When should you take CPP? The math depends.
Take Canada Pension Plan at 60 and the cheque is permanently smaller. Wait until 70 and it can be 42% larger for life. The right age depends on your other income, your OAS, your spouse, life expectancy, and more. Optiml models every age 60 to 70 for your specific situation.
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CPP & OAS timing set
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OAS clawback avoided
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Spousal income split
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Lifetime tax minimized
As seen in: Globe and Mail · Financial Post · Invest Nova Scotia · fintech.ca · Moolala Podcast
125,000+ plans run
4.8 / 5 rating
BBB A+
PIPEDA compliant
Same person, two CPP start ages
CPP at 60. Or CPP at 70. The gap is real money.
CPP at 60
EARLY, PERMANENTLY REDUCED
$965 / mo
illustrative monthly benefit
- Service Canada applies a 0.6% reduction for every month before 65
- Maximum reduction at 60 is 36%, locked in for life
- Cheque is fully indexed to CPI, but starts from a smaller base
- Adds taxable income earlier, often during your working or RRSP years
- Right answer for some Canadians. Wrong answer for many.
CPP at 70
DEFERRED, PERMANENTLY LARGER
$2,141 / mo
illustrative monthly benefit
- 0.7% credit for every month deferred past 65
- Maximum increase at 70 is 42%, locked in for life
- Lifetime gap of roughly +$141,120 vs starting at 60 (illustrative)
- Bridges the gap with RRSP, TFSA, and non-registered first
- Right answer when you have other income to live on first
Illustrative example. Your results are unique.
Stop guessing your CPP start age.
14-day free trial on every Optiml tier. Plans from $9.99 / month. Cancel anytime in-app.
14-day free trial. Cancel anytime in-app.
14-day free trial. Cancel anytime in-app.