The 2022 statistics, just released, show that only four per cent of women and five per cent of men in 2022 were 70. The spike in inflation and interest rates in 2022 could have something to do with that reversal in the recent trend, leading to an actual or perceived need to apply earlier.
For a 65-year-old entitled to the maximum CPP, their notional CPP investment account balance would be about $314,000. Looking at the same five-year deferral from another perspective, if a 65-year-old had a $195,000 GIC in their RRSP, it would need to earn over 4.9 per cent until their age 90 to provide the same indexed withdrawals as their CPP pension if they deferred it to age 70.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: