A Barbell Approach to CPP That Just Might Work for You Too
Ross and Rachel are a couple I’ve been working with for years.
Rachel retired a while ago. Ross is planning to wrap up work at the beginning of 2026. He’ll have a fully indexed pension that covers their income needs pretty well—and they’ve built up solid savings in RRSPs and TFSAs.
But like many couples, they weren’t sure when to start CPP.
We talked through their habits and comfort levels. Ross is a little hesitant to spend, especially from their own savings. But like many people, he’s more comfortable spending guaranteed income. So starting his CPP at 65—right when he retires—felt like the right move. It creates a consistent income stream he’ll actually feel good about using.
Rachel’s case was different. Because Ross’s pension has a reduced survivor benefit, we talked about her delaying CPP to 70. That would increase her guaranteed income later in life—especially helpful if she outlives Ross, which is common in many couples.
Together, this creates what I call a barbell approach: one spouse starts CPP at retirement, the other delays to 70. It balances income across both ends of retirement—providing more to spend early on, and protection later in life when one spouse is likely on their own.
When we ran the numbers, the difference in lifetime dollars wasn’t huge. But the emotional side of the plan—the confidence and clarity it gave them—made all the difference.
Sometimes the smartest retirement moves aren’t just about getting the most, but making the plan feel right.
If you’re not sure when to start CPP, or how it fits into your retirement income plan, let’s talk it through. Sometimes a quick conversation is all it takes to see the full picture more clearly.
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Jack Lumsden is a Financial Advisor with Assante Financial Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Financial Management Ltd. Please contact him at 905.332.5503 or visit www.jacklumsden.com to discuss your circumstances before acting on the information above.
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