A 58-year-old client with a terminal illness diagnosis affecting life expectancy is considering CPP options. Their full CPP at 65 is estimated at $1,000/month. They have no other significant income sources. Given their health prognosis, what is the most financially prudent CPP strategy?

Question: A 58-year-old client with a terminal illness diagnosis affecting life expectancy is considering CPP options. Their full CPP at 65 is estimated at $1,000/month. They have no other significant income sources. Given their health prognosis, what is the most financially prudent CPP strategy?

Answer options:

• Delay CPP until age 65 to receive the full benefit and hope for health improvement.
• Delay CPP until age 70 to maximize the monthly payment if they beat the odds.
• Apply for CPP disability benefits, then convert to retirement benefits at 65. ✅ Take CPP at age 60 to maximize the total amount received over their expected shorter lifespan.

Correct answer: Take CPP at age 60 to maximize the total amount received over their expected shorter lifespan.

Explanation: Given a terminal illness and anticipated shorter lifespan, taking CPP at age 60 (despite the reduction) allows the client to receive benefits for the maximum duration possible within their expected remaining years, thereby maximizing the total aggregate dollar amount received from CPP over their lifetime. Applying for CPP disability is an option, but if not eligible or if retirement benefits are preferred, earlier take is advisable.