When to start your retirement pension

When to start your pension

• The standard age to start CPP is at age 65
• You can start as early as age 60 or as late as age 70
  • Starting earlier means smaller monthly payments
  • Starting later means bigger monthly payments
• There's no benefit to wait after age 70 - the maximum monthly amount is reached when you turn 70

How age affects your pension

If you start your CPP pension before age 65

Payments decrease by 0.6% each month (7.2% per year), up to a maximum reduction of 36% if you start at age 60.

If you start your CPP pension after age 65

Payments increase by 0.7% each month (8.4% per year), up to 42% at age 70.

Consider your personal circumstances

There are many factors you should consider when deciding when to start receiving your CPP retirement pension. Make your choice based on your health, financial situation, and your plans for retirement.

Examples of when you might choose to start your CPP pension earlier

If you need to work less, or you need the money now to pay off debts or to fund your retirement plans, you may choose to start receiving your CPP retirement pension earlier. This will result in a smaller monthly pension which can help meet immediate needs, especially if you have little or no other income.

Examples of when you might choose to start your CPP pension later

If you're healthy and expect to live long, and have other sources of income, you may choose to start receiving your CPP retirement pension later. This will result in a larger monthly pension.

Request retroactive start date

• If you apply after you reach age 65, you can request a retroactive start date which may be as early as 11 months before the month we received your application, but no earlier than the month after your 65th birthday
• If you apply the month of your 65th birthday or earlier, there is no retroactivity

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