/index.html

STAY HOME

#146 Linda on 12.09.20 at 2:10 am

#61 ‘Tim’ – heaven help anyone who ends up qualifying for GIS. Yes, the enhancement to CPP & OAS does make waiting an attractive proposition. However as #56 ‘Ponzius’ says, one never knows when ‘the rules’ may change. While I think the CPP enhancement might be adhered to, OAS is another matter. To paraphrase the words of actor Clint Eastwood ‘Do you feel lucky?’. Given the way the deficit is growing, I think it very possible that good things will not come to those who wait.

#147 BillyBob on 12.09.20 at 5:55 am

#108 the Jaguar on 12.08.20 at 8:23 pm

A problem many have is seeing themselves in any realistic light when it comes to ageing or their mortality. They drag every ancestor imaginable out of the closet as a testament to their belief they’re going to make it to 90 or 100. Fate is the Hunter, as Ernst K Gann wrote, because he saw many in profession die before their ‘time’.

We’re all living on borrowed time. If you doubt this, give a listen to a 2014 CBC interview with Oncologist Dr. Zeke Emanuel, one of 10 advisory board members named to Democratic President-elect Joe Biden’s coronavirus task force. Then do some push ups and sit ups.

==================================

Well said. It’s so much easier said than done, my personal goal has become more and more about – at the risk of using a currently-trendy phrase – being “present” in the moment. And try to enjoy every day.

Of course it’s also terrifying when one has that sudden, impossible to ignore moment when their mortality becomes more than an intellectual abstract. Hence most rush around doing everything they can to distract themselves. Covid-19 has actually highlighted this – humanity is like a frightened herd of cows that suddenly became aware that death isn’t quite as far away as they thought. Makes today’s financial advice quite prescient.

Fate is the Hunter is a book that everyone should read. Just like Zen and the Art of Motorcycle Maintenance isn’t really about motorcycles, neither is FITH really about aviation. High on my list of regrets is that I never got a chance to meet Gann in person, even though he retired and passed not 20 miles from my hometown (as the crow flies).

Keep warm out there Jag.

#148 slick on 12.09.20 at 6:18 am

I turn 60 in 2 weeks. Still fully self employed. I have decided that 62 is a good saw-off for collecting CPP. Ironically, my spouse will make more if I die, than I will if I don’t. My accountant agrees with the wise, anti-covid deleting Garth. Take the money ASAP.

If Garth is correct, and the increase in payments is 7% per year, then why not take the benefit, drop the money into ENB, and make 8% dividend? You have the tax efficient offset, and your family can have the money if you drop dead before collecting at 70.

#149 theoryAndPractice on 12.09.20 at 6:33 am

#63 Nonplused on 12.08.20 at 6:16 pm

MSCA has it. Where you can find EI , CPP and OAS detailed info.

https://www.canada.ca/en/employment-social-development/services/my-account.html

#150 Player24 on 12.09.20 at 6:50 am

Great post..made me laugh with the bourbon and ammo quote.

#151 Peter Kook on 12.09.20 at 7:00 am

Interesting to know for the dog loving guys:

https://www.cnn.com/2020/12/08/europe/dog-brain-activity-intl-scli-scn/index.html

#152 calgaryPhantom on 12.09.20 at 7:17 am

Take money whenever you need it….The whole purpose of these payments is to ensure you have a comfortable last innings of your life. Maximizing and crunching numbers at that stage should be illegal.

#153 the Jaguar on 12.09.20 at 7:19 am

@#147 BillyBob on 12.09.20 at 5:55 am
‘Keep warm out there Jag.’

Thanks, BillyBob. Shouldn’t be a problem as new mandatory health measures just issued in Alberta that will put me in work from home category starting monday. Reluctantly I join that group until at least January 12th.
Hopefully things will improve once the seasonal anxiety lets up and I can get a get out of jail card along with a proof of vaccine card….

#154 Habitt on 12.09.20 at 7:25 am

Thanks again Garth. You’ve given people food for thought and that’s priceless. Kindly keep up the good work. You’re helping many and educating illiterates like me. No easy task. Lol

#155 Apocalypse2020 on 12.09.20 at 7:51 am

‘Aliens exist and have deal with Donald Trump’ claims ex-Israeli space official’

https://ca.yahoo.com/news/aliens-exist-deal-donald-trump-161606229.html

If true, then global catastrophe is 100% for certain.

