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The Canada Pension Plan (CPP) is a cornerstone of many Canadians’ retirement plans. It is payable for life and indexed for inflation. While full retirement benefits are payable at age 65, you can opt to collect CPP at age 60 and take a reduced payment. Or you can defer payments until age 70 and receive a larger payment. This is when the concept of longevity or “break-even” age takes effect – where you determine if by waiting you can collect payments long enough to make to up for what could be years of foregone payments.

CPP Benefits at 60 vs 65 Calculator can help you determine whether you should start collecting CPP earlier or consider deferring payments until later.

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