Important changes are now underway to Canada Pension Plan “adjustment factors” that will increase the penalty for those who retire before age 65, and will raise the amount of additional CPP benefits available for those who delay retirement beyond 65. The new pension adjustment factors have...

We evaluate the retirement incentives embedded in Canada's retirement income system with attention to where individuals are located in the income distribution. We find that larger social security benefits are available to individuals with lower earnings in their work history because of the...