Given the importance of the Canada Pension Plan (CPP) when planning for retirement in Canada it is important to know how much you can expect. While the CPP pays out 100% of its benefits at age 65, you are able to start receiving payments at age 65 or 70. If you start taking CPP payments when you are 65 they will be reduced. While defering the payments until you are 70 years old will increase the benefits that you receive.
This calculator will help you compare the CPP benefits at 60 vs. 65 vs. 70 to see when you should start collecting from the Canadian Pension Plan.
How does this CPP calculator work?
This calculator takes into consideration your current age as well as you expected age when you die. It then compares if you were to start receiving payments at an early age vs. later age. Taking into consideration the inflation rate and expected rate of return as well as the percentage of CPP that you qualify for this calculator will help you determine if you should delay CPP payments.
What is the maximum CPP benefit?
While the average CPP payment amount at age 65 is $899.67 per month as of October 2024 the Maximum CPP pension amount at age 65 for Janauary 2025 is $1,433 per month. To estimate your CPP retirement pension payment you need to know your statement of contributions to see a record of your CPP contributions and pensionable earnings.