When should you take CPP?

While I wish I could provide you with a universal answer that fits everyone, it heavily depends on many variables. What is best for your net worth, may not be best for you.

Some clients prefer to take CPP early strictly because they would rather enjoy the money that they have paid over their lifetime because the future is never promised. However, on the other end of the spectrum, some clients are confident in their life expectancy and feel they will be able to enjoy the full benefit of a deferred CPP benefit. 

While most Canadians should have some form of deferral to CPP given they are healthy, it is surprising that fewer than 95% of Canadians choose to delay their benefit beyond age 65, giving up a considerable amount of income for life that is protected against inflation.

If you are contemplating when to take your CPP, please do not hesitate to contact us, as we will run an in-depth analysis of your financial situation to help determine what age is best for you and your estate goals.