Does anyone have good way of caclulating expected CPP benefit for early retirees? I have contributed the maximum for most of my working life, however, I struggle to figure out what my benefit will be and when to draw.
I plan to retire in 2 years at age 56. Looking at Service Canada, at age 65 I will have 9 years at 0 earnings, 3 years at nearly 0 earnings (unniversity years), 1 year at slightly below max, and 34 years at max pensionable earnings.
It feels like Service Canada assumes you work until the month before you draw CPP, so I'm not convinced their calculator works.
Also, I have a few relatives at or near age 60, and their financial advisors are all telling them to start drawing at 60 (I don't know their details, maybe they need the money). I had been leaning towards waiting until age 70 and getting the bigger payout (based on family history, longevity runs in the family).
What are your thoughts? I trust you folks here more than many financial 'experts'.
I think that the benefit of taking it at 60 in my case takes out some of the 0 years, but I'm not sure