Making Money Minute with Ron Hiebert - When To Take CPP
The Canada Pension Plan is available starting at 60 and can be taken any time up to age 70. The income gap between taking CPP at 60, and waiting until 70, is an important consideration. If you start taking your benefit at 60, you will receive about $640 per month, at 65 this increases to $1,000 per month, and at 70 expands to $1,420. That’s an $800 monthly difference that continues for life, adjusted annually for inflation. The time you start, permanently sets your base income level in retirement. Total payout is important, but needs to be looked at in conjunction with life expectancy, and availability of other sources of income. For more information listen to our Making Money podcast with Ron Hiebert and Graham Hicks at letsmakemoney.ca or CFCW.com.
