For every month you take CPP early, you permanently lose 0.6% of the benefit, up to 36% if you take CPP at age 60. For every month you wait after age 60, you increase your benefit amount by 0.7%.

The Globe and Mail conducted an informal survey early this year regarding CPP users’ age to start payments. Around 34% of the respondents picked 60, while 65 was the most popular age for 19%.

The truth is that the “best” age at which to take CPP all depends on your individual circumstances. If you just turned 60 and are terminally ill with a poor prognosis, by all means, take your ...

The CPP payout reduces by 0.6% for every month you advance the payment. So, the CPP will be reduced by a maximum of 36% for those starting the pension at the age of 60. Alternatively, it increases by ...

The CPP amount depends on the age a person starts their pension, their CPP contribution and their average earnings. For this year, the maximum monthly amount of the CPP retirement pension is set ...

FP Answers: Naomi, although you are asking about the CPP, I wonder if instead you should be considering the Guaranteed Income Supplement (GIS). The GIS is a benefit designed for low-income seniors, ...

Respondents know about lower payments in the early take-up or a 0.6% monthly reduction (7.2% annually) before age 65. Our focus in this article is the average CPP benefit at 60 and 65 in 2024, not ...