Starting CPP at 60
General information about the Canada Pension Plan retirement pension, not financial advice. Rules are as published on Canada.ca in October 2026.
Age 60 is the earliest you can start your Canada Pension Plan retirement pension. Starting early gives you five extra years of payments, but each payment is permanently smaller.
How much smaller?
Payments are reduced by 0.6% for every month before 65. Starting exactly at 60 is 60 months early, so the pension is 36% lower for life. If your estimate at 65 is $1,000 a month, starting at 60 pays about $640 a month.
When does waiting until 65 pay off?
Over five years, starting at 60 pays $640 × 60 months = $38,400 before the age-65 pension begins. The age-65 pension pays $360 a month more, so it takes about 107 months, almost nine years, to catch up. The breakeven is at about age 73.9. If you live beyond that, waiting until 65 would have paid more in total; if not, starting at 60 would.
Reasons people start at 60
- They have stopped working and need income now, or want to avoid drawing down savings early.
- They have health concerns or a family history that suggests a shorter retirement.
- They want to enjoy the money in their more active early retirement years.
- They would invest the payments and expect returns that move the breakeven later.
Things to check first
- Tax. If you are still working, CPP is added to your employment income and may be taxed at a higher rate.
- Working while receiving CPP. If you keep working before 70, contributions can earn a post-retirement benefit that adds to your pension.
- Couples. Survivor benefits and combined income can change the best choice for each partner.
Try your own numbers, including an investment return, in the calculator.
Open the CPP breakeven calculator →
Reviewed October 2026 against Canada.ca · How we build our calculators · Report an issue