Canadian in the U.S.: CPP at 60, 65, or 70?
For Canadians living in the United States, deciding when to begin Canada Pension Plan benefits can have a meaningful impact on retirement income.
CPP can generally be started as early as age 60, taken at age 65, or delayed until age 70. Starting CPP before age 65 reduces the monthly benefit, while delaying CPP after age 65 increases the monthly payment.
But the highest CPP benefit is not always the best retirement strategy.
In this video, RetireMitten Financial Planning explains how to evaluate CPP at age 60, 65, and 70, including:
- CPP early-retirement reductions
- CPP delayed-retirement increases
- Breakeven ages
- Lifetime CPP income
- CPP eligibility requirements
- The 2026 maximum CPP retirement pension
- When taking CPP early may make sense
- When delaying CPP may make sense
- How CPP interacts with U.S. Social Security
- Whether delaying Social Security may be more valuable than delaying CPP
- How RRSPs, IRAs, taxes, and retirement withdrawals affect the decision
Watch the video here:
For Canadians retiring in the U.S., CPP should be viewed as one part of a larger cross-border retirement income plan.
A retiree may also need to coordinate CPP, U.S. Social Security, RRSP or RRIF withdrawals, IRA and 401(k) withdrawals, Roth conversions, required minimum distributions, and tax planning.
The right CPP starting age depends on factors such as your health, longevity expectations, other retirement assets, tax situation, Social Security benefit, and overall retirement income needs.
Schedule a meeting with RetireMitten Financial Planning:
https://retiremitten.com/schedule-a-meeting/
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We Simplify Your Cross-Border Retirement.