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My spouse passed at age 62 and I am still working at 58. I am receiving a CPP survivors pension of 500/mo. When I start my CPP will the survivors pension be adjusted (reduced) based on my CPP? My estimate for CPP at age 65 is ~ $1000. Should I take it earlier to maximize my total CPP?
 

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Discussion Starter #703
My spouse passed at age 62 and I am still working at 58. I am receiving a CPP survivors pension of 500/mo. When I start my CPP will the survivors pension be adjusted (reduced) based on my CPP? My estimate for CPP at age 65 is ~ $1000. Should I take it earlier to maximize my total CPP?
Hi Martik - Yes, your CPP survivor's pension will be reduced if/when you apply for your own CPP retirement pension, and if you do take your CPP prior to age 65, the survivor's pension will be recalculated again (usually reduced further) when you turn age 65. I strongly suggest that you fully understand what your real numbers will be if you take your CPP at age 60, 65 and 70. You can better understand these choices if you read this article:
 

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Would like to know the effect on my CPP pension by not working after age 59 and collecting starting at age 65. Currently my estimate on Service Canada is slightly under the max at $1140 mth at age 65. I am thinking of retiring next year at age 59 on a small company pension, savings, RSPs but waiting until 65 to maximize my CPP payments. By not working and not contributing to CPP between ages 59 and 65, how much does that reduce my current CPP estimated monthly payment?
I have 30 yrs of maximum contributions and a numbers of years close to max. Both of my parents made it to age 90, so I’m expecting to be around for a bit.
 

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Discussion Starter #706
Would like to know the effect on my CPP pension by not working after age 59 and collecting starting at age 65. Currently my estimate on Service Canada is slightly under the max at $1140 mth at age 65. I am thinking of retiring next year at age 59 on a small company pension, savings, RSPs but waiting until 65 to maximize my CPP payments. By not working and not contributing to CPP between ages 59 and 65, how much does that reduce my current CPP estimated monthly payment?
I have 30 yrs of maximum contributions and a numbers of years close to max. Both of my parents made it to age 90, so I’m expecting to be around for a bit.
Hi OntMan - Depending on your lifetime record of pensionable earnings, it could remain at $1,140 or it could decrease by as much as almost 10%. Here is a link that explains how you can find out if/how much yours will change:
 
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