Despite improvements made to the plan under Liberal Prime Minister Justin Trudeau, I still wouldn’t count on the Canada Pension Plan (CPP) as my only source of income come retirement.
The current maximum you can expect from CPP is $1,154 per month, based on a standard retirement at age 65. That amount should slowly go up over time, but not much more than the rate of inflation. Thus, we can expect the purchasing power of that amount to stay relatively the same going forward.
If you and your spouse both retire at age 65, you’re looking at approximately $2,300 per month […]