Suzanne, age 60, has a projected full CPP retirement benefit of $1,300 per month at age 65. If she decides to start receiving CPP benefits at age 60, what would be her approximate monthly benefit, assuming the maximum reduction rate?

Question: Suzanne, age 60, has a projected full CPP retirement benefit of $1,300 per month at age 65. If she decides to start receiving CPP benefits at age 60, what would be her approximate monthly benefit, assuming the maximum reduction rate?

Answer options: ✅ $832

• $910
• $1,040
• $1,300

Correct answer: $832

Explanation: Starting CPP at age 60 results in a 0.6% reduction per month for 60 months (5 years). The total reduction is 0.6% * 60 = 36%. Therefore, her benefit would be $1,300 * (1 - 0.36) = $832. This aligns with the CPP rules for early commencement.