How would you like a little bit extra money in your retirement fund?

If you're able to defer your CPP and OAS benefits until age 70, your payments will increase?

The standard rule of thumb would be to start receiving CPP as soon as you are eligible, at age 60. You'll essentially be receiving up to 36% less than if you wait until you're 65. Want an even better incentive to wait a bit longer? If you wait until you're 70, you can earn up to 8.4% more each year you delay it.

With OAS, there is no option to get it early. You must wait until you're 65. However, if you defer another five years until you're 70, you could increase your payment by 36%! Normally, you'd receive just over $613 per month at 65. At 70, you could receive about $830 per month.

Find out about your options before you decide to claim them and ensure you get the most value from it. Of course, if you can't wait, it's still there for you.

For more information on these programs, visit the CRA website with these links.

Sources for the OAS deferral:

https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security.html

https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/benefit-amount.html

Sources for the CPP deferral:

https://www.canada.ca/en/services/benefits/publicpensions/cpp.html

https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/when-start.html