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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