When should I start CPP?

When it comes to financial planning, one of the key questions is when to start taking Canada Pension Plan (CPP) benefits. The answer is not always straightforward, as it depends on a number of factors. Here are a few things to consider when making the decision:

Your age: CPP benefits are available as early as age 60, but you will receive a reduced pension if you start before 65. If you wait until after 65, you will receive an increased pension.

Your health: If you are in good health and expect to live a long life, you may want to wait to start CPP, as you will receive more benefits over your lifetime. However, if you have health concerns and don’t expect to live a long life, you may want to start CPP sooner, as you may not receive the full benefit if you die before reaching the end of the CPP period.

Your other sources of income: If you have other sources of income, such as a private pension or investment income, you may want to start CPP later, as you may not need the additional income as much. On the other hand, if you don’t have other sources of income, starting CPP sooner may be a good.

Read our latest articles

Always seek advice from your financial planner. If you are a member of one of the BC Public Sector Pensions plans, you can see what the Pension Corporation says about your situation. Their pages provide a detailed summary of your options.