CPP at 60 vs 65 vs 70
Starting CPP at 60 means a smaller monthly pension for life; waiting until 70 means a larger one. Compared with the age-65 amount, the start-age adjustment is 36% lower at 60 and 42% higher at 70. The better choice depends on the rest of your plan.
How Does the Start Age Change CPP?
The standard start age is 65. CPP can begin as early as 60 or as late as 70. Starting before 65 reduces the monthly pension by 0.6% for each month early; starting after 65 increases it by 0.7% for each month delayed. There is no further age increase after 70.
The table shows the age adjustment to an otherwise equal age-65 pension. Your actual monthly amount also depends on your CPP contribution record, so use your own estimate when comparing options.
| Start Age | Age Adjustment | What Changes |
|---|---|---|
| 60 | 36% lower than at 65 | Payments begin sooner, at a smaller monthly amount. |
| 65 | No start-age adjustment | The reference point for comparing early or delayed CPP. |
| 70 | 42% higher than at 65 | Payments begin later, at a larger monthly amount. |
Why Is the Largest Monthly Payment Not Always the Answer?
Waiting provides a larger monthly benefit but leaves more years to fund before CPP starts. If you retire earlier, that bridge may come from wages, a pension, cash, or withdrawals from investments. Starting sooner supplies income during those years but locks in the smaller monthly amount.
The value of each path depends on how long payments continue and what you give up to fund the wait. A comparison of lifetime CPP receipts is useful, but it does not by itself show whether your annual spending is covered.
What Else Should You Compare?
Place each CPP start age on the same retirement timeline as other income and spending. CPP is taxable income, and the years with larger RRSP or RRIF withdrawals may have a different after-tax result from years with smaller withdrawals.
- When you plan to stop working and what pays for spending before CPP begins.
- Workplace pension income, OAS timing, and other household income.
- RRSP and RRIF withdrawals and the tax they may create.
- Health, longevity expectations, and your preference for income now versus later.
Which Tool Answers Which Question?
The CPP & OAS Breakeven Calculator compares cumulative benefit receipts under specific start ages. It deliberately leaves out personal income tax, so it answers a narrower question.
In a full retirement plan, compare CPP timing alongside spending, pensions, account withdrawals, and taxes. That can reveal whether a larger future CPP payment helps enough to justify the earlier funding gap for your household.
Source: Government of Canada, CPP Retirement Pension: When to Start Your Pension.
Compare CPP in Your Plan
Start a free plan in Explorer with your expected retirement age, income, savings, and benefit estimates. Then use the Benefits Studio to revisit CPP timing in the context of your other income.
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