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How to double your CPP income

– moneysense.ca

A series of academic papers being rolled out by the National Institute on Ageing (NIA) has added fuel to the oft-argued case for delaying benefits for the Canada Pension Plan (CPP) to the latest possible age: 70.

As I reported on my own site, when an introduction and overview was released on April 11, the delayed-gratification strategy can more than double ultimate monthly benefits: in fact they may be a whopping 2.2 times more when started at 70 compared to the opposite tactic of taking them as early possible at age 60. Similar dynamics are at play with Old Age Security, but less dramatic because the earliest you can take OAS is the traditional retirement age of 65.

This month’s Retired Money column looks in more detail at two related benefits from postponing CPP as late as possible: it provides a greater hedge against continued inflation, and provides an annuity-like longevity hedge against outliving your money. These two are intimately linked, of course, since the longer you live, the more pernicious long-term inflation is likely to be…

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