Certified Financial Planner (CFP) Practice Exam · Question
David, age 68, is considering delaying his Canada Pension Plan (CPP) benefits. His estimated full CPP benefit at age 65 is $1,100 per month. If he defers starting CPP until age 68, what would his approximate monthly benefit be?
Delaying CPP past age 65 results in an increase of 0.7% per month. From age 65 to 68 is 36 months. So, 36 * 0.7% = 25.2% increase. $1,100 * (1 + 0.252) = $1,377
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Question: David, age 68, is considering delaying his Canada Pension Plan (CPP) benefits. His estimated full CPP benefit at age 65 is $1,100 per month. If he defers starting CPP until age 68, what would his approximate monthly benefit be?
Answer options:
- $1,100
- $1,298
- $1,350 ✅ $1,394
Correct answer: $1,394
Explanation: Delaying CPP past age 65 results in an increase of 0.7% per month. From age 65 to 68 is 36 months. So, 36 * 0.7% = 25.2% increase. $1,100 * (1 + 0.252) = $1,377.20. Option D is the closest.
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