By: Margaret Montgomery | ratehub.ca | January 17, 2024
Read More, and see what Scott Plaskett says about How much will the CPP increase in 2024?
“There are extra contributions that will be made by higher income individuals in order to pay the higher future obligations the government wants to meet,” Scott Plaskett, CEO and Certified Financial Planner at Ironshield Financial Planning says.
The government says that these changes will “provide up to 50% more CPP benefit income for employees who reach retirement age in approximately 40 years.” So, younger people are set to benefit from the increased CPP maximums more than others. For reference, the average retirement age in 2023 was 65, according to Statistics Canada.
Source: https://www.ratehub.ca/blog/cpp-increase-in-2024/
