When should you take CPP? The math depends.
Take Canada Pension Plan at 60 and the cheque is permanently smaller. Wait until 70 and it can be 42% larger for life. The right age depends on your other income, your OAS, your spouse, life expectancy, and more. Optiml models every age 60 to 70 for your specific situation.
140,000+ retirement plans run · 4.8 / 5 · PIPEDA compliant · Canadian data storage
14-day free trial. Cancel anytime in-app.
-2x.webp)
✓
CPP & OAS timing set
✓
OAS clawback avoided
✓
Spousal income split
✓
Lifetime tax minimized
As seen in: Globe and Mail · Financial Post · Invest Nova Scotia · fintech.ca · Moolala Podcast
140,000+ plans run
4.8 / 5 rating
BBB A+
PIPEDA compliant
Same person, two CPP start ages
CPP at 60. Or CPP at 70. The gap is real money.
CPP at 60
EARLY, PERMANENTLY REDUCED
$965 / mo
illustrative monthly benefit
- Service Canada applies a 0.6% reduction for every month before 65
- Maximum reduction at 60 is 36%, locked in for life
- Cheque is fully indexed to CPI, but starts from a smaller base
- Adds taxable income earlier, often during your working or RRSP years
- Right answer for some Canadians. Wrong answer for many.
CPP at 70
DEFERRED, PERMANENTLY LARGER
$2,141 / mo
illustrative monthly benefit
- 0.7% credit for every month deferred past 65
- Maximum increase at 70 is 42%, locked in for life
- Lifetime gap of roughly +$141,120 vs starting at 60 (illustrative)
- Bridges the gap with RRSP, TFSA, and non-registered first
- Right answer when you have other income to live on first
Illustrative example. Your results are unique.
Stop guessing your CPP start age.
14-day free trial on every Optiml tier. Plans from $9.99 / month. Cancel anytime in-app.
14-day free trial. Cancel anytime in-app.
14-day free trial. Cancel anytime in-app.