You can start your Canada Pension Plan (CPP) retirement pension any time from age 60 to age 70. The age you pick changes your pension for life, so it is worth understanding.
How the start age changes your pension
The standard age is 65. The government adjusts your pension if you start earlier or later:
- Before 65: your pension is reduced by 0.6% for every month before 65. That is 7.2% a year, up to 36% less if you start at 60.
- After 65: your pension is increased by 0.7% for every month after 65. That is 8.4% a year, up to 42% more if you start at 70.
| Start age | Share of your age-65 pension |
|---|---|
| 60 | 64% |
| 62 | 78.4% |
| 65 | 100% |
| 67 | 116.8% |
| 70 | 142% |
If your pension at 65 would be $1,000 a month, starting at 60 gives $640 a month for life, and starting at 70 gives $1,420 a month for life.
How much is the maximum?
In 2026 the maximum monthly CPP retirement pension at 65 is $1,507.65. The average for new beneficiaries was about $858 a month in July 2026. Your own amount depends on how much you contributed and for how many years. Your My Service Canada Account shows your estimate.
The break-even ages
Starting early means more payments, but smaller ones. Starting late means fewer, but larger ones. The break-even age is where the totals meet.
- Starting at 60 instead of 65 gives more in total until about age 74.
- Starting at 70 instead of 65 gives more in total after about age 82.
So if you expect to live past about 82, starting later pays more in total. If you do not, starting earlier does. Try your own numbers in the CPP calculator.
What should decide it
- Your health and family history. Longer life favours starting later.
- Whether you need the money now. If you have to stop work and have no other income, starting early may be the sensible choice.
- Your other income and tax. CPP is taxable, and a larger pension adds to your income later in life. Look at it together with Old Age Security. See the OAS clawback calculator.
- Your spouse. A larger pension for life can protect a partner who may live longer.
- Your peace of mind. Some people value a bigger guaranteed income for later years.
Things to know
- CPP rises each year with prices, so the value of your pension keeps up with inflation.
- You can work and receive CPP at the same time.
- You must apply. It does not start automatically.
- Starting at 60 can be a good choice, but it cannot be undone. Think it through.
What to do now
- Check your estimate in your My Service Canada Account.
- Run the numbers for 60, 65 and 70 in the CPP calculator.
- Compare with your other savings, such as your RRSP.
- Speak to a financial adviser if your situation is complicated.
Sources
This article is for education and is not financial, tax or legal advice. Figures are checked against the sources above and may change. Read the full disclaimer.