Canadian company pension.

[PopeyeFAFL]

Most retiree person, mentioned that they took their pension at 62 years old, saying that at that age, they didn't suffer any "penality".What exactly, is that "penality" that they refer to.I understand that company (Canadian, I don't know, if the system is the same in the USA, since they don't have a public medicare system) will give you a forecast of your pension as you reach 65 (based on your 5 consecutive best years), and if you retire earlier, you might have 5/12% per month taken earlier.So why people what to reach that "magic" 62 before retire (why not 61, or 60 or 59).If it is only a money question, why do they feel, that it is not worth spending three more years (62 to 65), knowing that they pension will be bigger at 65 than 62.Thanks in advance.P.S.: I'm planning to take it at 55 (I'm 50 now), even if it will be 1/2 of what I will get at 65, knowing that, the sooner you retire, the longer you live (proven statistics, I think). I value live, more than money.

[Sputnik]

Not being anywhere near retirement the only thing I can guess is the Canada Pension Plan kicks in, but thats normally at 65, not 62. Maybe its a QPP thing?

[PopeyeFAFL]

Yes, but I was not taking about Canada Pension plan, but Canadian Company pension.

[deege]

some companies will get you to retire early and top your pension up like your 65 in other words you'll get the same amount as if you were 65 some companies have a claw back which is where you can get your full company pension early but when you hit 65 they take a piece of your canadian pension

[shane_c]

Here at the university if I wanted to retire with full pension then your age and years working at the university need to equal 85. I worked it out before and I'd be able to retire with full pension from here at 56. But we'll probably be moving in the next year or so, so I'll have to start over somewhere else. FWIW I'm 29 right now.