Q&A – Will the CPP Run Out of Money?

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This reader’s friends are worried the CPP will run out of money. Could they be right?

Q – I am a boomer in my late 50s. I have heard a lot about CPP payments from my friends. Some of them have decided to apply for their CPP at 60 instead of 65 because they feel the fund may be gone soon or fear the government may cancel such payments in the near future. Is there any validity in this point of view? When is the best time to apply for CPP benefits? We have limited funds saved and need the CPP to survive. – Janice D.


A – The CPP is not going anywhere bad. Actuaries have concluded the fund is sound for at least 75 years, which is long beyond the time any of us need to be concerned. As for when to apply, if you truly need the money then do so when you turn 60. However, the longer you delay, the larger your pension will be to think it through carefully. – G.P.



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