% Changes to CPP- Thursday May 19

Starting this year the CPP retirement pension amount will increase by a higher percentage if taken after age 65 and will decrease by a larger percentage if taken before age 65. For example in the past if you took the CPP at age 70 you received 30% more than if you had taken it at age 65. By 2013, an individual who starts receiving CPP at age 70 will receive 42% more than if they had taken it at age 65. Conversly, if you took your CPP at age 60 you received 30% less than if you had taken it at age 65. By 2016 the gradual changes the government is making will mean that if you start receiving CPP at age 60 you will get 36% less than at age 65. It's worth the analysis.