Canada Pension Plan Retirement - What Will You Get?

Please note:

Service Canada will be revising its web videos to reflect the new look of our website. Viewers can still refer to these videos to get a good overview of our programs and services.

Transcript

(Young woman wearing a Service Canada pin appears looking directly at the screen and speaks. Below her screen there is text of the names Selena and Service Canada. Selena says…)

Thinking about retiring?

(Visuals of a Service Canada web page appear on screen)

With the recent changes to the Canada Pension Plan, you need to understand how we calculate your benefit.

That way you'll have an idea of what you can expect to receive so you can plan for your future.

(Text saying "Canada Pension Plan" is highlighted)

Basically, beginning at age 18, the more you work, earn and contribute to the CPP, the more you'll receive for your retirement pension - up to the maximum limit.

(Visuals of a Service Canada web page appear on screen. Text is highlighted saying "pension amount will increase")

The average monthly pension is about 500 dollars.

You're eligible to begin collecting a retirement pension at 60, though at a reduced rate.

If you wait longer and still contribute to the CPP, you can increase your pension amount.

So how do you find out what you'll get?

(Visuals appear of Service Canada's web page titled "My Service Canada Account log in".)

It's easy.

Check your Statement of Contributions anytime by logging onto My Service Canada Account on our website.

(Visuals appear of Service Canada's web page titled "Canadian Income Calculator". Cursor moves on screen.)

Then, visit our Canadian Retirement Income Calculator.

We built this handy tool to help estimate your retirement income.

And it's been updated to reflect recent changes to the CPP.

Remember, you have to apply for this pension- it's not automatic.

Once you've explored your options and decided when to take it, you can access the application form and submit it online.

(Visuals appear of Service Canada's web page titled "Application for Canada Pension Plan Retirement Pension". Website address appears on screen below Selena in text reading "servicecanada.gc.ca/retirementplanning")

To access all this information and more visit our Retirement Planning page.

Go to servicecanada.gc.ca/Retirementplanning.

(Canada Word Mark appears)

(Fade to black)