{"id":18670,"date":"2014-10-09T08:51:47","date_gmt":"2014-10-09T12:51:47","guid":{"rendered":"http:\/\/canadianbudgetbinder.com\/?p=18670"},"modified":"2025-01-30T07:17:21","modified_gmt":"2025-01-30T07:17:21","slug":"take-early-cpp-canada","status":"publish","type":"post","link":"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/2014\/10\/09\/take-early-cpp-canada\/","title":{"rendered":"Early CPP: Weighing The Penalties And Benefits"},"content":{"rendered":"\n<p class=\"yoast-reading-time__wrapper\"><span class=\"yoast-reading-time__icon\"><\/span><span class=\"yoast-reading-time__descriptive-text\">Estimated reading time:  <\/span><span class=\"yoast-reading-time__reading-time\">9<\/span><span class=\"yoast-reading-time__time-unit\"> minutes<\/span><\/p>\n\n\n\n<p>Are you thinking of taking your <strong>Canadian Pension Plan (CPP) early<\/strong>? Understand the penalties, rules, and vital factors to weigh before deciding.<\/p>\n\n\n\n<p>My husband just turned 62, and we&#8217;ve been in a quandary about whether he should take CPP early (before 65) with a penalty.<\/p>\n\n\n\n<p>We&#8217;re both still working and plan to be for the next four years while we pay off a whack of debt.<\/p>\n\n\n\n<p>Because of penalties introduced in 2012, the amount you receive by taking your CPP early is less than before this legislation was introduced.<\/p>\n\n\n\n<p>Let me try to walk through the peculiarities of our situation and how we reached our final decision.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-canadian-pension-plan-cpp-rules\"><span style=\"color: #000000;\">The Canadian Pension Plan (CPP) Rules<\/span><\/h2>\n\n\n\n<p>While I can&#8217;t walk you through all the rules, I will highlight the key ones or ones that were relevant for us but refer you to the <strong><a href=\"https:\/\/www.canada.ca\/en.html\" target=\"_blank\" rel=\"noreferrer noopener\">CPP website<\/a>,<\/strong> which is pretty straightforward.&nbsp; <\/p>\n\n\n\n<p>I want to point out that the Quebec Pension Plan (QPP) has a different set of rules upfront.<\/p>\n\n\n\n<p>Usually, CPP was collected at 65, with penalties and premiums if you elected to take it anytime between the ages of 60 and 65 or from age 65 to 70. <\/p>\n\n\n\n<p>Contrary to popular belief, with the new rules introduced in 2012, the age for CPP has not changed to 67.<\/p>\n\n\n\n<p>Instead, the OAS (Old Age Security) will <strong><a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/old-age-security\/eligibility.html\" target=\"_blank\" rel=\"noreferrer noopener\">start at age 65 <\/a><\/strong>in 2023. (Updated 2024)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-oas-qualifications-2024\">OAS Qualifications 2024<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"683\" height=\"1024\" src=\"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2014\/10\/Should-I-Take-Early-CPP-In-Canada-720x1080-1-683x1024.webp\" alt=\"Should I Take Early CPP In Canada?\" class=\"wp-image-150917\" style=\"width:325px;height:auto\" srcset=\"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2014\/10\/Should-I-Take-Early-CPP-In-Canada-720x1080-1-683x1024.webp 683w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2014\/10\/Should-I-Take-Early-CPP-In-Canada-720x1080-1-200x300.webp 200w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2014\/10\/Should-I-Take-Early-CPP-In-Canada-720x1080-1-280x420.webp 280w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2014\/10\/Should-I-Take-Early-CPP-In-Canada-720x1080-1-150x225.webp 150w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2014\/10\/Should-I-Take-Early-CPP-In-Canada-720x1080-1-300x450.webp 300w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2014\/10\/Should-I-Take-Early-CPP-In-Canada-720x1080-1-696x1044.webp 696w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2014\/10\/Should-I-Take-Early-CPP-In-Canada-720x1080-1.webp 720w\" sizes=\"auto, (max-width: 683px) 100vw, 683px\" \/><\/figure>\n<\/div>\n\n\n<p><strong>If you are living in Canada, you must:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>be 65 years old or older<\/li>\n\n\n\n<li>be a Canadian citizen or a legal resident at the time we approve your OAS pension application<\/li>\n\n\n\n<li>have resided in Canada for at least 10 years since the age of 18<\/li>\n<\/ul>\n\n\n\n<p><strong>If you are living outside Canada, you must:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>be 