At what age can an individual start receiving the Canada Pension Plan (CPP)?

An individual can start receiving the Canada Pension Plan (CPP) benefits as early as 60 years of age. When individuals choose to begin receiving CPP retirement benefits at this age, they will face a reduction in their monthly payment amount. The reduction is permanent, typically around 36% if taken at age 60 compared to the full benefit available at age 65. This option allows individuals who may need income earlier due to employment or other circumstances to access their funds, reflecting the flexible nature of the CPP system.

The age of 65 is commonly associated with the full, unreduced CPP benefit and is often seen as the standard retirement age in Canada. However, flexibility is built into the system allowing access at a younger age for those who require it, hence why the option of 60 years is valid.

Choosing to delay receiving CPP benefits up to age 70 can also increase the monthly payment amount significantly, which might appeal to other individuals with different financial planning strategies.