This will increase your CPP retirement pension and may help you qualify for other benefits. In this case, we will “drop out” or not include those months when we calculate the base component of your CPP benefit. You may have received a CPP disability pension. They may also help you qualify for other CPP benefits. If you had low or no earnings during that time, the child-rearing provisions may increase the amount of your CPP retirement pension. You may have taken time off from work or worked less to look after young children. This will only affect you if you work and make CPP contributions after January 1, 2019. It’s calculated using your best 40 years of earnings. We determine the enhanced component of the retirement pension on your contributions to the CPP enhancement. This will increase the amount of your pension. When we calculate the base component of your CPP retirement pension, we will “drop out” or not include up to 8 years of your lowest earnings from your earnings history. You might have years of low or no earnings. Your contributions will stop when you reach age 70, even if you’re still working. We would only include these earnings if it increases your pension amount. In this case, you may be able to use those earnings to replace any periods of low earnings before age 65. You may have worked or be working after age 65 and not yet receiving your CPP retirement pension. We will contact you if we need more information for you to qualify. You can choose to stop your post-retirement contributions when you reach age 65. You’ll receive it for the rest of your life. We will automatically pay you this benefit the following year. work while receiving your CPP retirement pension while under age 70, andĮach year you contribute to the CPP will result in an additional post-retirement benefit and increase your retirement income.You’ll qualify for a CPP post-retirement benefit if you: Working while receiving the CPP Retirement Pension We’ll automatically consider them when we calculate your CPP retirement pension amount if you’ve provided all the required information in your application. Other factors can also affect your pension amount. The Canadian Retirement Income Calculator can also help you better understand your future financial security.Ĭanadian Retirement Income Calculator Situations that can affect your pension amount We will send you a personal access code to complete your registration. If you don’t have an account, you can register for one. You can get an estimate of your monthly CPP retirement pension payments by signing in to your My Service Canada Account. Your situation will determine how much you’ll receive up to the maximum. The average monthly amount paid for a new retirement pension (at age 65) in June 2023 was $772.71.
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