CPP Comparison

The CPP Comparison spreadsheet provides a detailed look at the Canadian Pension Plan (CPP) benefits for males and females, focusing on life expectancy and the impact of starting age on monthly payouts.

For males, the life expectancy at age 60 is 83 years, while for females, it extends to 86 years. This difference in life expectancy is crucial when considering the optimal age to start receiving CPP benefits. The spreadsheet outlines various starting ages for CPP, ranging from 60 to 70 years. At age 60, males receive a monthly CPP benefit of $664, which increases progressively to $1,474 by age 70. Females start with a monthly benefit of $739 at age 61, reaching $1,387 by age 70.

The expected total CPP payout for males varies significantly depending on the starting age. For instance, if a male begins receiving CPP at age 60, the expected total over his lifetime is $342,894. This amount increases slightly to $354,269 if he starts at age 61, and peaks at $365,411 when starting at age 64. After age 64, the expected total begins to decline, with a total of $322,958 expected if he waits until age 70 to start receiving benefits.

For females, the expected total CPP payouts also reflect a similar trend, albeit at higher amounts due to their longer life expectancy. Starting at age 61 yields an expected total of $424,006, which rises to $440,115 at age 62 and peaks at $461,744 when starting at age 64. After this age, the expected total begins to decline as well, with the amount dropping to $432,228 if benefits are delayed until age 70.

The spreadsheet also notes an expected return on savings of 5.00%, which may influence decisions regarding when to start receiving CPP benefits.

This spreadsheet is publicly shared for viewing, but editing requires making a copy to one's own Google Drive.