How to go about securing the best Retirement Plan in Canada.
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Ask MoneySense
We are in the age bracket where we need to take RRIF withdrawals every year. I am 81, and my husband is 82. We also have an unregistered account. We need to withdraw additional money to pay our expenses. We have already taken the mandatory withdrawal for this year from our RRIF. .... More »
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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…
