CPP at 60 vs 65 vs 70: how it works in 2026, with a worked example

Questions people ask

Should I take CPP at 60 or 65?

Taking it at 60 gives you 36% less every month for life. If you expect to live past about 74 (at a 0% real return) waiting until 65 pays more in total; if your health or family history suggests otherwise, or you need the income now, 60 can be right. The calculator shows the break-even for your own numbers.

Is it worth waiting until 70?

Waiting from 65 to 70 raises the pension by 42%, guaranteed and inflation-indexed for life. In total dollars it wins if you live past about 82, which is close to the average life expectancy at 65. The real advantage is insurance against a long life; the disadvantage is five years of living on other savings.

What is the maximum CPP in 2026?

$1,507.65 a month for a pension starting at 65 in January 2026. Most people get less because the maximum requires contributing at or above the earnings ceiling for about 39 years; the average new pension at 65 was $877.01 in April 2026. Your own estimate is in your My Service Canada Account.

Does CPP go up with inflation after I start?

Yes. CPP is indexed to the Consumer Price Index every January (2.0% in 2026), which is why the calculator works in today's dollars: a pension of $1,000 today keeps that purchasing power. The age adjustments (0.6% and 0.7% per month) are on top of indexing.

What if I keep working after starting CPP?

You keep contributing (mandatory under 65, optional from 65 to 69), and each year of contributions buys a post-retirement benefit that is added to your pension, up to $54.69 a month in 2026 per year of contributions at the maximum. Contributions stop at 70.

Does the real return input matter?

It matters if you would invest the early payments rather than spend them. A 3% real return pushes every break-even later by a few years because the early money has time to grow. 0% is the simplest and most common way the question is framed.

What does this calculator not include?

The reduction in your age-65 amount if you stop working before 65 with low-earning years (the general drop-out provision softens this), the child-rearing and disability drop-outs, income tax on the pension, the effect on OAS, GIS and other income-tested benefits, survivor benefits, and QPP differences. It compares amounts, not after-tax income.

How do I find my CPP estimate?

Sign in to My Service Canada Account and open your CPP statement of contributions; it shows the monthly amount at 65 in today's dollars assuming you keep contributing at your current level. If you cannot get it, the estimate mode uses your years worked and earnings level.

Will my CPP estimate go down if I retire early?

It can. The statement assumes you keep contributing until 65. If you stop working at 58, the years from 58 to 65 are zero-earning years that count against you after the 17% drop-out, so the real amount at 65 is lower. Enter your stop-work age to approximate the effect.

Is the CPP reduction for starting early permanent?

Yes. Starting at 60 pays 36% less than at 65 for the rest of your life, indexed. It is not a temporary discount, and you cannot switch later. The offsetting fact is that you collect five years of payments the person who waits does not.

Does the break-even age include investing the early payments?

By default no, it compares plain totals. Enter a real return above 0% to give the early starter credit for investing the payments, which pushes the break-even age later, typically from about 74 to 77 or beyond.