Employees may apply for Canada Pension Plan retirement benefits at the age of:

• A. 65
• B. 60
• C. 62
• D. 70

Answer: (B)

You can apply for Canada Pension Plan retirement benefits starting at age 60, but taking benefits before 65 reduces the monthly amount. The CPP reduces by 0.6% for every month you take it before 65 (a maximum reduction of 36% at age 60). If you wait beyond 65, the benefit increases by 0.7% for each month up to age 70 (up to a 42% increase at 70). So, while you may apply at 60, the standard or full amount is at 65, and delaying to 70 gives the largest increase. The choice of 60 reflects the earliest eligibility, whereas 65 is the full-amount benchmark and 70 is the maximum enhanced amount.