65 years old or older<\/li>\n\n\n\n<li>have been a Canadian citizen or a legal resident of Canada on the day before you left Canada<\/li>\n\n\n\n<li>have resided in Canada for at least 20 years since the age of 18<\/li>\n<\/ul>\n\n\n\n<p>Related: <strong><a href=\"https:\/\/estimateursv-oasestimator.service.canada.ca\/en\" target=\"_blank\" rel=\"noreferrer noopener\">Old Age Security Benefits Estimator<\/a><\/strong><\/p>\n\n\n\n<p>It will be graduated; therefore, it will only impact people born before 1958. <\/p>\n\n\n\n<p>So, it will not affect my husband but will move me a little (born in 1959). <\/p>\n\n\n\n<p>Since this post is about CPP and not OAS, I won&#8217;t say much else about it except that OAS is not guaranteed &#8211; it can be clawed back if you make too much money.<\/p>\n\n\n\n<p>The penalty or reduction in CPP amount if you take it before age 65 is currently <strong>0.56%<\/strong> per month in 2014, increases to <strong>0.58%<\/strong> per month in 2015, and maxes out at <strong>0.60%<\/strong> per month in 2016.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-graduated-change\">Graduated Change<\/h2>\n\n\n\n<p>The graduation change from <strong>0.5%<\/strong> per month in 2012 to <strong>0.6%<\/strong> per month in 2016 was to discourage people from taking CPP early (between 60 and 65).&nbsp;&nbsp; <\/p>\n\n\n\n<p>I found this a bit complicated, although fair, which I will explain below.<\/p>\n\n\n\n<p>Likewise, the premium for waiting until age 70 before collecting benefits was increased to encourage people to defer collecting benefits. <\/p>\n\n\n\n<p>It is <strong>0.7%<\/strong> per month and used to be<strong> 0.5%<\/strong> per month.<\/p>\n\n\n\n<p>In addition, now you can still collect CPP and pay into it from age 60 to 70. <\/p>\n\n\n\n<p>This is known as the <a title=\"post retirement benefit Service Canada\" href=\"http:\/\/www.servicecanada.gc.ca\/eng\/services\/pensions\/cpp\/prb\/index.shtml\" target=\"_blank\" rel=\"noopener\"><strong>Post-Retirement Benefit (PRB)<\/strong><\/a> and is a means to increase your pension if you are still working. <\/p>\n\n\n\n<p>You must pay into it from age 60 to 65 (which is tough on my husband as he is self-employed and must pay both the employee and employer portions of this) if you are working.<\/p>\n\n\n\n<p>You can elect (using Form&nbsp;<strong><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/businesses\/topics\/payroll\/payroll-deductions-contributions\/canada-pension-plan-cpp\/completing-t4-slip-revocations-what-form-cpt30.html\" target=\"_blank\" rel=\"noreferrer noopener\">CPT30<\/a><\/strong>) not to pay into it at age 65, even if you are <strong>still working beyond that age<\/strong>. <\/p>\n\n\n\n<p>No matter what, you stop contributing at age 70. <\/p>\n\n\n\n<p>There are other rules to be evaluated around <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2019\/04\/09\/retirement-income-sources-in-canada-you-need-to-know\/\" target=\"_blank\" rel=\"noreferrer noopener\">Guaranteed Income Supplement <\/a><\/strong>and Survivor Benefits, the latter of which I will touch on below.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-early-cpp-considerations\"><span style=\"color: #000000;\">Early CPP Considerations<\/span><\/h2>\n\n\n\n<p>You need to calculate a break-even point to determine if taking your CPP early, on time, or late is better. <\/p>\n\n\n\n<p>Unfortunately, the decision depends on two things, and only one of them is cut, and dry.<\/p>\n\n\n\n<p>The first is your projected payout based on your history of earnings and contributions. <\/p>\n\n\n\n<p>The more years you have contributed, the maximum amount allowable, the higher your projected payout will be. <\/p>\n\n\n\n<p>It&#8217;s unique to each person&#8217;s earnings history, so the only way to get your figure is to <strong>request it from Service Canada.<\/strong><\/p>\n\n\n\n<p>Service Canada indicates the average monthly amount for a new retirement pension (taken at age 65) was <a href=\"http:\/\/www.servicecanada.gc.ca\/eng\/services\/pensions\/cpp\/retirement\/index.shtml\" target=\"_blank\" rel=\"noopener\"><strong>$596.66 as of March 2013<\/strong>, <\/a>and the maximum amount in 2013 was <strong>$1,012,50<\/strong>. <\/p>\n\n\n\n<p>Don&#8217;t assume you are at the maximum unless you have worked full-time throughout your career.