CPP can be taken as early as age 60, but claiming before the standard age of 65 reduces your monthly payment by 0.6% for every month you collect early — up to a maximum reduction of 36% if you start at 60 (2). On the other hand, delaying CPP beyond 65 boosts your benefit by 0.7% for each month you wait, to a maximum increase of 42% at age 70 (2).
OAS is available from age 65 (with some exceptions for those born before 1958). Like CPP, deferring OAS past 65 — up to age 70 — increases your monthly payment by 0.6% for each month of delay, for a maximum boost of 36% (3).
In both cases, you only get one shot at this decision. Before making it official, weigh your household budget, your health, your life expectancy and the rest of your income plan carefully before locking in a start date.
