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Should I take CPP Early?

Updated: Dec 10, 2019

“Shaun should I take my CPP benefits early?”

Should you take the money and run?

This is a question that comes up A LOT in my conversations with clients.

Retirees can take their CPP as early as age 60 or defer it until age 70.

As one might expect, if you elect to take your CPP early, you will receive less but be able to use that extra income sooner (and, presumably, for longer).

There can be a variety of reasons why you would pick one option over the other.

  • What are your retirement goals?

  • How is your health?

  • What are your income needs?

  • What are the tax implications?

  • Is there a survivor benefit?

It’s a mix of working the numbers and looking at the philosophical approach to this topic.

There are break-even months and break-even ages to the calculations. This video provides those details and much more.

I hope you find the content helpful!

Feel free to contact us if you have any questions or you’d like to discuss your personal retirement plan.

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