How do I calculate what I’d receive on CPP, if I start collecting at age 62?
It often comes into play for people who retire early, and then must decide whether to then start CPP payouts at age 60 or defer the start of their benefits until age 65 or later.
But they call it a calculator and show results like, “Based on your revised future earnings, your recalculated CPP retirement pension estimate at When the calculator appears to give a single dollar value in response to the input, it implies some degree of accuracy, and that you should be able to trust it. Maybe you were laid off in the latter stages of your career and struggled to return to the workforce, or you had to retire early due to poor physical health. I think most other details are very similar if not identical.My question is this: I collected CPP Disability Benefits from approx 2000 to 2004 and then again from 2011 or 12 to last month, even though I was working from August of 2016 and still am. You Need to Eat and Pay the Bills. Do you qualify; 3. Apply; 6. This has a CPP section that only allows you to enter "your monthly retirement pension estimate (at age 65) indicated on your statement. Taking CPP early may not be the most optimal financial decision but there are a few cases where it can make sense. I hadn’t even thought about trying something like that, but that’s almost worse to think you’ll get different results by using a different browser!There’s a free Excel/OpenOffice CPP Calculator which handles 0 future earnings at pensionplanner.ca; see the Resources page.Your link on this webpage article (Service Canada’s online) "CPP Calculator" takes you to the Govt of Canada "Canadian Retirement Income Calculator" webpage. It’s not even capturing enough information to do a meaningful calculation!By asking only for the SOC estimate amount and future earnings, the online CPP calculator is missing critical information. I could accept a variance of a few dollars, but being a few hundred dollars out is not what anyone should expect.As mentioned above, the online CPP calculator asks for two pieces of information only, when trying to “recalculate” your future CPP retirement pension. He now runs his own company, DR Pensions Consulting, which provides pension advice, including detailed calculations for CPP retirement planning and “credit splitting” purposes. In I post I wrote years ago about taking CPP early or late, Canada Pension Plan expert Doug Runchey shared with me the interesting fact that taking CPP at 65 is never the optimal choice from a payout perspective. At best, they could provide you with high/low possible calculations or an average result with a plus/minus range.In my mind, presenting the answer as a single calculation is misleading at best, especially since the results of the calculator appear to be the maximum possible pension amount (or sometimes even more than the maximum possible amount), rather than the average or a range.As mentioned above, the online calculator cannot seem to deal with zero future earnings, even though that is one of the choices given in the dropdown box.
However, you can start receiving it as early as age 60 or as late as age 70.
The most recent rules governing CPP were introduced in 2012 and they took full effect in 2016.
His CPP statement of contributions (SOC) estimated that if he started taking his CPP pension at 65, he would receive $985. The earliest you can take your CPP Pension is age 60, the latest is 70. That current SOC estimate of $985 could be based on 30 years of maximum and six years of zero earnings. To do that, transparency is critical.RetireHappy receives compensation from some companies issuing financial products, like credit cards and bank accounts, that appear on this site.Unless a post is clearly marked “Sponsored”, however, products mentioned in editorial articles and reviews are based on the author’s subjective assessment of their value to readers, not compensation. CPP Disabilities told me I should start now & I turn 62 in June 2017.Hi Jacqueline – I suggest that you call Service Canada at 1-800-277-9914.Does this calculate takes into account any credit obtained from working outside of canada (say in US)? Here are three reasons to take CPP at age 60: 1).
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