If you start before age 65, payments will decrease by 0.6% each month (or by 7.2% per year), up to a maximum reduction of 36% if you start at age 60. If you start after age 65, payments will increase by 0.7% each month (or by 8.4% per year), up to a maximum increase of 42% if you start at age 70 (or after).

Is it better to apply for CPP at 60 or 65?

You can take CPP as early as age 60, but you will receive fewer benefits than if you wait. If you wait until your 65th birthday, you will receive your full benefits. You can also choose to delay your benefits until age 70, which grants you more benefits.

Does it make sense to take CPP early?

Generally, if you don't have any money saved for retirement or very little saved, then it probably makes sense to take CPP early. If you have more than enough money, it likely won't matter what you do.