What happens when you delay QPP?
Waiting just a few years to begin collecting your Québec pension can mean a much higher monthly payment. It can also impact how much you will have collected by the time you turn 90.
RETIREMENT
IMAGE: VERONICA PARK
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Disclaimer
Figures represent the maximum allowed QPP income and do not reflect the average benefit received. If QPP is taken at age 60 which is five years before the standard retirement age of 65, total income is reduced by 36%. If QPP is taken at seven years after the standard retirement age of 65, total income increases by 58%. For illustrative purposes, QPP is indexed by 2.5%. The actual rate is adjusted annually. The calculation of the cumulative pension amount assumes no reinvestment. All figures are rounded.
Source: The Quebec Pension Plan, URL accessed August 20, 2024. https://www.rrq.gouv.qc.ca/en/programmes/regime_rentes/Pages/regime_rentes.aspx
MAXIMUM MONTHLY PAYMENT
TOTAL COLLECTED AT AGE 90
$873
$482K
$1,365
$667K
$2,915
$838K
september 2024