Hi Tayls - Just to clarify, the actual amount of your CPP won't decrease if you defer taking your CPP, because the increase in the age-adjustment factor for waiting will always exceed any decrease caused by the extra years of zero earnings (my larger slice of a smaller pie analogy). The amount of your actual CPP will decrease from the amount indicated on your CPP statement of contributions (SOC) and/or on the My Service Canada Account website however, because those estimates mimic what you would receive if you maintained the same average lifetime earnings right up to age 65.Hi Dogger, I have followed this thread for the past few years and I am still confused. I am working on my drawdown strategies and when Ii start CPP figures prominently into that decision.
I am 58 but retired just after my 56th birthday. I paid Max CPP for 32 years and then 4 years when I was younger at less than full. I lived and worked in the US for a two years so paid no CPP then.
My question is because i stopped working so early, will my estimated benefit decrease each year? I had planned on waiting until I was 70 to start the benefit but I am wondering now if I should take it at 60? Thanks for all the help you have been providing.
If you want more accurate estimates than what Service Canada is providing by these two methods, email me at [email protected]