When should you begin CPP and OAS?

Michael Callahan, CFP®, CIM® - Advice and Planning Strategist
Canada Pension Plan (CPP) and Old Age Security (OAS) retirement benefits both have a normal start date of age 65. Yet, CPP benefits can begin as early as age 60, or as late as age 70, while OAS can begin anywhere from age 65 to 70. When should you start receiving your CPP and OAS benefits?
There are many different approaches and angles to consider. Early might make sense from one perspective, while late might make sense from another perspective. Which is correct? While it’s often a matter of personal preference, it’s important to consider your own unique circumstances when making this decision.
When deciding when to start receiving your CPP and OAS retirement benefits, consider the following factors when making your decision:
Determining the optimal time to begin your CPP and OAS benefits is not a one-size-fits-all type decision. Sound advice for one person may be completely inappropriate for another. Consider the items indicated above, and any other relevant considerations in your own personal situation, as you work with your Edward Jones advisor to determine the best time to start your CPP and OAS retirement benefits.