Calculation of your Canada Pension Plan (CPP) benefitCanadian money graphic

When should I start taking my CPP, and how much will I receive?

The amount of CPP that you receive monthly will change depending on when you choose to start receiving your benefit. It will be reduced for each month that you take it before 65 and increased for each month that you start taking it after 65.

In 2016, if you start receiving your retirement pension at age 60, your pension will be 36.0% less than if you had taken it at 65; if you start receiving it at age 70, it will be 42% more.

You can get estimates of your CPP retirement benefit at ages 60, 65, and 70 from the Service Canada website (www.servicecanada.gc.ca/eng/online.mysca.shtml). (You must register for an account and log in.) The estimates can be accurate if you'll be eligible for your CPP retirement pension in the next few years. Otherwise, they can be misleading, particularly in these circumstances:

DR Pensions Consulting can take this additional information into account and give you a much more accurate estimate.

We can provide an accurate estimate of your benefit at any age from 60 to 70

For the six- and 11-year estimates, we create a spreadsheet that will show you a picture of your CPP options, including estimated monthly benefit amounts, cumulative totals, and breakeven points.

The following sample spreadsheet shows you the kind of information you will receive. It shows estimates for a (fictitious) client who has asked for estimates for starting ages of 60 to 65 inclusive. The highlighted areas show which option provides the highest cumulative amount at that age (the breakeven point). The monthly amounts and totals are for this particular client; everyone's situation is different.

Note: All of the figures below are in constant 2016 dollars. The shading indicates the highest cumulative payout at the age in the column at left.

Starting Age Age 60 Age 61 Age 62 Age 63 Age 64 Age 65
Monthly amount 547.38 584.67 623.73 668.83 712.33 754.28
Total:
Age 61
6,568.56 n/a n/a n/a n/a n/a
Age 62 13,137.12 7,016.04 n/a n/a n/a n/a
Age 63 19,705.68 14,032.08 7,484.76 n/a n/a n/a
Age 64 26,274.24 21,048.12 14,969.52 8,025.96 n/a n/a
Age 65 32,842.80 28,064.16 22,454.28 16,051.92 8,547.96 n/a
Age 66 39,411.36 35,080.20 29,939.04 24,077.88 17,095.92 9,051.36
Age 67 45,979.92 42,096.24 37,423.80 32,103.84 25,643.88 18,102.72
Age 68 52,548.48 49,112.28 44,908.56 40,129.80 34,191.84 27,154.08
Age 69 59,117.04 56,128.32 52,393.32 48,155.76 42,739.80 36,205.44
Age 70 65,685.60 63,144.36 59,878.08 56,181.72 51,287.76 45,256.80
Age 71 72,254.16 70,160.40 67,362.84 64,207.68 59,835.72 54,308.16
Age 72 78,822.72 77,176.44 74,847.60 72,233.64 68,383.68 63,359.52
Age 73 85,391.28 84,192.48 82,332.36 80,259.60 76,931.64 72,410.88
Age 74 91,959.84 91,208.52 89,817.12 88,285.56 85,479.60 81,462.24
Age 75 98,528.40 98,224.56 97,301.88 96,311.52 94,027.56 90,513.60
Age 76 105,096.96 105,240.60 104,786.64 104,337.48 102,575.52 99,564.96
Age 77 111,665.52 112,256.64 112,271.40 112,363.44 111,123.48 108,616.32
Age 78 118,234.08 119,272.68 119,756.16 120,389.40 119,671.44 117,667.68
Age 79 124,802.64 126,288.72 127,240.92 128,415.36 128,219.40 126,719.04
Age 80 131,371.20 133,304.76 134,725.68 136,441.32 136,767.36 135,770.40
Age 81 137,939.76 140,320.80 142,210.44 144,467.28 145,315.32 144,821.76
Age 82 144,508.32 147,336.84 149,695.20 152,493.24 153,863.28 153,873.12
Age 83 151,076.88 154,352.88 157,179.96 160,519.20 162,411.24 162,924.48
Age 84 157,645.44 161,368.92 164,664.72 168,545.16 170,959.20 171,975.84
Age 85 164,214.00 168,384.96 172,149.48 176,571.12 179,507.16 181,027.20
Age 86 170,782.56 175,401.00 179,634.24 184,597.08 188,055.12 190,078.56
Age 87 177,351.12 182,417.04 187,119.00 192,623.04 196,603.08 199,129.92
Age 88 183,919.68 189,433.08 194,603.76 200,649.00 205,151.04 208,181.28
Age 89 190,488.24 196,449.12 202,088.52 208,674.96 213,699.00 217,232.64
Age 90 197,056.80 203,465.16 209,573.28 216,700.92 222,246.96 226,284.00
Age 91 203,625.36 210,481.20 217,058.04 224,726.88 230,794.92 235,335.36
Age 92 210,193.92 217,497.24 224,542.80 232,752.84 239,342.88 244,386.72
Age 93 216,762.48 224,513.28 232,027.56 240,778.80 247,890.84 253,438.08
Age 94 223,331.04 231,529.32 239,512.32 248,804.76 256,438.80 262,489.44
Age 95 229,899.60 238,545.36 246,997.08 256,830.72 264,986.76 271,540.80
Age 96 236,468.16 245,561.40 254,481.84 264,856.68 273,534.72 280,592.16
Age 97 243,036.72 252,577.44 261,966.60 272,882.64 282,082.68 289,643.52
Age 98 249,605.28 259,593.48 269,451.36 280,908.60 290,630.64 298,694.88
Age 99 256,173.84 266,609.52 276,936.12 288,934.56 299,178.60 307,746.24
Age 100 262,742.40 273,625.56 284,420.88 296,960.52 307,726.56 316,797.60

If you are interested in receiving an accurate estimate of your CPP benefit, please contact us at drpensions@shaw.ca.