PREPARE

#156 the Jaguar on 12.09.20 at 7:53 am

In today’s National Post:
‘Safety Will Trump Privacy over Covid Vaccines at Work’.
Compulsory Shots Will be the Gold Standard.

https://pressreader.com/article/282084869383391

This was all so predictable. The anti-vaxers are doomed. – Garth

#157 crowdedelevatorfartz on 12.09.20 at 8:07 am

@#155 Alien apocalypse 2021
“Aliens exist and have deal with Donald Trump’ claims ex-Israeli space official”

+++++

I think they offered him a soul and he turned them down.

#158 Do we have all the facts on 12.09.20 at 8:11 am

# 135 Brad

She wants households with money to begin spending or investing their savings to stimulate economic growth. During the Covid 19 crisis personal debt declined and personal savings increased resulting in a preloaded pool of capital that has the potential to stimulate growth of the Canadian economy in 2021.

What seems to be missing however are government backed incentives to encourage Canadians to invest in economic growth. They remain focussed on guarantees for residential mortgages while the obvious need to guarantee investment in other important sectors of the Canadian economy is ignored.

If our government really wants to unlock preloaded investment potential might I suggest they take a hard look at the economic sectors that have the potential to create employment and to contribute to our balance of trade in the future.

Offering growth oriented bonds that are guaranteed by the Government of Canada might be start.

with

#159 GB on 12.09.20 at 8:11 am

Nobody will ride for free on the immunity herd. – Garth

From what I understand, there is no proof that the current vaccines provide any herd immunity. They are only proven to lessen the severity of symptoms. If that’s true, then getting vaccinated is less selfless than some are “selling” it as.

Irrelevant. Bend over. – Garth

#160 crowdedelevatorfartz on 12.09.20 at 8:12 am

@#132 Ponzie’s Pitfalls
“Where do I line-up?”

+++
At the Trough like all the other Liberals?

#161 crowdedelevatorfartz on 12.09.20 at 8:15 am

@ Duck l’ronge
“Amazing picture. Pretty sure they are several things in it people could learn if they chose to.”

+++
If raccoons had opposable thumbs and could speak they’d be more useful and smarter than our finance minister?

#162 Dharma Bum on 12.09.20 at 8:30 am

#36 True Facts

Ontario will be issuing “proof of Covid vaccine” cards. No papers, your activities will be limited.

https://toronto.ctvnews.ca/ontarians-could-face-restrictions-if-they-refuse-to-get-covid-19-vaccine-health-minister-says-1.5222009

Of course. What did you expect? As I have said, no vax will mean no travel, no valid passport, no sporting or entertainment event attendance, probably no clubs/restaurants and for many, no work. Nobody will ride for free on the immunity herd. – Garth
——————————————————————-

That’s what I keep posting here, but they think I just escaped from the nuthouse.

First off, I told ya so!

Secondly, I didn’t escape. They let me out. My time was up.

#163 Dharma Bum on 12.09.20 at 8:41 am

Of course you should take the money early. Just the same way you should commute a pension.
It’s always better to take control of your money earlier than later. Why trust your cash to the government? Really?

The wife and I turned 60 in the same year and started collecting CPP immediately. We pool the proceeds (approx. $1500/mo.) and invest it monthly in a totally separate account. I’m doing an experiment. We will not touch it for 5 years. Then I will report back on exactly what $1500/mo. invested for 60 months is worth. Then we’ll keep it going for another 5 years until age 70.
I predict that side investment to be worth about $250,000.00 by the time we’re 70.
Why would I wait 10 years getting zero, and start collecting a monthly stipend only at 70.
Life pretty much ends, for all intents and purposes, at 75. 80 max.
Don’t tell me about your spry 96 year old aunt. She’s an outlier.

#164 Q2 DUPLEX DRIVE on 12.09.20 at 8:42 am

Hey Garth –

Great column!

I took my CPP right after my 60th birthday. As I am still working for a fintech company, I’ve been putting both the CPP and OAS into my RRSP. That’s a 25% annual return – beats anything the feds can offer.

And you’re right – don’t leave anything for Chrystia!

#165 Dharma Bum on 12.09.20 at 8:53 am

#133 Thomas

Why should you retire if you love what you are doing and you can still do it at competitive levels?
——————————————————————–

Yes. All 7 of you out there.

#166 TurnerNation on 12.09.20 at 9:21 am

Does a post ‘DELETED’ count as a post?
Dunno but here’s my 2nd real one.

