Your monthly payment is reduced by 0.6% for every month before your 65th birthday you start taking your CPP. That’s 7.2% per year. Conversely, if you delay receving your CPP until age 70, your payments will be permanently increased by 0.7% for every month after your 65th birthday you delay, or 8.4% per year.
Example: if your CPP payment at age 65 is to be $1,000 then taking it at age 60 you receive $640 / month indexed. If you wait till age 70 you receive $1,462 / month indexed.
PlanDirect offers health and dental benefit plans for individuals who are retiring or leaving their job, providing quality coverage for people with different needs and lifestyles.
Sonata offers health and dental benefit plans for individuals who are looking for insurance coverage for themselves and their families.
Please visit our WHEN section of our website for more information.