When to start taking your CPP?

You can start receiving your Canada Pension Plan retirement benefits anytime between 60 and 70. If you start collecting before 65, your benefits will be reduced by 7.2% per year. If you start collecting your benefit after 65, your benefits are increased by 8.4% per year. The result is that if you start taking your CPP at 60 and live past 74, your overall benefit will be less than if you wait until 65. Some things to consider, therefore, are your health (if you have health concerns or a shortened life expectancy, you may want to start your CPP earlier), cash flow needs, and other sources of income.