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When should I receive my Canada Pension Plan benefit?

Complete this quick quiz to guide your important decision

The Canada Pension Plan is complex.

Deciding when is best to start receiving the benefit is different for each individual or couple. Taking the benefit too early could reduce your benefit and increase your financial shortfall if you live longer than you expected. Taking the benefit too late could reduce the overall amount you receive throughout your retirement.

Why complete this quiz?

Positive impact on your retirement

When the Government of Canada is willing to give you money for the rest of your life it makes sense to want it as soon as possible. However, most people run a greater risk of living longer than expected than people do of not collecting the CPP benefit they feel they are owed. The Canada Pension Plan benefit offers up to a 42% bonus payout for those who delay their start date. Since the Canada Pension Plan benefit is inflation protected and guaranteed for life, the longer you are retired the greater impact this maximized benefit will have on your personal finances. This quiz can help you figure out when to start your benefit.

Your decision is permanent

Once you turn on the taps to start your CPP benefit you cannot turn them off. Yes, you can change your mind in the first year by repaying all the money you've collected, but a couple decades from now when you might have wished you made a different decision there is no changing your CPP benefit amount. This quiz can assist you in making the best long term decision for you. 

The CPP benefit is quirky

It is not straightforward. An online calculator cannot factor in all the intricacies and details of the CPP benefit. This decision is not entirely numbers based. Whether you are single, married, divorced or widowed could impact the decisions you make. Your age at retirement and number of years worked since the age of 18 will impact the benefit. 

This quiz goes through your many options to help guide you towards your decision. After completing the quiz seek the guidance of a Certified Financial Planner to see how your decisions might play out financially.

About the creator of the quiz

David Field is an advice-only Certified Financial Planner® and a Certified Cash Flow Specialist based in Mississauga, Ontario. Through his firm Papyrus Planning, David helps individuals and couples who are thinking of retiring and those currently retired identify and achieve their goals in retirement with a financial plan that makes it all happen. Specializing in retirement income planning, David is paid only by those he helps and his recommendations are always in their best interests.

David Field, Certified Financial Planner, CFP

Don't Wait, Complete the Quick CPP Quiz Now!

The quiz takes just minutes to complete and you'll receive a free customized report specific to your answers. The in-depth report will provide you the additional information you need to feel confident in your decision and to decide whether you need the assistance of a Certified Financial Planner®.

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