Canada Pension Plan: Is 60, 65, or 70 the Best Age to Start Payments?

Canada Pension Plan: Is 60, 65, or 70 the Best Age to Start Payments?

The month following their 65th birthday is when most Canadians usually claim their Canada Pension Plan (CPP). Some start payments as soon as the pension becomes available or at age 60. Others who are still working at 65 can delay their CPP by five more years or until 70.

CPP pension users have three options to choose from, given the flexibility of the country’s contributory, earnings-related social insurance program. However, firming up the retirement decision isn’t easy as it seems. You must evaluate your circumstances first to determine the best age to start CPP payments . Standard CPP

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