How do I calculate what I’d receive on CPP, if I start collecting at age 62? Consult the changes to the Canada Pension Plan ; Consult the Canada Economic Response Plan ; 1. 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. If you do that, you’ll see the benefit of delaying CPP to get higher monthly payments than if you started at the standard age of 65 or as early as 60. After entering $5,000 for future earnings until age 65, the online estimate came back with results of $894. Taking CPP prior to age 65 results in a reduction in payments (0.6% per month prior to age 65) while deferring CPP until after age 65 results in an enhancement in payments (0.7% per month past age 65).This calculator helps to illustrate some of the financial elements to answering this question, however there are other factors that need to be considered. 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. However, you can start receiving it as early as age 60 or as late as age 70. 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. I told him that was impossible! Doug can be reached by email @ I have had a similar experience using zero future earnings. Apply; 6.
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.
When he used the online calculator and indicated he would have $0.00 earnings from his current age until age 65, it still said that he would get $985 at age 65. Do you know if that is correct?I won’t pretend to be a QPP expert, but I believe their general dropout is still 15%. While you can elect to start receiving CPP at age 60, the discount rate under the new rules … Read More
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