You are free to leave at any time! Don’t mind the closed border, no train or bus routes, and barely any airline routes. Only the rich will fly, privately.

This is my thesis: all of these daily changes are not for our heath Comrade, but for control over our Movements, Breeding and Feeding. How many new hospital beds were added with the war-time government spending levels? Zip. How about those US hospital ships Comfort, Mercy. Where they go, no needed or just a stage prop to scare us??

#stayhome – they told us the plan from day 1.

“Globe says Air Canada cuts flights in Atlantic region
The Globe and Mail reports in its Wednesday edition that Air Canada is cutting more routes in Atlantic Canada and warning of station shutdowns. The Globe’s Eric Atkins writes that the airline said on Tuesday it is suspending all flights to Sydney, N.S., and Saint John, N.B., on Jan. 11 and until further notice. In addition, the following flights are being halted temporarily: Deer Lake, Nfld., to Halifax; Fredericton to Toronto; Charlottetown to Toronto; and Halifax to Ottawa. Derrick Stanford, president of the Atlantic Canada Airports Association and chief executive officer of Saint John Airport, said the cuts are the third round the region has suffered in the pandemic, and will make it harder for the area’s people to take part in the economic recovery when the COVID-19 crisis recedes. “This will have a huge impact on our region’s economy, on the ability of families to reconnect, on the movement of essential workers and on airport employees and businesses,” …
© 2020 Canjex Publishing Ltd. All rights reserved.”

………
As someone else on another blog noted back in MARCH…they got it. not my quote:

“”“We’re in an experiment. We’re now getting a glimpse of what a high tech, low carbon, limited mobility civilization looks like. The technocrats must be loving this – they’re going to have so much data to analyze after the experiment is over. Other major interest groups will use this experiment to further their agendas …”””

#167 Penny Henny on 12.09.20 at 9:26 am

#140 Sara on 12.09.20 at 12:30 am
I think that the decision as to when to take CPP is dependent on one’s financial circumstances as well as personal goals and risk tolerance. For example, if your goal is to collect the most money from the CPP over your lifetime, your choice of start date may be different than if your goal is to insure a certain income level until the day you die. There is no one-size-fits-all answer.
///////////

You said it best.

#168 Penny Henny on 12.09.20 at 9:29 am

for anyone here who is collecting GIS (or possibly a parent or friend is) Telus is offering a free refurbished smartphone as well as a subsidized rate (unlimited talk, text, 3GB data for $25/month)

https://www.telus.com/en/about/company-overview/community-investment/how-we-give/cause-campaigns/mobility-for-good?INTCMP=VAN_mobilityforgood

#169 Masks really do make some people more attractive on 12.09.20 at 9:44 am

#47 Stone on 12.08.20 at 5:26 pm
#4 calgary rip off on 12.08.20 at 3:00 pm
I don’t have enough time to eject from the hospital in Calgary where I work yet. 2007-present. Not enough. Don’t qualify.

Vitamin D3 on board, check. Vitamin C on board, check. Zinc and multivitamin on board, check. Cold shower daily ala Wim Hof method, check.

Be like the Ice Man Wim Hof.

———

Apparently, lots of fools working in the hospital too.

Should I need hospital care, I’ll make sure to ask questions on what you advised above. If the person answers the same as you, I will make sure that they don’t touch me and find someone else who bases their decisions on science, not hocus pocus.

////////////////

Considering that present-day med students are being taught that the biologic sex binary is out-dated science, and that men can indeed become women with ladydiques, you may be disappointed.

#170 Cone of Silence on 12.09.20 at 9:54 am

The paper consistently mentions how much more money per month you will receive if you delay your pension but what about the years of lost income while your wait?

If you delay your pension until 70 instead of taking it at 60 it will take until your 78th year before the increased monthly income catches up to the 10 years (60-70) of missed income. Will you really need the additional monthly income when you are closing in on your 80s or would you like an extra pay cheque in your 60s?

If you delay your pension until 70 instead of taking it at 65 you will be in your 82nd before you break even.

#171 Ponzius Pilatus on 12.09.20 at 10:53 am

134 binky barnes on 12.08.20 at 10:25 pm
I think I will write to my PM, Mr. Justin Trudeau, and ask his opinion. He is a monetary whiz, so I will heed his advice.

BB
—————
Good idea, Binky
I texted him already.

