03 / The planning notes
How this CPP calculator works
The Canada Pension Plan retirement pension can start any time between age 60 and 70. Your payment is based on how much you contributed and for how many years, then adjusted for the age you start.
For the most accurate starting figure, use the estimate on your Statement of Contributions in your My Service Canada Account, then enter it into the calculator above.
Taking CPP early: before 65
Your pension is reduced by 0.6% for each month you start before 65. Starting at 60 means a permanent reduction of 36% compared with your age-65 amount.
Starting early can still make sense if you are retiring early, need the income sooner, or expect a shorter retirement.
Delaying CPP: after 65
Your pension increases by 0.7% for each month you wait after 65. Starting at 70 means a permanent increase of 42%. There is no extra benefit for waiting past 70.
Delaying can protect you against outliving your savings, but it means drawing more from RRSPs, RRIFs or other savings in the meantime.
Service Canada: when to start your CPP retirement pensionFitting CPP into an early retirement plan
The right age depends on your health, your other income, taxes, Old Age Security and the lifestyle you want. An independent, fee-for-service review can show you how the timing affects your whole plan, not just one payment.
Book a free retirement review