The standard age for a Canada Pension Plan (CPP) pension is 65, but applicants can begin their pension any time between ages 60 and 70. But the timing is much more important than most seniors think. Indeed, the average 65-year-old entitled to the maximum pension could be forgoing more than $120,000 in future retirement income. Applying before age 65 results in a reduction to your pension of 0.6 per cent per month, or 7.2 per cent per year, while the increase after age 65 is 0.7 per cent per month, or 8.4 per cent per year.
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