When planning for retirement, choosing when to take CPP comes down to many factors including your expected lifestyle needs, your health and your current and expected income sources. Taking the time to work through some scenarios before you decide to apply for CPP is an important first step. The longer you can delay taking CPP the more money you will receive, but sometimes "a bird in the hand is worth two in the bush".
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Beginning in early 2019, the Canada Pension Plan and Quebec Pension Plan will phase in enhanced benefits over the next seven years to provide more financial support for Canadians after they retire.
There are no right or wrong answers, just questions you should ask yourself, experts say.
Taking benefits later can pay off. But here’s the case for taking CPP sooner.
Canada Pension Plan, or CPP, is part of everyone’s retirement equation. The decision to start at 60 or wait until later can be tricky.
The Canada Pension Plan application process is outlined in this Government of Canada overview.
Want to know more about CPP? Let's look at the four most common questions about Canada Pension Plan.