What if you could have an extra $100,000, or more, in retirement income — without saving one more penny?

Guessing how long you will live and how long your life savings will last may be a gamble, but building a strong foundation of sustainable retirement income doesn’t have to be, and it’s easier than you may think.

Most working Canadians know they will receive lifetime payments from the Canada Pension Plan or the Quebec Pension Plan, but few realize that you can choose when to start them, or that this choice significantly affects how much you receive for the rest of your life.

Every month you wait matters. For the average Canadian, taking CPP/QPP at 60 rather than 70 means sacrificing about $100,000 in lifetime guaranteed income. In some cases, that could mean more than double the monthly pension amount.

When to start CPP/QPP is the one retirement decision that nearly every Canadian will face but for most, it arrives with no one to help you understand your options, weigh the trade-offs, or protect the person you’ll be 20 years from now.

The $100,000 Decision is here to help you:

• recognize that not all sources of retirement income are created equal and know the critical difference between savings and pensions, which are at the heart of building a secure retirement.
• learn how to access additional income that carries no investment risk, is guaranteed for life, and protected against inflation.
• understand that retirement and starting CPP/QPP are two separate decisions, to increase your options substantially.
• apply the book’s principles to other major financial decisions to maximize your guaranteed monthly income in retirement.

Delaying CPP/QPP is not just a good deal, it may be the best deal available anywhere in the Canadian retirement system. By delaying and locking in higher monthly payments for life, you’re not just planning for a wealthier retirement — you’re planning for a freer and more joyful one.