How Much Money Will I Get From Canada Pension Plan (CPP)?
Obviously, everybody wants to know how much they’re going to get from CPP (the Canada Pension Plan), but it really depends on how long you work and how much you put in to the plan.
You don’t get to choose those amounts; it’s based on the amount of income you make during the years that you’re contributing to the plan. Aside from that, the biggest variable that affects how much money you’re going to get out of CPP is when you decide to take it. The full benefit that you can get starts at age 65 – the normal retirement age according to the government. You can take it earlier, as early as age 60 if you want, but you’re going to get a reduced amount for the rest of your life for every month early that you take it. You can also take it later than age 65 if you want, and you’ll get an increased benefit for the rest of your life.
All that aside, the full benefit for someone aged 65 in 2020 was just shy of $1200 a month. And that’s set to grow with inflation as well, so that’s a decent amount of money – especially if you have a spouse and you’re both collecting.
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