#172 Another Deckchair on 12.09.20 at 10:55 am

@147 BillyBob

“being with the day” is good – however – I had (now deceased) a good friend who shared the same hobby, and we’d see each other a couple of times/year. He was older; I enjoyed talking to this quiet gentleman, my wife was in love with him. ;-) Most people ignored him.

Turns out, he flew Spitfires out of Malta, flew the first RAF jets; did 11 deliveries (F86-Sabres??) out of USA to Britain; moved to North America in the 50s, started crop dusting; one of his aircraft is now in the American Air Museum in Duxford. He crashed 3 planes after his RAF days; for a long time, drank more than his share.

He said to me one day, in his 80s something like “if I’d have known that I would live this long, I’d have taken better care of myself when I was younger”.

One day when we were in the same city, I dropped a book off in his car; told him in person that I had dropped off this book on Canada’s #1 WW2 Air ace; he gave it back next time we met, with a nice letter, outlining that the Air ace was not quite as clean as portrayed; dummy here didn’t figure out that they both flew Spits out of the same base in Malta until afterwards…

Anyway, my work, which I really enjoy, is slowing down due to cash flow issues caused by COVID; it’s not a problem, because of our financial situation. So, I think retirement is coming soon, even if the cash flow situation gets sorted out in the coming months. Yee hah!

#173 Blacksheep on 12.09.20 at 10:58 am

DELETED

#174 mick McClean on 12.09.20 at 10:59 am

It’s worth noting that even if you take CPP at age 60 at the reduced rate that as long as you are still working you are entitled to a “post retirement pension” each year you work. These small pensions usually average about $45 per year which is on top of the piddly increase each year. If you work till 65 you won’t be far behind what you would have got if you waited till 65.

#175 Huh? on 12.09.20 at 11:01 am

DELETED

#176 willworkforpickles on 12.09.20 at 11:02 am

Not much talk of terrorist activity over the last year but it too has not miraculously gone away either.
Terror groups have been quietly observing the negative economic and other adverse effects of covid on societies they deem to be enemies to their cause.
What if a far deadlier pathogen than C-19 were to be developed and unleashed within enemy nations (ours) – if they could do it…would they do it?
I’m sure they would and will try to in the future after observing the unhinging negative economic effects the far less deadly pathogen Covid-19 has already had on our societies.
A far deadlier pathogen and especially the toll it could take on innocent lives is and has been a viable and twisted game plan of interest of theirs .
Our governments need to focus mightily on foresight detection and prevention of this particular and eventual attempt on our society.
Question…Will they bury their heads in the sand the way they did pre-warned as they were of this pandemic…Or as with the oncoming attacks (pre-warned) but ignored at Pearl Harbor and such and so forth.
ANSWER…They will continue to bury their heads in the sand and will do so into the next far greater crisis.

#177 Ponzius Pilatus on 12.09.20 at 11:09 am

168 Penny Henny on 12.09.20 at 9:29 am
for anyone here who is collecting GIS (or possibly a parent or friend is) Telus is offering a free refurbished smartphone as well as a subsidized rate (unlimited talk, text, 3GB data for $25/month)
——————-
The other day, the theme was “there is no free lunch”
John, but there are free phones.

#178 Ponzius Pilatus on 12.09.20 at 11:14 am

Yeah
Health Canada just approved the vaccine.
Roll up your rim, oops sleeve.

#179 Bill on 12.09.20 at 11:18 am

Really?
And why not publish Trudeau accomplishments??
The guys a train WRECK.

Because you cut-and-pasted a 1,000-word list. Not only did it disrespect the space here (you could have just posted a link) but some of the items are wholly wrong, some are racist and beneath you. – Garth

#180 WTF on 12.09.20 at 11:42 am

Raccoons. I always suspected Bruins Fans were quite insane. Now Confirmed

https://www.youtube.com/watch?v=Ofp26_oc4CA

#181 IHCTD9 on 12.09.20 at 11:42 am

#172 Another Deckchair on 12.09.20 at 10:55 am
@147 BillyBob

“being with the day” is good – however – I had (now deceased) a good friend who shared the same hobby, and we’d see each other a couple of times/year. He was older; I enjoyed talking to this quiet gentleman, my wife was in love with him. ;-) Most people ignored him.

Turns out, he flew Spitfires out of Malta, flew the first RAF jets; did 11 deliveries (F86-Sabres??) out of USA to Britain; moved to North America in the 50s, started crop dusting; one of his aircraft is now in the American Air Museum in Duxford. He crashed 3 planes after his RAF days; for a long time, drank more than his share.
____

You never know the backgrounds of some of these old Silent gens you might meet. There are getting to be less of them around, they lived such a different life than us kids these days.

My Dad has a seasonal retirement biz and was working for a spunky elderly lady (now deceased) doing property maintenance. He wanted me to “Google her” after getting to know her a bit. Her name was Vi Milstead:

https://en.wikipedia.org/wiki/Violet_Milstead

#182 Goober on 12.09.20 at 12:32 pm

Hey BillyBob,
Looks like no vaccine for you and your fellow pilots for now – even if you want it: https://www.avweb.com/aviation-news/faa-reviewing-whether-pilots-can-take-covid-vaccine/

#183 Diamond Dog on 12.09.20 at 12:38 pm

Yup. Bonds and savings don’t pay, yields are at rock bottom. It’s down to preferred shares, some dividends here and there and ETF’s. The pressure on money to flood into stocks has never been higher and the problem with that is that 10 year adjusted for inflation charts like Schiller see P/E multiples at the highest in history second only to the dot.com 2000 bubble which we will not see again most likely in our lifetimes.

https://www.multpl.com/shiller-pe

It kind of leaves money managers and investors in a pickle. The government is forcing money to go into speculative markets by crashing yields. People with cash are looking to invest and don’t want to be turned away. “Got to have your money working for you”. All of that is well and good (sort of, cash is a position) except for the fact that the markets are valued historically high with indexes breaking new records most likely through to the holidays. From there though, where will it go during a pandemic that is continuing to worsen and shut down economies the world over with no relief in sight until maybe February? The senate is waiting for a market selloff. When it comes, what on God’s green earth will continue to keep this bloated gasbag from deflating from there?

Logic says you buy low, you sell high. Well, the markets are high. Couple this with investors having to wade through shitty Q4 and 2021 Q1 earnings numbers for the most part along with market distortions, real estate values (or should I say bubbles) have popped leaving the western world vulnerable to any measurable rate hikes, public debt bubbles are spinning out of control leaving treasuries vulnerable to future shocks coming from elsewhere, marco economically we just aren’t in a good place right now, papering over problems with unsustainable debt spending. Bills are coming due and lots of us aren’t working and all of these factors will be weighing in the minds of the not so illiterate investor over X-mas. What do readers think they’ll do? Cash out?

No. My guess is they are likely doing it right now piece by piece and market by market as investors pull out of markets with falling currencies, but what do I know, just an opinionated blogger! ;D

#184 Diamond Dog on 12.09.20 at 12:42 pm

some of the items are wholly wrong, some are racist and beneath you – Garth

Nope, not beneath.

#185 Bill on 12.09.20 at 12:47 pm

Maybe some grey there. My wife from the Orient.
Im the least.
But point being the most dangerous things to CNDs health in the coming years is our leadership. I have many very wealthy friends and I can say that there are few people Ive ever disliked as much as our leader…and I pale in comparison to them….
Mr black face credibility is now in the below the basement.
Now they tell us that us responsible savers are to blow our emergency cash stash to help out….unreal.

#186 UmiouiuS on 12.09.20 at 1:07 pm

# 163 Dharma Bum ~
“Life pretty much ends, for all intents and purposes, at 75. 80 max.
Don’t tell me about your spry 96 year old aunt. She’s an outlier.”
*******
To your point, DB, heard this on ‘The Crown’ (Netflix), Season 3, Episode 5:

“.. there came a moment around the time I turned 70, when it dawned on me that I was no longer a participant .. rather a spectator.
Then its just a matter of waiting, .. and not getting in the way.”

Epiphany.

#187 IHCTD9 on 12.09.20 at 1:22 pm

#180 WTF on 12.09.20 at 11:42 am
Raccoons. I always suspected Bruins Fans were quite insane. Now Confirmed

https://www.youtube.com/watch?v=Ofp26_oc4CA
___

Heh, that dude is out in Garth’s neck of the woods. I actually saw that vid shortly after it was originally posted, it has really gone viral.

His manner of speech sounds a lot like “Bubbles” from Trailer Park Boys at times :).

#188 Stone on 12.09.20 at 1:33 pm

#169 Masks really do make some people more attractive on 12.09.20 at 9:44 am
#47 Stone on 12.08.20 at 5:26 pm
#4 calgary rip off on 12.08.20 at 3:00 pm
I don’t have enough time to eject from the hospital in Calgary where I work yet. 2007-present. Not enough. Don’t qualify.

