The CPP retirement pension – When is the best time to start your pension?

The CPP retirement pension – When is the best time to start your pension?

  1. Thinking about starting your CPP retirement pension? Consider this…
  2. The CPP isn’t meant to meet all your financial needs in retirement. It provides a modest base you can build on with your private savings and other sources of income, including Old Age Security.
  3. You can choose to start your pension any time after you turn 60. The later you wait, up to age 70, the larger your monthly payments will be, for the rest of your life.
  4. So when is the best time to start your pension? Before you apply, stop and ask yourself a few important questions.
    1. Are you in good health?
    2. What is your financial situation?
    3. How will you spend your time in retirement?
  5. If you’re healthy, expect to live a long life, or have other sources of income, you may choose to take your pension as late as age 70. This will result in a larger monthly pension, which can help protect you from outliving your savings.
  6. If you want to work less, pay off debts, or you want money now for your retirement plans, you may choose to take your pension in your early 60s. This will result in a smaller monthly payment which can help meet immediate needs, especially if you have little or no other income.
  7. Remember, chances are you’ll live longer than your parents or grandparents. So consider all the factors and think long-term to get the most out of your CPP.
  8. You can get an estimate of your monthly pension through My Service Canada Account.
  9. Then use the Canadian Retirement Income Calculator to input all of your sources of income: OAS, CPP, private savings and investments. Explore income estimates for different ages (60, 65 and 70 to help you choose the best time to start your CPP retirement pension.
  10. When you’re ready to apply, do it online at canada.ca/cpp.
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