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Quiz: What age to start your CPP retirement pension

Think you’re ready for retirement? Take this quick four-question quiz to find out!

1. When can you start getting your CPP?

  • A. Whenever you feel like it
  • B. Anywhere between age 60 and 70
  • C. Only at age 65
  • D. I don’t know

You are right!

You can start your CPP retirement pension any time after 60 years of age. The longer you wait the more money you will get each month. However, there is no financial advantage to waiting past the age of 70.

The answer is:

B. Anywhere between age 60 and 70

You can start your CPP retirement pension any time after 60 years of age. The longer you wait the more money you will get each month. However, there is no financial advantage to waiting past the age of 70.

Answer

B. Anywhere between age 60 and 70

You can start your CPP retirement pension any time after 60 years of age. The longer you wait the more money you will get each month. However, there is no financial advantage to waiting past the age of 70.

2. What are some things to consider when deciding when to start your CPP?

  • A. Your financial situation
  • B. Your health
  • C. Your plans
  • D. Answers A, B, and C
  • E. I don’t know

You are right!

Your health, financial situation and retirement plans should influence your decision on what age to start your CPP payments.

The answer is:

D. Answers A, B, and C

Your health, financial situation and retirement plans should influence your decision on what age to start your CPP payments.

Answer

D. Answers A, B, and C

Your health, financial situation and retirement plans should influence your decision on what age to start your CPP payments.

3. What is the CPP Enhancement?

  • A. A gradual increase in CPP contributions that will improve the financial security of future retirees
  • B. Extra CPP money that will triple my CPP benefit now
  • C. Another type of CPP I can opt into
  • D. I don’t know

You are right!

Working Canadians contribute a little more to get higher CPP benefit payments when they retire. Enhanced benefits will grow over time as Canadians work and contribute to the CPP enhancement. Each year of contributions results in a higher benefit.

The answer is:

A. A gradual increase in CPP contributions that will improve the financial security of future retirees

Working Canadians contribute a little more to get higher CPP benefit payments when they retire. Enhanced benefits will grow over time as Canadians work and contribute to the CPP enhancement. Each year of contributions results in a higher benefit.

Answer

A. A gradual increase in CPP contributions that will improve the financial security of future retirees

Working Canadians contribute a little more to get higher CPP benefit payments when they retire. Enhanced benefits will grow over time as Canadians work and contribute to the CPP enhancement. Each year of contributions results in a higher benefit.

4. Is the CPP meant to cover all your financial needs?

  • A. Yes, it will cover all my living expenses
  • B. No, it is a modest base that should be combined with personal savings and investments
  • C. I don’t know

You are right!

The CPP is not meant to cover all your retirement income needs. It provides a modest financial base, along with Old Age Security and your personal savings.

The answer is:

B. No, it is a modest base that should be combined with personal savings and investments

The CPP is not meant to cover all your retirement income needs. It provides a modest financial base, along with Old Age Security and your personal savings.

Answer

B. No, it is a modest base that should be combined with personal savings and investments

The CPP is not meant to cover all your retirement income needs. It provides a modest financial base, along with Old Age Security and your personal savings.

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