Why You Should Take Your CPP Retirement Benefit ASAP (even if you don't need it)?"
Regarding retirement planning, the Canada Pension Plan (CPP) is crucial in providing many Canadians with financial security. However, for those fortunate enough to achieve financial success, repurposing your CPP retirement benefit is an intriguing opportunity worth exploring. This transformational strategy can create a lasting legacy for your family or charitable causes, even if you don't necessarily rely on CPP income for retirement. Yes, you could hold off claiming your CPP, but is it worth the additional risk?
The Age-Old Wisdom
As we age, the likelihood of facing a catastrophic illness increases. Statistics tell us that as we reach our 60s, the odds of experiencing health challenges become significantly higher than in our 50s. During this time, repurposing your CPP takes on a new dimension.
The Transformational Power of Repurposing
The strategy we propose to our clients involves using your CPP income to fund a single life or joint last-to-die insurance policy. Our question is simple but profound: "If you could finance a $1 million policy that would benefit your children, grandchildren, or a cherished charity, would you?"
To make this vision a reality, good health plays a critical role. You must meet the underwriting requirements of an insurance carrier. The longer you wait, the greater the risk of not qualifying, and this transformative strategy could slip through your fingers.
A Legacy of Grand Proportions
Imagine the possibilities. You could pay for your grandkids' education, assist them with a substantial down payment for their first home, or present a $1 million check to a charity close to your heart. Picture yourself and your spouse donating $1 million to a cause you both hold dear. Not only would you receive acknowledgment today for your generous gift, but you could also apply a $500,000 tax credit to offset some or all of your estate taxes. Ultimately, your heirs would benefit, rather than the Canada Revenue Agency.
Embracing the Transformation
Does the prospect of repurposing your CPP retirement benefit into something that can profoundly impact lives resonate with you? Are you inspired to take action, even if you don't necessarily need the CPP income for your retirement?
Let us guide you through the possibilities of repurposing your CPP benefit, transforming it into a legacy that will endure for generations. Are you curious to see how this strategy can work for you? Request an illustration today and allow us to unveil the potential of your CPP retirement benefit. Together, we can create a lasting impact on the lives of your loved ones and charitable causes that matter most to you.
