This question is usually asked of me, often as my clients get into their 50’s and the retirement horizon starts coming into focus.
My reply is that there is no one answer that is right or wrong, it really comes down to personal circumstances and the “luck of the draw’ as to what your life expectancy will be.
In 2020 the maximum CPP benefit for someone retiring at age 65 is $1,175.83. This figure is made up of contributions you and your employer have made since you were 18 and first entered the work force. Keep in mind that not all Canadians qualify for the full maximum, most receive less than the maximum.