CPP Benefits - Early or Later
June 17, 2020
Have you ever wondered what the net impact would be on your CPP Benefits depending on when you choose to start withdrawing?
The CPP (or Canadian Pension Plan) allows you to start taking your pension benefits as early as aged 60, or as late as age 70. The earlier you choose to start your payments however, the smaller the payments will be, and regardless of when you start, they will continue for the rest of your life.
As a result, the longer you expect to live, the more benefit there is to starting your CPP benefits later. In fact, depending on a number of factors, there’s a specific break-even age between taking your CPP earlier vs later.
Try out this simple calculator to compare the impact on your pension.