If Candice retires at age 63, what would be her maximum monthly retirement benefit from CPP?

To determine the correct answer regarding Candice's maximum monthly retirement benefit from the Canada Pension Plan (CPP) if she retires at age 63, it’s important to consider how CPP benefits are calculated.

The maximum monthly amount is influenced by several factors, including the age of retirement and the contributions made to the CPP over the years. Generally, the standard age for receiving the full benefit is 65, and benefits can be reduced if claimed early.

By retiring at age 63, Candice would indeed receive a reduced monthly benefit compared to waiting until 65. As of recent years, the maximum monthly benefit at age 65 was approximately $1,203.75, but if a person elects to take their pension early, the benefit amount is decreased.

The specific reduction Taylor would face is roughly 36% if she retires as early as age 60 compared to the maximum benefit at age 65. Since Candice is retiring at 63, the benefit reduction would be less severe, but it still results in a lower maximum monthly benefit than the full amount.

Given current information, a benefit of $684.80 aligns well with the calculated reduction for someone retiring at age 63. This amount reflects the proper