Should I take CPP at 60, 65 or 70?
By Krystian Urbanski, CIM, CIWM, FCSI, PFP · Chief Retirement Strategist, RetirementIQUpdated · 3 min read
There is no single right age. Starting CPP at 60 pays 36% less a month for life than at 65; waiting to 70 pays 42% more. In total dollars, 65 overtakes 60 at about age 74, and 70 overtakes 65 at about age 82. Health, other income, a spouse and taxes decide the best age for you.
How the CPP start age changes your pension
You can start your CPP retirement pension any time between 60 and 70. Your pension is reduced by 0.6% for each month you start before 65 (up to 36% at 60) and increased by 0.7% for each month you wait after 65 (up to 42% at 70). The change is permanent, and CPP is indexed to inflation every January either way.
In 2026 the maximum CPP at 65 is $1,507.65 a month; the average new retirement pension was $858.34 in July 2026. Your own amount depends on your contribution history, which is shown on your CPP Statement of Contributions in My Service Canada Account.
The break-even ages
Starting later means fewer cheques but bigger ones. Adding up every payment in today’s dollars, starting at 65 catches up with starting at 60 at about age 74, and starting at 70 catches up with starting at 65 at about age 82. If you live past those ages, the later start pays more in total; if you do not, the earlier start does.
Five questions that decide it
- Your health and family history. A shorter life expectancy favours an earlier start; a long-lived family favours waiting.
- Whether you need the money now. If waiting would force you into debt or anxiety, an earlier start can be the right call.
- Your other savings. Drawing RRSP or RRIF money in your 60s to “bridge” to a later CPP can lower lifetime taxes and the OAS clawback.
- Your spouse. A larger CPP also means a larger survivor’s pension for a younger or lower-income spouse.
- Your tax bracket. CPP is taxable. Starting it in a high-income year can push more of your OAS into the clawback.
Margaret is 60 and her CPP statement shows $1,100 a month at 65. At 60 she would receive $704 a month; at 65, $1,100; at 70, $1,562. If she lives to 90, starting at 70 pays about $45,000 more in total than starting at 65, in today’s dollars ($374,880 against $330,000). If she lives only to 78, starting at 65 pays more.
What to do next
- Get your CPP estimate from My Service Canada Account.
- Run your numbers in the CPP and OAS calculator.
- Decide together with your spouse, including survivor benefits.
- Plan where income will come from in any gap years before CPP starts.
- Apply up to 12 months before you want payments to begin.
Free tools that help
Related questions
Is it better to take CPP early and invest it?
Rarely, for most people. To beat the guaranteed, inflation-indexed 42% increase from waiting to 70, the invested payments would need to earn a high return consistently. Taking CPP early to avoid drawing down other savings can still make sense in specific situations, such as poor health.
Can I change my mind after starting CPP?
Only within a short window. You can cancel your CPP retirement pension within six months of payments starting, but you must repay everything you received. After that, your start age is permanent.
Does taking CPP early affect my OAS?
Not directly; they are separate programs. But CPP is taxable income, so it can increase the amount of OAS lost to the clawback if your total income is above $95,323 (2026).
Have a question we have not answered?
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