A United States study found that over 90% of retirees did not start their retirement benefits at the best time.
The data for Canadians shows that a similar problem exists in Canada. HelpYouRetire.ca shows how the Canada Pension Plan, the Quebec Pension Plan and the Old Age Security program provide you with pension benefits. We then give you a personalized analysis of your participation in these Plans and review other important related matters. This analysis and information should help you make a better decision about when to take your retirement benefits. The goal is to enable you to maximize the value of your future pension receipts.Learn More
We provide relevant information and a personal analysis of your participation in the Canada Pension Plan, the Quebec Pension Plan and the Old Age Security Pension Plan. At no cost, we provide the expected monthly pension at your desired retirement age and the year thereafter. We also compute the expected financial gain resulting from a one year delay in receiving your pension. This financial gain is shown as a per cent of both the total expected future pension receipts and the annual pension.
For a small fee, we provide this analysis for all years up to age 69 clearly displayed with bar charts and a numeric chart. At your option, these results can be downloaded for your records.
The analytical results we provide for each of the Pension Plans are displayed in an easy to understand format. They are an important part of the puzzle helping you to decide when to take your pension benefits. These results will be of great interest to your professional advisors. We also provide information on the other factors that will affect your timing decision. Finally, we clearly state the limitations of our analysis indicating when it should not be relied upon.
If you have received one of these pensions for more than six months, it is too late to reverse the decision with respect to that pension. For receipt periods of less than six months, you are permitted to pay back the monies received and reclaim your pension later. If that is your choice, you should contact the Canada Pension Plan (1-800-277-9914) or the Quebec Pension Plan (1-800-463-5185). They can provide advice and assist you in completing the necessary forms. The analysis and information on HelpYouRetire.ca can then help you in deciding when to start receiving your pension again.
If your health is poor, then it is likely that you will receive pension benefits for a shorter than average period of time. As a result, the numbers in our analysis will not be valid for you. If your health should improve, then you should return to HelpYouRetire.ca.
If you need cash to pay ongoing bills or have a significant amount of high interest rate debt, then you may have to consider taking your pensions as early as possible. If that is the case, our analysis may be of limited value. If your problems are temporary, you may be able to obtain a bank loan at a reasonable rate. At this time, seeking some professional assistance could be useful. For your cash needs, you can consider first your CPP/QPP pension which is payable as early as age 60. Later, one can consider Old Age Security which is payable starting at age 65. Also, keep in mind that these Plans have retroactive provisions which allow one to go back 11 or 12 months under some circumstances to receive pension monies. However, when you do this you will be locking in lower monthly payments for the rest of your life.
In 1997, the CPP Investment Board (the Board) was given responsibility for the management of the assets of the Canada
Although COVID-19 will still be with us in some form over the next year, a rebound of the world economies