If you have other sources of income such as pensions, investments, inheritance, other savings, or even a part-time job, you have much more flexibility in how and when you retire.
For those who are able to keep working, you can choose to get the increased Post-Retirement Benefit (PRB) later. You may also choose to stop contributing to the CPP after age 65 if you are still working. Or if you prefer to stop working sooner, you can build a budget based on smaller CPP payments, as long as your other sources of income or support make up the difference.
Once you apply to receive your CPP benefits, if you took time off work or worked a reduced amount to care for young children, you may qualify for an enhanced CPP benefit. This means that if you qualify, your CPP payments will go up. You can apply for the CPP child-rearing provision at the time you apply for CPP or once you already receive a CPP benefit.
How to Get Out of Debt Quickly – for Those Nearing Retirement
Read the full article here
