When to Take CPP: 60 vs 65 vs 70
Deciding when to take CPP comes down to health, other income and how long you expect to live. Taking it at 60 reduces it 36% for life; waiting to 70 raises it 42%. The breakeven versus 65 is usually age 74–76 — this free calculator shows the trade-off with your own numbers.
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The trade-off in one table
| Start age | Monthly | Annual | vs age 65 |
|---|---|---|---|
| 60 | $917.12 | $11,005 | −36% vs 65 |
| 65 | $1,433.00 | $17,196 | baseline |
| 70 | $2,034.86 | $24,418 | +42% vs 65 |
Factors that should decide it
- Health & longevity: the longer you expect to live, the more deferral pays.
- Other income: RRSP/TFSA savings can bridge the gap so you can defer CPP.
- Taxes & clawback: higher CPP later can push income toward the $90,997 OAS clawback line.
- Peace of mind: a larger, inflation-indexed CPP at 70 is valuable longevity insurance.
Frequently asked questions
What is the breakeven age for delaying CPP?
Compared with starting at 65, deferring CPP to 70 typically breaks even around age 74–76. If you live past that, you come out ahead by waiting; if not, taking it earlier gives more total dollars.
Can I take CPP and still work?
Yes. You can receive CPP while working. Before 65, if you keep contributing you earn the Post-Retirement Benefit, which adds to your pension.