The CPP retirement pension: When is the best time to start your pension
Transcript - The CPP retirement pension: When is the best time to start your pension
Narrator: Thinking about starting your CPP retirement pension?
[Text on screen: Thinking about starting your CPP retirement pension?]
Narrator: Consider this
[Text on screen: Consider this...]
Narrator: 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.
[Graphic of 3 red columns labelled "Old Age Security," "Canada Pension Plan" and "Savings and other income"]
[Text on screen: It provides a modest financial base]
Narrator: You can choose to start your pension any time after you turn 60.
[Graphic of a line graph showing 60, 65 and 70. 65 appears largest]
[Text on screen: The standard age to start receiving your retirement pension is 65]
Narrator: The later you wait, up to age 70, the larger your monthly payments will be, for the rest of your life.
[Graphic of a line graph showing 60, 65 and 70. 70 appears largest]
[Text on screen: The later you take it, the more money you'll get each month]
Narrator: So when is the best time to start your pension?
[Text on screen: When is the best time to start?]
Narrator: Before you apply, stop and ask yourself a few important questions.
[Graphic of 3 question marks]
[Text on screen: Stop and ask yourself a few important questions]
Narrator: Are you in good health?
[Graphic of a heart with heart-rate indicator]
[Text on screen: Are you in good health?]
Narrator: What is your financial situation?
[Graphic of 3 dollar signs]
[Text on screen: What is your financial situation?]
Narrator: How will you spend your time in retirement?
[Graphic of a house icon and 2 palm trees]
[Text on screen: How will you spend your time?]
Narrator: If you're healthy,
[Graphic of an apple shaped like a heart]
[Text on screen: If you're healthy]
Narrator: expect to live a long life,
[Graphic of a female stick figure and a male stick figure with a cane]
[Text on screen: Expect to live a long life]
Narrator: or have other sources of income,
[Graphic of red circle with a piggy bank in it]
[Text on screen: Other sources of income]
Narrator: you may choose to take your pension as late as age 70.
[Graphic of red circle with the number 70 in it]
[Text on screen: As late as age 70]
Narrator: This will result in a larger monthly pension, which can help protect you from outliving your savings.
[Graphic of the word "Pension" in front of 3 arrows pointing up]
[Text on screen: Larger monthly pension]
Narrator: If you want to work less,
[Graphic of the word "Work" in front of 3 arrows pointing down]
[Text on screen: Work less]
Narrator: pay off debts,
[Graphic of a credit card icon inside a blue circle]
[Text on screen: Pay off debts]
Narrator: or you want money now for your retirement plans,
[Graphic of 2 money bags]
[Text on screen: You want money now]
Narrator: you may choose to take your pension in your early 60s.
[Graphic of a red circle with the number 60 in it]
[Text on screen: Take your pension in your early 60s]
Narrator: This will result in a smaller monthly payment which can help meet immediate needs, especially if you have little or no other income.
[Graphic of piggy bank with a dollar sign on it and a calendar icon]
[Text on screen: Smaller monthly payment]
Narrator: Remember, chances are you'll live longer than your parents or grandparents.
[Graphic of a female stick figure and a male stick figure with a cane]
[Text on screen: Chances are you'll live longer]
Narrator: So consider all the factors and think long-term to get the most out of your CPP.
[Graphic of a thumbs-up icon inside a blue circle]
[Text on screen: So consider all the factors and think long-term]
Narrator: You can get an estimate of your monthly pension through My Service Canada Account.
[Graphic of a computer with the Service Canada logo on the screen]
[Text on screen: Get an estimate through your My Service Canada Account]
Narrator: Then use the Canadian Retirement Income Calculator
[Graphic of a tablet with a calculator and a maple leaf on the screen]
[Text on screen: Canadian Retirement Income Calculator]
Narrator: to input all of your sources of income: OAS, CPP, private savings and investments.
[Graphic of a tablet with a calculator. A list beside the calculator: Canada Pension Plan, Old Age Security, private savings and investments]
Narrator: Explore income estimates for different ages (60, 65 and 70) to help you choose the best time to start your CPP retirement pension.
[Graphic of a tablet with a calculator with 3 dollar signs on it. The numbers 60, 65 and 70 appear beside the calculator. Each time the number increases, another dollar sign is added to the calculator display]
Narrator: When you're ready to apply, do it online at canada.ca/cpp.
[Text on screen: For more information, visit canada.ca/cpp]
[Canada wordmark]
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