Exploring 5 Compelling Reasons to Begin Collecting CPP at Age 60: An in-depth Analysis of the Canada Pension Plan
My Service Canada: Episode One: Episode Two: Episode Four: Episode Five: Taking your CPP at age 60 will reduce your payment by 36% versus waiting until age 65. We find that most of our clients jump to take CPP at age 60...it’s something they have paid into for many years and are eager to get something back out of it. While I understand the eagerness, it doesn't always make sense. Maybe you're still working or you have a pension along with registered investments to fund your early 60s...if that is the case, it's probably not best to start collecting CPP payments at 60. When does it make sense though? 1) You need the extra income stream to support you and pay your bills. 2) You didn’t work between age 55-60. 3) You have a shorter life expectancy – either from a current health issue or based on family medical history. 4) You are a conspiracy theorist and think that CPP will run out of money and you better gets yours now – this is a surprising large...