Does it ever make sense to take CPP at age 65? — via financialpost Retirement PersonalFinance CPP
: I’m 62 years old and planned to take my Canada Pension Plan at age 65. With all the talk about the benefits of delaying until 70, I wonder if taking it at age 65 is still a good decision?Mehmet, the three main reasons to delay your CPP benefits to age 70 are to protect yourself against rising inflation, poor investment returns and to provide you with a larger guaranteed income late in life, just in case you have depleted your investments.
Here are some common reasons to start CPP at age 65: early expected death; changing tax rates; Guaranteed Income Supplement and Old Age Security clawback; you need the money now to fund your lifestyle; and/or you expect to earn high investment returns. It’s the lack of survivor benefits that has many people starting CPP benefits at age 65. They’ve contributed to the CPP all their working lives and want to ensure they get some of their money back. But remember that the CPP is designed to protect you against inflation, poor investment returns and running out of money if you live a long life.
If you have a shortened life expectancy, it makes sense to start CPP early. If you’re not sure and you’re the male partner, with a shorter life expectancy than your female partner, then it may make sense for you to start at age 65 and your wife to start at age 70.
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