Frederick Vettese

That is not going to happen.

It is.

Every source, like big companies, whether they find contribution pension plans, the government, they all want to make sure that you end up getting a steady, slowly increasing stream of income from your RRSP slash RRIF slash defined contribution pension plan for the rest of your life.

I say, why do you want this?

What you want is a steady increasing level of overall income.

You don't care what the individual components are.

Absolutely.

If you end up deferring CQP until age 70, you have to backfill the part up until age 70, which means you've got to take more from your RRSP probably if that's going to be the case.

I still have trouble getting that argument through.

I remember, this goes back about eight, nine years ago or so, I was speaking to some fairly elevated officials in Ontario, the ones who actually worry about pension plans in Ontario, and saying, why do you guys insist that people can't withdraw too much from their defined contribution pension plans in the first couple of years?

And you want to try to get that steady stream.

And then I showed them that

the overall amount of income people can actually produce is greater if they can defer CPP until 70.

But guess what?

They can't defer it until 70 because they're a defined contribution.

They have limits on how much money they can take out.

So they looked at me like they gave me that deer in the headlights look.

After I presented all this, they had no argument for it because they only had that one mantra.

for so many years that they could not see outside of that envelope.

Some of the reasons that financial advisors have given as to why you ought to be collecting CPP early, they're totally ridiculous.