The CPP retirement pension: Working and the Canada Pension Plan

Transcript - The CPP retirement pension: Working and the Canada Pension Plan

Narrator: Canadians are taking different paths

[Text on screen: Canadians]

Narrator: to retirement.

[Graphic of multiple stick figures connected to the word RETIREMENT with lines]

[Text on screen: Retirement]

Narrator: The CPP provides flexibility to suit your retirement plans.

[Text on screen: The Canada Pension Plan provides flexibility]

Narrator: For instance,

[Text on screen: SCENARIO 1]

Narrator: you can keep working when you start your CPP retirement pension.

[Text on screen: What if you continue to work after you start your CPP retirement pension?]

Narrator: If you do keep working while getting your pension, you’ll make CPP contributions from age 60 until age 65.

[Graphic of 2 stick figures. One is wearing a name badge and the other is holding a briefcase]

[Text on screen: If you keep working while getting your pension, you’ll make CPP contributions from 60 until 65]

Narrator: These contributions result in Post-Retirement Benefits or PRBs.

[Text on screen: Contributions result in Post-Retirement Benefits]

Narrator: PRBs are automatically added to your pension and paid for the rest of your life.

[Graphic of a piggy bank icon with a dollar sign on it]

[Text on screen: Automatically added to your CPP retirement pension]

Narrator: At age 65, you have a choice to make. You can keep contributing and earning more PRBs, or decide to stop contributing.

[Graphic of the number 65 in a red circle. Smaller red circles with dollar signs drop into it and it gets bigger]

[Text on screen: You have a choice to make]

Narrator: At age 70, you no longer contribute.

[Graphic of the number 70 in a red circle]

[Text on screen: You no longer contribute]

Narrator: Ok,

[Text on screen: SCENARIO 2]

Narrator: What if you continue to work, but delay starting your CPP retirement pension?

[Text on screen: What if you continue to work, but delay starting your CPP retirement pension?]

Narrator: This is a great option for many because the longer you wait to start your retirement pension, the larger your monthly payment will be.

[Graphic of a timeline with the numbers 60, 65 and 70 in blue circles. Beside each number is a bag with a dollar sign on it. The bags increase in size with each number]

[Text on screen: The longer you wait to start, the larger your monthly payment will be]

Narrator: Whether you started receiving your pension or not, at age 70 you no longer contribute, even if you continue to work. 

[Graphic of the number 70 in a blue circle]

[Text on screen: You no longer contribute at age 70]

Narrator: Start your pension by age 70. There’s no financial advantage in waiting longer.

[Graphic of a “thumbs-up” icon in a blue circle and the number 70 in a blue circle]

[Text on screen: Start your pension by age 70]

Narrator: To get an estimate of your monthly pension, log-in or sign-up for your My Service Canada Account. Then,

[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: use the Canadian Retirement Income Calculator to explore how your different sources of income.

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

[Text on screen: Canadian Retirement Income Calculator]

Narrator: CPP, OAS, and private savings and investments, will work together to fund your retirement.

[Graphic of a tablet with a calculator. A list beside the calculator: Canada Pension Plan, Old Age Security, private savings and investments]

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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