Vitamin D3 on board, check. Vitamin C on board, check. Zinc and multivitamin on board, check. Cold shower daily ala Wim Hof method, check.

Be like the Ice Man Wim Hof.

———

Apparently, lots of fools working in the hospital too.

Should I need hospital care, I’ll make sure to ask questions on what you advised above. If the person answers the same as you, I will make sure that they don’t touch me and find someone else who bases their decisions on science, not hocus pocus.

////////////////

Considering that present-day med students are being taught that the biologic sex binary is out-dated science, and that men can indeed become women with ladydiques, you may be disappointed.

———

You’re an ignorant fool going on an off-topic ramble. You’re as dumb as vitamin boy.

#189 Russ on 12.09.20 at 2:24 pm

Stone on 12.09.20 at 1:33 pm

#169 Masks really do make some people more attractive on 12.09.20 at 9:44 am
#47 Stone on 12.08.20 at 5:26 pm
#4 calgary rip off on 12.08.20 at 3:00 pm
I don’t have enough time to eject from the hospital in Calgary where I work yet. 2007-present. Not enough. Don’t qualify.

You’re an ignorant fool going on an off-topic ramble. You’re as dumb as vitamin boy.

=========================================

Hey Stoned,

You may wish to brush up on some more training, self-guided is appropriate.

Check this out from a preeminent and worldly nursing instructor.

last March:
https://www.youtube.com/watch?v=W5yVGmfivAk

and a month ago:
https://www.youtube.com/watch?v=HxtddpoPMKo

As others comments, somewhat sarcastically, “but there’s no money in it”

Cheers, R

#190 Mr Canada on 12.09.20 at 8:32 pm

The CPP has become the biggest tax Ponzi scheme going. Being self employed business owner having to pay both employee and employer share $2,898 x 2 = $5,796 each year in premiums. Yes, I will be drawing at 60 and look forward not to pay anymore. If you die with no spouse kiss 40 years of contributions away in the form of a one time death benefit of $2,500 — taxable of course.

#191 A Different Tim Who Has Previously Identified As Tim But There Are Several Tims Here on 12.09.20 at 10:48 pm

I get that taking CPP earlier probably makes sense in most circumstances… except for one thing.

If you don’t have significant investments, DB pension, etc.–that is, if you’re like most people, to go by the stats that get presented here from time to time–CPP and OAS and GIS are *IT*, forever, no matter how long you end up living.

And we can go ahead and say that if you’ve gotten yourself into that situation, you’ve screwed up bad, but that’s immaterial.

So someone at age 55 or 60 or even 65, who is going to have to rely largely on CPP/OAS/GIS for the rest of their lives (and while being poor tends to shorten your life, that’s not universal) then they’re going to need every penny. And they’re probably going to have to work until they’re 70 anyway, and in those circumstances they’re probably better off continuing to while they still physically can.

You can run all the numbers you want that say less money starting now is worth more than more money starting later. But when you’re in poverty (which is what CPP+OAS+GIS alone is), a few thousand dollars a year makes the difference between tough poverty and grinding, miserable, horrible poverty, and that difference is gonna be all the more acute in your 80’s and 90’s.

And if that’s where you’re headed (and my sincere sympathies if it is, and anyone who berates you for it is a weapons-grade a-hole for kicking you when you are unrecoverably down) your least-bad option is keep working as long as you can, and leave CPP until 70.

#192 Piano_Man87 on 12.10.20 at 11:12 am

I told my parents about your position on this once, Garth, as they were trying to figure out when to take CPP.

They said, “of course he would say that. That gives a financial advisor more money to play around with, so they make more money.”

I agree with your thinking on it. Money now is generally better than money later.

If you have any fiery retort to tell them about your advice here, I will gladly pass it on.

Why would an advisor get their five hundred bucks a month? You need better parents. – Garth

———————————————–

If you take CPP early, then your overall income goes up, and so does your net worth. So rather than maybe taking some dividend income to pay for some expenses, CPP covers it, and the dividend income can instead be reinvested. The result is the financial advisor has a larger sum of money to manage, and their cut goes up – granted, very little.

Yes, I’m aware I did a lousy job selecting my parents.

#193 Piano_Man87 on 12.11.20 at 11:17 am

https://financialpost.com/executive/executive-summary/posthaste-canadians-who-take-cpp-at-60-lose-100000-in-retirement-income-study-finds

fake news?