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Can you change your mind about taking CPP early?
– moneysense.ca
Q. I am 62 years, 10 months of age, and still working but plan to retire (early) at the end of November 2021 with an unreduced employer pension.
I have been collecting CPP for 28 months because I needed the extra money at the time, but I am in a better financial position now.
Can I ask to stop collecting my CPP for a couple of years to “grow” those funds and pick it up again a few years later, or is it that once you draw CPP you must continue?
–Rena
A. Canada Pension Plan (CPP) retirement pension is a government pension calculated based on your contributions from employment and self-employment income. A recipient can apply for their CPP as early as age 60.
If you start CPP before age 65, your pension is reduced by 0.6% per month, or 7.2% per year. That would mean a 36% reduction in your pension at age 60.
Canadians can also opt to delay CPP until age 70 and, in contrast, there is a 0.7% monthly enhancement after 65, or 8.4% per year, for a maximum 42% increase at age 70…
I have been collecting CPP for 28 months because I needed the extra money at the time, but I am in a better financial position now.
Can I ask to stop collecting my CPP for a couple of years to “grow” those funds and pick it up again a few years later, or is it that once you draw CPP you must continue?
–Rena
A. Canada Pension Plan (CPP) retirement pension is a government pension calculated based on your contributions from employment and self-employment income. A recipient can apply for their CPP as early as age 60.
If you start CPP before age 65, your pension is reduced by 0.6% per month, or 7.2% per year. That would mean a 36% reduction in your pension at age 60.
Canadians can also opt to delay CPP until age 70 and, in contrast, there is a 0.7% monthly enhancement after 65, or 8.4% per year, for a maximum 42% increase at age 70…