&nbsp; <\/p>\n\n\n\n<p>However, your <strong>zero or low earnings years (up to 8 as of 2014)<\/strong> are dropped from the calculation.<\/p>\n\n\n\n<p>The second consideration is quite nebulous and involves family health history, crystal balls, etc. <\/p>\n\n\n\n<p>Once you do the math and determine at what age your higher CPP payments will accrue more money to you than your lower payments if taken early, you need to decide whether you will outlive that age.<\/p>\n\n\n\n<p><a href=\"http:\/\/www.cbc.ca\/news\/health\/life-expectancy-in-canada-hits-80-for-men-84-for-women-1.2644355\" target=\"_blank\" rel=\"noopener\"><strong>Recent life expectancy in Canada<\/strong> <\/a>is 84 for men and 80 for women, but this is for children born in 2012, but reflects an increasing trend up, as compared to children born in 1990, which is 74 and 81, respectively. <\/p>\n\n\n\n<p>However, suppose you reached the age of 60 last year. <\/p>\n\n\n\n<p>In that case, your expected longevity is now <strong>87.3<\/strong> for men and <strong>89.3<\/strong> for women. <\/p>\n\n\n\n<p><span style=\"background-color: rgb(247, 250, 252);\">According to the Canadian Institute of Actuaries, these ages take early death rates out of the equation<\/span><strong>.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-early-cpp-complications\"><span style=\"color: #000000;\">Early CPP Complications<\/span><\/h2>\n\n\n\n<p>We have been humming and hawing about whether my husband should take early CPP since he turned 60. <\/p>\n\n\n\n<p>The penalties scared us, plus we had a complication. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-survivor-benefits-and-early-cpp\">Survivor Benefits And Early CPP<\/h3>\n\n\n\n<p>My husband was a widow when we married, and he received monthly <strong>Survivor Benefits<\/strong> for himself and his children until they were of age.<\/p>\n\n\n\n<p>Currently, he receives <strong>$321.62 per month<\/strong>. <\/p>\n\n\n\n<p>Whenever he contacted Service Canada, the information given over the phone was unclear (and they will only communicate with the recipient). <\/p>\n\n\n\n<p>His Survivor Benefit will decrease if he takes his CPP early.<\/p>\n\n\n\n<p>What has now been clarified is that he will not lose his Survivor Benefits, but they will decrease if he takes his CPP early. <\/p>\n\n\n\n<p>They will decrease to <strong>$264 <\/strong>but be lumped in with his CPP, which will be <strong>$554.<\/strong> <\/p>\n\n\n\n<p>So, he will get a total of <strong>$818 monthly<\/strong>, a net increase of <strong>$496\/month<\/strong>.<\/p>\n\n\n\n<p>If he was 65 now, his CPP would be <strong>$639<\/strong> and Survivor Benefits <strong>$137 for $776<\/strong>. <\/p>\n\n\n\n<p>So the CPP would be more by <strong>$85<\/strong>, but the Survivor Benefits less by <strong>$137<\/strong> for a net decrease of <strong>$42<\/strong>.&nbsp; <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-it-s-not-as-easy-as-it-seems\">It&#8217;s Not As Easy As It Seems<\/h2>\n\n\n\n<p>It seems like a no-brainer to take the CPP and say, &#8220;<strong>Start the Car!<\/strong>&#8221; doesn&#8217;t it?<\/p>\n\n\n\n<p>But the missing piece of the puzzle that Service Canada doesn&#8217;t seem to be able to tell us is what his Survivor Benefits will be at age 65 in the future. <\/p>\n\n\n\n<p>Will they be the same or more or less? We assume they will be the same but adjusted for inflation, the same way CPP will be, but if it were that simple, you would think Service Canada could tell us that.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-early-cpp-calculations\"><span style=\"color: #000000;\">Early CPP Calculations<\/span><\/h2>\n\n\n\n<p>Looking strictly at the numbers and assuming Survivors Benefit drops at age 65, the cross-over point is age 83, where he would be better off to take his pension at age 65 instead of now at 62.<\/p>\n\n\n\n<p>You can see that the benefit of Option 2 is quite significant until age 65, in that we accumulate almost $18K more to put towards debt. <\/p>\n\n\n\n<p>This would put our debt repayment forward by one-quarter.