It is a new year, and some of you may have just celebrated your
60th birthday or soon will be. With the excitement of this life
milestone comes the option for you to begin receiving your pension
benefits. But before you blow out the candles, and start cashing
in, there are some important things you should know.
The Canada Pension Plan (CPP) provides
retirement, disability and survivor benefits to individuals who
have contributed to the plan and are at least 60 years of age. The
amount that you will receive depends upon your average salary and
the number of years you have contributed to the plan.
If you begin to receive CPP before the age of 65, the monthly
amount you receive is reduced. Conversely, if you delay receiving
CPP benefits until you are 70 years old, the monthly amount you
will receive is higher. For example, if a person starts receiving
CPP in 2013 at age 60, the monthly CPP would be approximately 32
per cent less than another person starting it this
