Full CPP benefits are a tough goal to reach

Calculating benefits

Annual Canada Pension Plan retirement benefits will total a maximum $13,610.04 for 2018 – nothing flashy, but still significant.

Unfortunately, few will get it. In 2016, roughly 6 per cent of CPP retirement-benefit recipients received the maximum, data from Employment and Social Development Canada shows. "That's it – 6 per cent?" financial planner Sheila Walkington said on hearing this number. "Wow, that's amazing."

The CPP is rightly mentioned in every serious discussion of retirement planning. Along with Old Age Security, it's a valuable resource because it pays monthly cash for life and adjusts for inflation. Bummed out about falling stock markets, low interest rates and high investment fees? Payments from the CPP are serenely unaffected by all.

Read the rest of the article from the Globe and Mail website >


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