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"981\" height=\"282\" src=\"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2014\/10\/Early-CPP.webp\" alt=\"Early CPP\" class=\"wp-image-150916\" srcset=\"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2014\/10\/Early-CPP.webp 981w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2014\/10\/Early-CPP-300x86.webp 300w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2014\/10\/Early-CPP-768x221.webp 768w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2014\/10\/Early-CPP-150x43.webp 150w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2014\/10\/Early-CPP-696x200.webp 696w\" sizes=\"auto, (max-width: 981px) 100vw, 981px\" \/><\/figure>\n<\/div>\n\n\n<p>We have not considered delaying CPP until age 65 because we know we will need the money once he retires.<\/p>\n\n\n\n<p><strong>Note:<\/strong>&nbsp; None of these numbers are adjusted for the effects of inflation through the indexed CPP. We can expect that they will all increase with time, but for purposes of illustration and decision-making, these numbers are comparable between the two options.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-decisio-n-making-plans-for-early-cpp\"><span style=\"color: #000000;\">Decisio<\/span>n-Making Plans For Early CPP <\/h2>\n\n\n\n<p>We are still ahead of the game by $3K by the time he is 80, and we will have advanced our debt repayment and corresponding retirement forward one-quarter. <\/p>\n\n\n\n<p>It&#8217;s not a lot of advancement, and I do hope and pray we both live beyond 83 years. According to the actuarial projections, he&#8217;s good to go to 87.3!<\/p>\n\n\n\n<p>However, a bird in the hand is worth two in the bush, so we strongly consider that he should file for his CPP now.<\/p>\n\n\n\n<p><strong>Discussion: <\/strong>What do you think of our decision? Are there other factors that you believe should be considered? Have you or will you apply for your CPP before age 65?<\/p>\n\n\n\n<p>Please leave me your comments below. <\/p>\n\n\n\n<p>Thanks for reading, <\/p>\n\n\n\n<p>Mr. CBB <\/p>\n\n\n\n<p>Post Contribution: Debt Debts Blogger no longer blogging.<\/p>\n\n\n\n<h6 class=\"wp-block-heading\" id=\"h-related-articles\">Related articles<\/h6>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a title=\"Is there truth to less stress with financial freedom?\" href=\"http:\/\/canadianbudgetbinder.com\/2014\/08\/28\/truth-less-stress-financial-freedom\/\" target=\"_blank\" rel=\"noopener\">Is there truth to less stress with financial freedom?<\/a> (canadianbudgetbinder.com)<\/li>\n\n\n\n<li><a title=\"Can you picture yourself living the retired life?\" href=\"http:\/\/canadianbudgetbinder.com\/2014\/06\/18\/can-picture-retired\/\" target=\"_blank\" rel=\"noopener\">Can you picture yourself living a retired life?<\/a> <\/li>\n\n\n\n<li><a title=\"Couple\u2019s happy retirement on hold until son moves out\" href=\"http:\/\/canadianbudgetbinder.com\/2014\/08\/18\/happy-retirement-and-adult-children\/\" target=\"_blank\" rel=\"noopener\">Parents&#8217; happy retirement on hold until son moves out <\/a><\/li>\n\n\n\n<li><a href=\"http:\/\/canadianbudgetbinder.com\/2013\/01\/17\/how-i-support-my-family-on-one-income\/\" target=\"_blank\" rel=\"noopener\">How I Support My Family On One Income<\/a> <\/li>\n\n\n\n<li><a title=\"A Beginners Guide to Early Retirement\" href=\"http:\/\/canadianbudgetbinder.com\/2012\/12\/19\/a-beginners-guide-to-early-retirement\/\" target=\"_blank\" rel=\"noopener\">A Beginner Guide to Early Retirement<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Are you thinking of taking your Canadian Pension Plan (CPP) early? Understand the penalties, rules, and vital factors to weigh before deciding.<\/p>\n","protected":false},"author":2,"featured_media":150915,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"disable-jtr":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[635],"tags":[5,5521,5522,5523,5524,5525,5526,5527,5528,65,5529],"class_list":{"0":"post-18670","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-retirement-finance","8":"tag-canada","9":"tag-canada-pension-plan","10":"tag-canada-pension-plan-contributions","11":"tag-cpp","12":"tag-cpp-benefits","13":"tag-cpp-early-retirement","14":"tag-early-cpp","15":"tag-early-cpp-calculator","16":"tag-maximum-cpp-benefit","17":"tag-ontario","18":"tag-post-retirement-benefit"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Early CPP: Weighing the Penalties and Benefits - Canadian Budget Binder Your Way To Debt-Freedom<\/title>\n<meta name=\"description\" content=\"Deciding whether to take your Canadian Pension Plan (CPP) early? 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