Many Canada Pension Plan (CPP) users will not toy with the idea of taking their pensions at age 60. Their logic is understandable, because of a disincentive. The benefit amount reduces by 7.2% per month before age 65, or 36% overall for the five-year advance.
Healthier Canadians would rather wait until 70 to boost their CPP by 42% (8.4% per year month before age 70). The fear of most is living on restricted income , since life expectancy has increased by 0.18% from 2020 to 82.66 years in 2021. Thus, it makes good financial sense to wait, as you’d need […]
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