Despite all the significant changes to the CPP in the last few years, you can still apply for CPP benefits at age 60. You get a lot less (more than 30% less under the new rules) than if you wait until age 65, but you get the payments five years earlier.
If you are working, you will still have to contribute to the CPP, but by doing so, you will become entitled to the Post-Retirement Benefit. After five years of such contributions, the Post-Retirement Benefit will provide an extra $120 of income per month.
What is perhaps most noteworthy is that, if you feel that you will likely live to the age of the Canada life expectancy (around 85 for women and 82 for men), you will be better off delaying the start of your CPP benefits until age 65, providing you don’t need the money at age 60.
This ad will appear in the Richmond News on Oct. 18, 2012.