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Retirement · May 23, 2026 · 9 min read

When to take CPP: age 60, 65 or 70? The break-even math for Canadians

Each year deferred past 65 raises the benefit permanently by 8.4%. Here is where the cumulative lines cross, and what the chart cannot tell you.

It is irreversible after twelve months, it is indexed for life, and the spread between the earliest and latest start is 122% of the monthly cheque.

On a $1,433 monthly entitlement at 65
Start ageMonthlyAnnualCumulative by 85
60$917$11,006$275,150
65$1,433$17,196$343,920
70$2,035$24,418$366,270

Taking it at 60 leads until roughly 74. Waiting to 70 overtakes the 65 start at about 81. Past the mid-eighties, deferral wins decisively — and the gap keeps widening for as long as you live.

Run it on your own numbersCPP and OAS timingTake CPP at 60, 65 or 70 — and find the age where deferring wins.

Four inputs the chart ignores

  1. Health. The break-even assumes you reach it.
  2. Other income. Deferring often means larger RRSP withdrawals in your sixties, and the extra tax can cancel the gain.
  3. The OAS clawback. A larger deferred CPP arrives at 71, exactly when RRIF minimums begin.
  4. Longevity insurance. An indexed, government-backed income for life is worth more than its expected value to most households, because it protects against the outcome you cannot self-insure.
Run it on your own numbersOAS clawbackHow much pension the recovery tax takes, and how to smooth income.

Figures are the published 2026 federal and provincial amounts at the time of writing. General information only, not financial, tax, or legal advice — see the methodology and disclaimer.