Question

Slenna is 59 years-old and hasbeen Contribution to the Canada pension plan CCPP) for the past 30 years. She is in the placess of analyzing her Retrrement income need to Plan her Retrement A ccordingey. Sienna would receive a benefir of 732 from CPP If she Retre at age 65 what is the CPP amount selenna would receive if she decides to Retre at age 62 ?

Answer 1

Slenna would receive a CPP amount of $595.92 if she decides to retire at age 62. Canada Pension Plan (CPP) is a pension plan in Canada that provides contributors with a replacement income when they retire or become disabled. It is a contributory, earnings-related social insurance program that provides basic benefits to Canadians and their families if the contributor to CPP becomes disabled, retires, or dies. To receive CPP benefits, you must meet specific criteria, including having made enough contributions to the plan.The amount of CPP benefits a person receives depends on several factors, including the amount of contributions made to the plan and the age at which they choose to retire. Slenna is 59 years old and has contributed to the Canada Pension Plan (CPP) for the past 30 years. She is analyzing her retirement income needs to plan her retirement accordingly. Sienna would receive a benefit of $732 from CPP if she retires at age 65. If she decides to retire at age 62, she would receive a reduced amount because the benefits are calculated based on the number of years you contributed to the plan and your age at retirement. The CPP benefit amount is reduced by 0.6% per month (or 7.2% per year) for every month before age 65 that a person decides to retire. Therefore, Slenna would receive a CPP amount of $595.92 ($732 - 22.8%) if she decides to retire at age 62.