Image source: Getty Images. Written by Andrew Button at The Motley Fool Canada. In a recent article, I estimated the average Canada Pension Plan (CPP) benefit at age 60 in 2024. I came up with the ...

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The old CPP formula aimed to replace 1/4 of a person’s working age income. The new one aims to replace 1/3. So, if you earned $60,000, under the old formula, you’d have received $15,000 in CPP.

The CPP formula is based on basically two variables: your earnings (up to the maximum pensionable amount) and your years paying in. You get an extra 0.7% per month for every month you delay taking ...

You have to delay taking CPP to boost your benefits, but you can get passive income sooner by investing in dividend stocks like Royal Bank of Canada (TSX:RY). The post Here’s the Average CPP Benefit ...

Using the government’s $831 per month average for new 65-year-old recipients, plus the “7.2% lower for each year before 65” formula, I worked out that the average Canadian taking benefits at ...