The CPP retirement pension, as mentioned above, can be obtained as early as
age 60. It can also be delayed to age 70. The pension
amount is adjusted by 0.5% for each month that you start your pension before
or after you turn 65. Thus, if you start your pension at age 60, it will
be 30% less than if you start it at age 65. However, because you will be
receiving the pension for an additional 5 years, it is usually to your
advantage to start it as early as possible.
The amount of your CPP pension will depend on how many years you have
contributed to the Plan, and how much you contributed. You can estimate
how much your CPP retirement pension will be by referring to your Statement
of Contributions, which is sent to you annually. The table of
current monthly
average and maximum rates can be found on the Service
Canada website.
You should apply for your CPP retirement pension about 6 months before you
would like it to start. You can apply up to a year before you would like
it to start. Service Canada indicates that it takes about 8 weeks to
receive your first payment, from the time that they receive your application.
See also
our article on the Child Rearing Drop-out Provision, which
could increase your CPP retirement pension monthly benefits.
You cannot receive both a CPP retirement pension and a CPP
disability benefit at the same time. If you are under 65, have been
receiving a CPP retirement pension for less than 15 months, and you are
eligible for the disability benefit, you can request to have your retirement
pension replaced by a disability benefit.
Information on the Service Canada website:
