The plain-English tradeoff
Starting earlier gives you more years of CPP payments but a smaller monthly amount. Starting later gives you fewer years of payments but a larger monthly amount. The right choice depends on your health, savings, other income, and the rest of your plan.
What to think about
- How much income you need before age 65 or 70
- How much of that income would come from your own savings
- How the CPP decision fits with taxes and later retirement income