Exploring the Benefits of Delaying CPP Payments Until Age 70

Friday, 9 August 2024, 10:03

Deciding whether to start Canada Pension Plan (CPP) payments at age 60 or delay until age 70 can be a crucial financial decision. An expert suggests that delaying CPP may not significantly affect your ability to work part-time. Key factors to consider include your financial needs, health status, and retirement plans. Carefully weigh your options to determine the best approach for your situation.

Financialpost — Exploring the Benefits of Delaying CPP Payments Until Age 70

Understanding CPP Payments

The Canada Pension Plan (CPP) allows for flexibility in payment start age, with options available at 60 or 70. Many wonder how this decision affects their work status.

Expert Insights

According to an expert, starting CPP payments at age 60 does not necessarily require you to stop working or transition to part-time employment.

Key Considerations

Financial Needs: Assess your immediate financial requirements.
Health Status: Consider how your health may affect working capabilities.
Retirement Plans: Reflect on your long-term retirement goals.

Conclusion

Ultimately, delaying CPP payments could be beneficial, but personal circumstances dictate the decision. Make an informed choice that aligns with your work and retirement objectives.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Understanding CPP Payments

Expert Insights

Key Considerations

Conclusion

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