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Hi there my name is Shawn Humphries with scientist capital management thank you so much for taking the time to take in this video it seems like not a month goes by that I'm done#39’t have questions from clients asking me whether it makes sense to take Canada Pension Plan early Think many clients understand that if they take Canada Pension Plan early there will be penalties for early receipt as the one I get some clarity auto whether there is real benefit to take it early and experience a penalty or whether to defer taking the CanadaPension Plan and having a higher income later on so this presentation is designed to give you hopefully some clarity on that very important decisions well we#39’re going to talk about some changes to the legislation that will begin to be phased in 2012 Samantha is beginning to get closer tithe time when she's going to take your Canada Pension Plan she understands stage 65 is the normal time to begin receiving the benefits but she has also heard that at age 60 she can begin receiving it early, and so she wanted to understand the implications of that particular decision in her circumstances also when she talked with her friends they indicated that she had deferred taking Canada Pension Plan to her 70thyear and so she×39’s beginning to think through some implications of this and whether she should begin taking her pension benefits so let#39’s look at the basic pension if you look at the maximum Canada Pension Plan at age 65 it'currently about 960 dollars per month if you take it early and you're subject to half a 1% per month penalty for every month you take it early if you start that pension at age 60 the benefit goes from 960 dollars to 672 dollars per month if you defer taking the pension plaque past age 65 you get a half a 1×increase per month on your pension so that ultimately the pension for you is one thousand two hundred and forty-eightso this is a classic decision that clients need to make do I take the lower amount at age 60 do I take the Benefit at nine sixty at age 65 or defer taking my just by way of interest the average benefit paid to Canada Pension Plan people receiving the benefit was 504dollars last year, so it gives you some basic numbers to start with when you look at the benefit well really to get clarity on this particular discussion we just need to look at the numbers and soothe chart that#39’s in front of you takes look at the difference between taking at age 60 or taking it at age 65 so what IN#39’ve done here is I've just totaled the numbers and so on this first call in the middle column we began taking CanadaPension Plan at the reduced benefit stage 60 and by age 65 who would have received forty thousand three hundred and twenty dollars taking at age 65would have just had benefits for that one year, so that's eleven thousand five twenty going out to eight seventy toucans see the benefits paid to that date for early receipt have totaled eighty thousand six hundred and forty dollar sand if...