The CPP retirement pension — How it works
- Canadians are living longer.
- In fact, you could spend more than 30 years in retirement.
- So it’s important to know how you’ll fund it, and how the Canada Pension Plan (CPP) retirement pension can help.
- If you worked in Canada between the ages of 18 and 70
- and you paid
- into the CPP, you’re eligible for the retirement pension.
- The more you worked, earned, and contributed, the more you’ll get.
- The standard age to start receiving your retirement pension is 65. But you can choose to take it any time after you reach age 60. The later you take it, the more money you’ll get each month. In fact, you could more than double your pension if you wait the 10 years until age 70.
- Once you start receiving your pension, it will give you monthly payments for the rest of your life. These payments increase each year with the cost of living.
- The CPP isn’t meant to meet all your financial needs in retirement. It works with Old Age Security to provide a modest financial base that you can build on with your savings and other income.
- So, how much will you receive from the CPP?
- You can get an estimate of what your monthly CPP payment will be through your My Service Canada Account.
- You can also use the Canadian Retirement Income Calculator to get an estimate of your overall retirement income.
- For more information on the CPP and to apply online visit canada.ca/cpp.
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