CPP at 60, 65 or 70: how to decide when to start

Last updated Oct 2026.

"When should I take CPP?" is one of the most common questions Canadians ask as retirement gets closer. You can start your Canada Pension Plan retirement pension any time between 60 and 70, and the choice is permanent: the age you start sets the size of your monthly payment for the rest of your life.

There's no single right answer, but there is a clear way to think it through. Here's how the rules work, what the trade-off looks like in dollars, and the questions that usually decide it. To run your own numbers, try the CPP start age calculator.

How the start age changes your pension

Age 65 is the standard start. From there, Canada.ca sets out the adjustments:

• Start before 65: your pension is reduced by 0.6% for each month before 65 (7.2% a year), up to 36% less if you start at 60.
• Start after 65: your pension grows by 0.7% for each month after 65 (8.4% a year), up to 42% more if you start at 70.
• Waiting past 70 adds nothing. The maximum is reached when you turn 70.

So someone who would get $1,000 a month at 65 would get about $640 at 60, or about $1,420 at 70.

What that looks like with 2026 numbers

According to Canada.ca's 2026 payment figures, the average new CPP retirement pension at 65 was $858.34 a month (July 2026), and the maximum for someone starting at 65 in January 2026 was $1,507.65 a month. Applying the start-age rules to those figures:

These are simple illustrations, not estimates for you. Your real amount depends on how much and for how many years you contributed, and the dollar amounts will be higher by the time you actually start, because CPP rises with inflation (more on that below). Your own estimate is in My Service Canada Account, along with your contribution history.

The break-even age

The fair question is: if I start later, how long until the bigger cheques make up for the years I didn't collect? Using the percentages above, and ignoring taxes and investment returns:

• 60 vs 65: starting at 65 catches up with starting at 60 at roughly age 74.
• 65 vs 70: starting at 70 catches up with starting at 65 at roughly age 82.

If you live past those ages, waiting usually means more lifetime CPP. If you don't, starting earlier comes out ahead. Nobody knows their lifespan, so think of it less as a bet and more as insurance: a larger CPP protects you most in the situation that's hardest to plan for, which is living a very long time.

These break-even ages are rough. They assume your contribution record is the same whichever age you start, and in real life it can shift a little if you keep working (or stop) between 60 and 70. The CPP start age calculator lets you test different amounts.

Why CPP is different from your other savings

Two features make CPP more valuable than its monthly number suggests:

1. It's indexed to inflation. CPP payments are adjusted every January based on the Consumer Price Index, and they don't go down if prices fall. For 2026 the increase was 2.0%.
2. It lasts for life. You can't outlive it, and market drops don't touch it.

Buying that kind of guaranteed, inflation-protected lifetime income privately is expensive. That's the main reason many planners look closely at delaying CPP if you can afford to, sometimes by drawing on RRSP savings in your 60s to bridge the gap.

Reasons people start CPP early

Starting at 60 (or anywhere before 65) can make sense if:

• You need the income now. If you've stopped working and have little else to live on, a smaller pension now can be better than borrowing or running down savings.
• Your health or family history suggests a shorter life. Canada.ca itself lists health as a key factor.
• You'd otherwise carry high-interest debt. Paying off a credit card at 20% with an earlier CPP cheque can beat waiting for a bigger one.

Reasons people wait

Delaying toward 70 tends to suit people who:

• Are healthy and expect to live a long time.
• Have other income or savings to cover the years in between, such as work, a workplace pension, an RRSP or a TFSA.
• Want more guaranteed income later, when they may be less able to manage investments.
• Have large RRSPs. Drawing RRSP money in your 60s while you delay CPP can sometimes even out your taxable income over retirement and shrink the RRIF withdrawals you're required to take later. See the RRIF minimum calculator for what those look like.

Still working? A few rules to know

• Working after you start CPP: if you're under 70 and still contributing, each year of contributions earns a post-retirement benefit that's added to your income for life. From 65, you can choose to stop those contributions.
• Working after 65 without starting CPP: Service Canada may use those later earnings to replace lower-earning years from before 65, but only if it raises your pension.
• Low-earning years are partly forgiven. Up to 8 of your lowest-earning years can be dropped from the base part of the calculation, and there are extra provisions for years spent raising young children or on CPP disability.

Don't forget OAS: it has its own clock

Old Age Security is a separate pension with different rules. You can start it at 65 at the earliest, not 60, and you can delay it to 70. Each month you wait adds 0.6%, up to 36% more at 70. For October to December 2026, the maximum OAS was $762.50 a month at 65, or $1,037.00 if started at 70.

Delaying OAS doesn't help everyone. If you'd qualify for the Guaranteed Income Supplement, Canada.ca says there's no benefit to waiting, because you can't get the supplement until OAS starts. Also, OAS is partly paid back if your income is high (above $93,454 in 2025).

CPP and OAS don't have to start at the same time. Some people take one and delay the other, depending on their income and health.

A simple way to decide

1. Get your real estimate from My Service Canada Account.
2. Check your health and family history honestly.
3. List your other income for ages 60 to 70: work, pensions, RRSP, TFSA.
4. Ask whether you can cover the gap without high-interest debt or draining your emergency money.
5. Run the numbers in the CPP start age calculator, then see the bigger picture in how much do I need to retire? and how long will my savings last?

If your spouse or partner also gets CPP, look at the two of you together. Couples can share CPP pensions to lower taxes, and survivor benefits are capped when combined with your own pension, which can change the math.

FAQ

I'm over 65 and haven't applied. Did I lose money?
Not necessarily. Your pension has been growing by 0.7% a month. If you apply after 65, you can also ask for payments backdated up to 11 months (plus the month you apply), but no earlier than the month after your 65th birthday.

Is CPP taxable?
Yes. CPP is taxable income, so plan for it at tax time.

I live in Quebec. Does this apply to me?
Quebec workers are covered by the Quebec Pension Plan (QPP), which has its own rules and adjustments. Check Retraite Québec for details.

Does starting CPP early affect OAS?
No. They're separate programs. But taking CPP early does add to your taxable income, which can matter for the OAS income threshold later.

This post is for educational purposes only and isn't financial, tax or investment advice. CPP and OAS amounts, rules and thresholds can change. Confirm current details with Canada.ca or Service Canada, and consider speaking with a qualified professional about your situation.