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Canada Pension Plan 2024 : 7 Major Reasons To Take Cpp At Age 60

Post Last Updates by Amit: Saturday, April 6, 2024 @ 1:45 PM

Canada Pension Plan 2024 : 7 Major Reasons To Take Cpp At Age 60

When to Start Receiving Canada Pension Plan (CPP) Benefits

Advantages of Starting CPP at 60

News: Commencing CPP at 60 offers an immediate income supplement, particularly beneficial for those opting for early retirement or encountering unforeseen financial challenges. This additional cash flow serves to bridge gaps or provide support while considering alternative investment avenues.

Early enrollment in CPP ensures augmented lifetime benefits, especially in scenarios of shortened life expectancy due to health concerns or family history. Initiating CPP payments earlier optimizes retirement years effectively.

Commencing CPP at 60 furnishes an early retirement opportunity, enabling individuals to relish leisure pursuits such as travel, hobbies, or relaxation, thereby extending the enjoyment of their golden years.

Choosing early CPP benefits establishes an additional income safety net, facilitating the pursuit of financial objectives or providing expenditure flexibility alongside existing retirement savings, pensions, or other income streams.

Early CPP benefits afford the chance to invest funds that would have otherwise been allocated to contributions. By directing these resources into potentially higher-growth assets pre-retirement, individuals can maximize returns and augment retirement savings.

Initiating CPP receipt at age 60 diminishes reliance on future OAS disbursements, particularly advantageous for high earners. Early CPP adoption diminishes future financial strain, affording greater autonomy over retirement income.

For those with uncertain retirement plans, CPP’s guaranteed income at 60 offers invaluable peace of mind. Assured income stream allays financial concerns, allowing individuals to prioritize relishing retirement.

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Disadvantages of Starting CPP at 60

Commencing CPP at age 60 incurs reduced payments due to the Canada Pension Plan’s monthly payment reduction of 0.6% for each month taken before reaching 65, potentially resulting in a 36% decrease if initiated at 60. This reduction remains permanent, affecting the monthly pension amount continuously, potentially yielding lesser funds than if deferred until 65 or beyond.

Given the contemporary trend of increased longevity, there exists a considerable risk of outliving one’s savings. Opting for early CPP receipt, coupled with reduced amounts, amplifies this risk. It is imperative to meticulously evaluate one’s financial standing and long-term retirement strategies before committing to CPP commencement at 60.

For individuals who haven’t achieved their maximum CPP contribution by age 60, initiating CPP early might lead to diminished benefits. This shortfall stems from missed opportunities to contribute further to their pension. The quantum of CPP benefits is influenced by both the amount and duration of contributions. By retiring prematurely, individuals may not fully capitalize on the years during which they could have augmented contributions and subsequently increased their pension entitlements.


1. At what age can I commence receiving CPP benefits?

You can initiate CPP benefits at the age of 60.

2. Does commencing CPP at 60 lower my monthly payments?

Indeed, initiating CPP at 60 leads to decreased monthly payments.

3. What are the potential drawbacks of starting CPP early?

Commencing CPP early may elevate the risk of outliving your savings.

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