This page is the delayed-CPP numerical comparison: age 65 versus age 70. Waiting past 65 permanently increases the monthly payment by 0.7% per month, up to 42% at 70. You fund spending during the wait from other income or withdrawals. For the full 60-70 decision framework, use When Should I Take CPP?
Delayed retirement credit (the math)
Service Canada increases CPP by 0.7% for each month after 65 (8.4% per year), up to 42% at 70. The adjustment is permanent and then indexed. Waiting past 70 does not increase CPP further.
| Start age | Adjustment | Approx. monthly | Approx. annual |
|---|---|---|---|
| 65 | None | $1,300 | $15,600 |
| 70 | +42% | $1,846 | $22,152 |
In this illustration, age 70 pays about $6,552 more per year than age 65 once payments begin. Use your My Service Canada Account estimate for planning.
Bridge funding from 65 to 70
Those five years still need cash flow. Common bridges:
- Continued employment or self-employment
- Defined benefit or other pension income
- RRSP or RRIF withdrawals
- TFSA withdrawals
- Non-registered investments or cash reserves
Large RRSP/RRIF draws to delay CPP raise taxable income in the gap years and can change later minimum withdrawals. See RRSP withdrawal strategy. Households with strong pensions often find delay easier; households that rely mainly on the portfolio need a clearer drawdown plan before treating 70 as the default.
Longevity protection and estate considerations
A higher lifelong payment is a form of longevity insurance: it helps more if you live a long time. If longevity looks shorter, the value of deferral shrinks because you collect the larger amount for fewer years. CPP that is started and spent is not left in an estate the same way unused RRSP/TFSA balances might be. Households prioritizing legacy assets may weigh delay differently than households prioritizing maximizing secure income for life.
Taxation and OAS interaction
Larger CPP in the 70s raises taxable income later, which may interact with OAS recovery tax for higher-income retirees. Drawing the portfolio earlier to delay CPP can also change how long investments last. Compare the full household plan at 65 versus 70, not CPP alone. OAS deferral is a separate lever-see OAS at 65 vs 70.
Test delaying CPP to 70
- Enter your age-65 CPP estimate and the accounts you would use from 65 to 70.
- Run one scenario with CPP at 65 and another at 70 (or ages such as 67-68).
- Compare withdrawals, taxes, and funding through your planning age.
Test delaying CPP to 70 with your numbers. For early versus standard timing, see the CPP 60 vs 65 comparison. For the factor checklist across 60-70, return to When Should I Take CPP?
Frequently asked questions
How much more is CPP at 70 than at 65?
Starting at 70 applies a permanent 42% increase above the age-65 amount (0.7% per month for 60 months), based on Service Canada rules.
Is there any benefit to waiting past 70?
No. Service Canada notes there is no benefit to waiting after age 70 for a larger CPP retirement pension.
What do I live on between 65 and 70 if I delay?
Common bridges include employment, pensions, RRSP/RRIF withdrawals, TFSA withdrawals, and non-registered savings. The tax and portfolio effects of that bridge are part of the comparison.
Does delaying CPP help with longevity risk?
A larger lifelong payment can help if you live a long time. It does not remove the need to fund the deferral years, and it is not automatically better for every household.
Sources
Disclaimer. RetireIQ provides educational retirement planning tools and illustrative projections. Results depend on the assumptions and information entered and are not financial, investment, tax, or legal advice. Government benefits, tax rules, investment returns, and other assumptions can change. Consider obtaining professional advice for decisions specific to your circumstances.