You will need your estimated CPP retirement pension at age 65, from
a current CPP statement of contributions, in order to use the calculator.
If you have not received a statement of contributions, you can get one
online from Service
Canada Statement of Contributions.
The calculator compares the CPP retirement pension starting at 3
different ages, which you can choose. For instance, if you turn 60
in 2012 and want to start collecting your CPP in 2012, you would enter the
year 2012 and age 60. You can then choose 2 other ages in the next 2
columns, in order
to provide a comparison.
The calculator also calculates the present
value (PV) of the pension to be received up to a certain age, based on
an estimated rate of return. The PV is the amount that would have to
be invested at the earliest time in the table of results, in order to
provide the future cashflows shown in the results.
See our article on the
rules in effect for the CPP retirement pension.
The table of
average and maximum rates can be found on the Service
If your earnings are changing significantly before
you start collecting your CPP pension, try the Service Canada Canadian
Retirement Income Calculator.
Tax Tip: You
don't know how long you will live, so we still recommend taking your CPP
retirement pension at age 60.
Check out our other calculators.
Revised: January 31, 2014