When should you take CPP? 60 vs 65 vs 70
You can start your Canada Pension Plan retirement pension any time from 60 to 70. The age you pick sets your monthly payment for life: up to 36% less if you start early, up to 42% more if you wait. Here's how the trade-off works, where the breakeven ages fall, and what the simple math leaves out.
By Peter Marshall, founder of Retireez · Updated October 2026
The short answer
- Starting at 60 pays 36% less a month than starting at 65. Waiting until 70 pays 42% more.
- On the numbers alone, taking CPP at 65 instead of 60 pays off if you live past about 74. Waiting from 65 to 70 pays off past about 82.
- Your health, your other savings, your spouse and when you stop working matter as much as the breakeven age.
How your start age changes your CPP
Your CPP is calculated as if you start at 65. Each month you start earlier lowers it by 0.6%, to a maximum cut of 36% at 60. Each month you wait past 65 raises it by 0.7%, to a maximum boost of 42% at 70. Waiting past 70 adds nothing. The change is permanent: you keep the lower or higher amount for the rest of your life.
| Start age | % of age-65 amount | If you'd get the 2026 maximum | If you'd get the 2026 average |
|---|---|---|---|
| 60 | 64% | $964.90 | $549.34 |
| 62 | 78.4% | $1,182.00 | $672.94 |
| 65 | 100% | $1,507.65 | $858.34 |
| 67 | 116.8% | $1,760.94 | $1,002.54 |
| 70 | 142% | $2,140.86 | $1,218.84 |
Most people get much less than the maximum, which takes earnings at or above the CPP earnings limit for most of a working life. Your own estimate is in your My Service Canada Account.
The breakeven ages
Starting early gets you more cheques; waiting gets you bigger ones. The breakeven age is when the bigger cheques have caught up, so the total you've received is the same either way. Live past it and waiting paid more; die before it and starting early did.
| Choice | Waiting comes out ahead if you live past |
|---|---|
| 65 instead of 60 | About 74 |
| 70 instead of 65 | About 82 |
| 70 instead of 60 | About 78 |
For someone who'd get the 2026 average, here's the running total in today's dollars. At 75, starting at 60 is still well ahead of waiting until 70 ($98,881 against $73,131). By 85, waiting until 70 has passed both other choices, and by 95 it's about $135,000 ahead of starting at 60.
| By age | Start at 60 | Start at 65 | Start at 70 |
|---|---|---|---|
| 75 | $98,881 | $103,001 | $73,131 |
| 85 | $164,801 | $206,002 | $219,392 |
| 90 | $197,762 | $257,502 | $292,522 |
| 95 | $230,722 | $309,002 | $365,653 |
When taking CPP early can make sense
- Your health or family history points to a shorter life. If you're unlikely to reach the mid-70s, starting early usually pays more in total.
- You need the income now. If the alternative is carrying debt or selling investments in a bad market, an earlier, smaller pension can be the better trade.
- You'll get a CPP survivor's pension. A survivor's pension and your own retirement pension together are capped ($1,531.56 a month at 65 in 2026), so the extra from waiting can be partly cancelled out.
When waiting can make sense
- You're healthy and your family lives long. CPP is paid for life and rises with inflation. A bigger CPP is protection against running out of money in your 90s, which savings alone can't promise.
- You have savings to live on in your 60s. Spending from your RRSP first while you wait for a bigger CPP can also shrink your RRIF minimum withdrawals later, which helps keep taxable income below the OAS clawback line.
- You want a simpler, steadier income later. A larger guaranteed amount means less of your spending depends on markets once you're older.
What the breakeven math leaves out
Retiring early changes your CPP amount
CPP is based on your earnings from 18 until your pension starts. The lowest-earning 17% of those months, about eight years, are dropped. If you stop working at 50 or 55, the years with no earnings before 65 still count after that drop-out and pull your average down. So check what any CPP estimate assumes about the years between now and when you start. If you plan to retire early, model it with zero earnings for those years (more in how much you need to retire at 50).
Taxes and the OAS clawback
CPP is taxable. A bigger CPP from 70 adds to your income every year, and OAS is clawed back by 15% of your net income above $95,323 (2026). Spouses can apply to share their CPP pensions, which can even out their taxable incomes. More in how the OAS clawback works.
Working while you receive CPP
You don't have to stop working. If you're under 65 and working, you keep contributing to CPP; from 65 to 70 you can choose to stop. Each year of contributions adds a post-retirement benefit to your pension, up to $54.69 a month at 65 in 2026.
Investment returns
If you start CPP early and invest it, or start early so your RRSP stays invested longer, the returns push the breakeven age later. The opposite is also true: spending savings while you wait has a cost if those savings would have grown.
OAS is a separate decision
Old Age Security can't start before 65. You can defer it to 70 for 0.6% more per month, up to 36%. The 2026 maximum is $762.50 a month (October to December, ages 65 to 74). The CPP & OAS calculator shows both decisions together.
How to decide
- Get your real numbers. Your Statement of Contributions and CPP estimate are in your My Service Canada Account.
- Run your breakeven. Enter your estimates in the free CPP & OAS breakeven calculator. No sign-up needed.
- Weigh what the numbers can't. Health, a spouse's pension and age, other income, and when you plan to stop working.
- See it in your whole plan. CPP timing interacts with your RRSP, TFSA, taxes and OAS. A full plan shows how each choice changes your chance of not running out of money.
Common questions
What is the maximum CPP payment in 2026?
The maximum CPP retirement pension for someone starting at 65 in 2026 is $1,507.65 a month. Few people get the maximum: the average for new pensioners at 65 was $858.34 a month in July 2026.
How much less do you get if you take CPP at 60?
Your pension drops by 0.6% for each month you start before 65, so starting at 60 pays 36% less a month, for life, than starting at 65.
How much more do you get if you wait until 70 to take CPP?
Your pension rises by 0.7% for each month you wait after 65, so starting at 70 pays 42% more a month, for life, than starting at 65. There's no increase for waiting past 70.
What is the breakeven age for taking CPP at 70 instead of 65?
Before taxes and investment returns, waiting from 65 to 70 comes out ahead if you live past about 82. Taking CPP at 65 instead of 60 comes out ahead past about 74, and waiting from 60 to 70 past about 78.
Can I take CPP and keep working?
Yes. You don't need to stop working to start CPP. If you're under 65 and working, you keep paying CPP contributions; from 65 to 70 you can choose to stop. Those contributions earn a post-retirement benefit that is added to your pension.
Does taking CPP early affect OAS?
No. CPP and OAS are separate programs. OAS can't start before 65, and you can defer it to 70 for up to 36% more. Your CPP does count as income for the OAS clawback, which starts at $95,323 of net income for 2026.
Living in Quebec? You're covered by the Quebec Pension Plan, which has its own rules; this guide is about CPP.