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Date updated: December 9, 2020

Taking CPP early can cost you $100,000 and limit your long term options

Taking CPP early can cost you $100,000 and limit your long term options

Starting Canada Pension Plan benefits at the age of 60 instead of delaying to 70 is on average like taking a pass on $100,000 of retirement income.

Introducing the Lifetime Loss calculation, a new way of looking at the advantage of delaying CPP retirement benefits. Instead of telling people how much they might gain by delaying, Lifetime Loss shows how much money they could leave on the table by starting as early as 60.

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