The CPP retirement pension: How it works

Transcript - The CPP retirement pension: How it works

Narrator: Canadians are living longer.

[Text on screen: Canadians are living longer]

Narrator: In fact,

[Graphic of the words "In fact" in a red circle]

Narrator: you could spend more than 30 years in retirement.

[Text on screen: 30 years in retirement]

Narrator: It's important to know how you'll fund it,

[Graphic of a red question mark and 2 blue dollar signs]

[Text on screen: how you'll fund it]

Narrator: and how the Canada Pension Plan (CPP) retirement pension can help.

[Graphic of a grey circle with a red "help" sign in it.]

[Text on screen: Canada Pension Plan can help]

Narrator: If you worked in Canada between the ages of 18 and 70 and you paid into the CPP,

[Graphic of a map of Canada with 9 red location markers spread across the country]

[Text on screen: you worked in Canada between the ages of 18 and 70]

Narrator: you're eligible for the retirement pension.

[Graphic of a blue smiley face]

[Text on screen: you're eligible for the retirement pension]

Narrator: The more you worked, earned, and contributed, the more you'll get.

[Text on screen: The more you worked, earned, and contributed, the more you'll get]

Narrator: The standard age to start receiving your retirement pension is 65.

[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: 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.

[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: In fact,

[Graphic of the words "In fact" in a red circle]

Narrator: you could more than double your pension if you wait the 10 years until age 70.

[Graphic of red circle with x2 and 2 coins with dollar signs in them. Beside the circle is a stick figure with the number 70 over it]

[Text on screen: You may double your pension if you wait the 10 years until age 70]

Narrator: Once you start receiving your pension, it will give you monthly payments for the rest of your life.

[Graphic of a calendar icon]

[Text on screen: You'll get monthly payments for the rest of your life]

Narrator: These payments increase each year with the cost of living.

[Graphic of a line graph. The y-axis is titled "Pension" and the x-axis is titled "Cost of Living". 2 lines appear on the graph and go up parallel along the same slope]

Narrator: The CPP isn't meant to meet all your financial needs in retirement.

[Text on screen: The CPP isn't meant to meet all your financial needs in retirement]

Narrator: It works with Old Age Security to provide a modest financial base that you can build on with your savings and other income.

[Graphic of 3 red columns labelled "Old Age Security," "Canada Pension Plan" and "Savings and other income"]

[Text on screen: It works with Old Age Security to provide a modest financial base]

Narrator: So, how much will you receive from the CPP?

[Text on screen: So, how much will you receive from the CPP?]

Narrator: You can get an estimate of what your monthly CPP payment will be through your 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: You can also use the Canadian Retirement Income Calculator to get an estimate of your overall retirement income.

[Graphic of a tablet with a calculator and a maple leaf on the screen]

[Text on screen: Canadian Retirement Income Calculator]

Narrator: For more information on the CPP and to apply online, visit canada.ca/cpp.

[Text on screen: For more information, visit canada.ca/cpp]

[Canada wordmark]

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