How to Maximize CPP
The standard age to begin receiving CPP benefits is age 65. While it's possible to begin receiving benefits as early as age 60, or as late as age 70, there is a decrease of 0.6% per month when taken early, and an increase in the amount of 0.7% for each month CPP is delayed.
For additional information about retirement planning, Elmer's None & Dine is available on Amazon.
The following table shows the age at which CPP benefits start to be received (horizontally), and life expectancy (vertically). The highlighted fields are when the amounts crossover and it becomes beneficial to defer the receipt of CPP.
Maximizing CPP benefits is a function of one's life expectancy.
| Age | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 60 | $10,480 | ||||||||||
| 61 | $20,960 | $11,659 | |||||||||
| 62 | $31,440 | $23,318 | $12,838 | ||||||||
| 63 | $41,921 | $34,977 | $25,676 | $14,017 | |||||||
| 64 | $52,401 | $46,637 | $38,514 | $28,034 | $15,196 | ||||||
| 65 | $62,881 | $58,296 | $51,353 | $42,052 | $30,392 | $16,375 | |||||
| 66 | $73,361 | $69,955 | $64,191 | $56,069 | $45,589 | $32,750 | $17,751 | ||||
| 67 | $83,841 | $81,614 | $77,029 | $70,086 | $60,785 | $49,126 | $35,501 | $19,126 | |||
| 68 | $94,321 | $93,273 | $89,867 | $84,103 | $75,981 | $65,501 | $53,252 | $38,252 | $20,502 | ||
| 69 | $104,801 | $104,932 | $102,705 | $98,120 | $91,177 | $81,876 | $71,003 | $57,379 | $41,004 | $21,877 | |
| 70 | $115,281 | $116,591 | $115,543 | $112,137 | $106,373 | $98,251 | $88,754 | $76,505 | $61,505 | $43,755 | $23,253 |
| 71 | $125,762 | $128,251 | $128,382 | $126,155 | $121,569 | $114,626 | $106,504 | $95,631 | $82,007 | $65,632 | $46,506 |
| 72 | $136,242 | $139,910 | $141,220 | $140,172 | $136,766 | $131,002 | $124,255 | $114,757 | $102,509 | $87,509 | $69,758 |
| 73 | $146,722 | $151,569 | $154,058 | $154,189 | $151,962 | $147,377 | $142,006 | $133,884 | $123,011 | $109,386 | $93,011 |
| 74 | $157,202 | $163,228 | $166,896 | $168,206 | $167,158 | $163,752 | $159,756 | $153,010 | $143,512 | $131,264 | $116,264 |
| 75 | $167,682 | $174,887 | $179,734 | $182,223 | $182,354 | $180,127 | $177,507 | $172,136 | $164,014 | $153,141 | $139,517 |
| 76 | $178,162 | $186,546 | $192,572 | $196,240 | $197,550 | $196,502 | $195,258 | $191,262 | $184,516 | $175,018 | $162,769 |
| 77 | $188,642 | $198,205 | $205,411 | $210,258 | $212,747 | $212,878 | $213,009 | $210,389 | $205,018 | $196,895 | $186,022 |
| 78 | $199,122 | $209,865 | $218,249 | $224,275 | $227,943 | $229,253 | $230,759 | $229,515 | $225,519 | $218,773 | $209,275 |
| 79 | $209,603 | $221,524 | $231,087 | $238,292 | $243,139 | $245,628 | $248,510 | $248,641 | $246,021 | $240,650 | $232,528 |
| 80 | $220,083 | $233,183 | $243,925 | $252,309 | $258,335 | $262,003 | $266,261 | $267,767 | $266,523 | $262,527 | $255,781 |
| 81 | $230,563 | $244,842 | $256,763 | $266,326 | $273,531 | $278,378 | $284,011 | $286,894 | $287,025 | $284,404 | $279,033 |
| 82 | $241,043 | $256,501 | $269,601 | $280,343 | $288,728 | $294,754 | $301,762 | $306,020 | $307,526 | $306,282 | $302,286 |
| 83 | $251,523 | $268,160 | $282,439 | $294,361 | $303,924 | $311,129 | $319,513 | $325,146 | $328,028 | $328,159 | $325,539 |
| 84 | $262,003 | $279,819 | $295,278 | $308,378 | $319,120 | $327,504 | $337,264 | $344,272 | $348,530 | $350,036 | $348,792 |
| 85 | $272,483 | $291,479 | $308,116 | $322,395 | $334,316 | $343,879 | $355,014 | $363,398 | $369,032 | $371,914 | $372,045 |
| 86 | $282,963 | $303,138 | $320,954 | $336,412 | $349,512 | $360,254 | $372,765 | $382,525 | $389,533 | $393,791 | $395,297 |
| 87 | $293,444 | $314,797 | $333,792 | $350,429 | $364,708 | $376,630 | $390,516 | $401,651 | $410,035 | $415,668 | $418,550 |
| 88 | $303,924 | $326,456 | $346,630 | $364,446 | $379,905 | $393,005 | $408,266 | $420,777 | $430,537 | $437,545 | $441,803 |
| 89 | $314,404 | $338,115 | $359,468 | $378,464 | $395,101 | $409,380 | $426,017 | $439,903 | $451,039 | $459,423 | $465,056 |
| 90 | $324,884 | $349,774 | $372,307 | $392,481 | $410,297 | $425,755 | $443,768 | $459,030 | $471,540 | $481,300 | $488,308 |
All amounts are as of the first quarter of 2024, rounded to the nearest dollar.
This page was last updated January 2024.
The information provided is for informational purposes only and does not constitute advice.