The typical age to start retirement is 65, aligning with the initiation of pension plans. Nevertheless, you have the option to begin receiving it as early as 60 or as late as 70. Opting for an earlier commencement results in a smaller monthly payout, while delaying the start leads to a larger monthly amount.
| Employment Sector | Average Retirement Age | Male | Female |
|---|---|---|---|
| All Retirees | 65.1 | 65.9 | 64.2 |
| Public Sector Employees | 63.1 | 63.6 | 62.7 |
| Private Sector Employees | 65.4 | 65.9 | 64.9 |
| Self-Employed | 68.0 | 68.6 | 66.9 |
| Employment Sector | Average Retirement Age | Male | Female |
What is the Best Age to Retire?
The normal retirement age is typically around 65 for most people; this is when you can begin drawing your government benefit. It could make sense to retire earlier or later, however, depending on your financial situation, needs and goals.
How Much CPP Will You Get at 60?
The maximum payment amount for taking CPP at age 65 is $16,375.20 per year (2024). That amount would be reduced to $10,480.13 per year if you elect to take CPP at 60.
What is the Average Canada Pension Payment?
The amount of your CPP payments depends on two factors: how much you contributed, and how long you made contributions between ages 18 and 65. Most don’t receive the maximum benefit. The average amount for new CPP beneficiaries is just $9,099.84/year.
How To Save For Retirement in Canada
Canadian Government Retirement Benefits
- Canada Pension Plan (CPP)
- Old Age Security Program (OAS)
- Guaranteed Income Supplement (GIS)
 |  |  |  |  |  |
|---|---|---|---|---|---|
| Advice | InvestCAN | InvestRESP | InvestUSA | RetireCAN | RetireMGN |
| $500.00 CAD $400.00 USD | $99.99 CAD | $79.99 USD | $99.99 CAD | $12.99 CAD $9.99 USD |
Rishi Vikram2024-06-03Nic is client focused advisor . Honest advice is rare in today’s world But Nic gave good ,Simple and to the point information.
Sunny2024-02-29Nic's vast knowledge in financial investments is exceptional. Highly recommended.
Peter Vigna2024-01-27Nic is the best source for financial education on social media best etf recommendations.
519 Painting2023-05-01Nick was a tremendous help with our financial planning for our new company!
Shiella A2022-06-30Nic is professional, intuitive, personable and passionate about his role. We are so gald to have Nic as our financial advisor; our portfolios are well managed and we have been happy with the outcomes over the years. Nic always goes out of his way to help us. We had a bad experience with our Canada life mortgage broker, his lack of support and responsiveness almost cost our family a great opportunity so we had to move on. We honestly wish Nic was able to handle our mortgage needs as well. This will ensure that all our service needs will be well managed. Thank you Nic for everything you do!
Jake Thuss2022-06-25Nic is the best financial advisor I have come across in London, Ontario. He knowledgeably helped us with our investments, life insurance and a mortgage. He is a great financial planner to deal with!
John Vella2021-06-10This was my first experience with a financial planner. Nic took the time to explain everything to me. He is very patient and thorough. We talked about my goals and plans for retirement. We also talked about my comfort level when it comes to the the ups and downs of investing. I felt very comfortable with Nic. He is down to earth and very knowledgeable. I would highly recommend Nic to anyone needing a financial planner. I feel much more comfortable with my investment plan because of Nic and look forward to working with him for all my investment needs.
Jimal Isovski2021-05-11My experience dealing with Nic was flawless. He was extremely informative, supportive and organized when dealing with all my questions and investments. He truly looks out for his clients and does whatever it takes to go above and beyond for their success.
Karen Campbell2021-05-10Nic always has your best interest in mind. Very knowledgeable, respectful of your time and very keen. Trust-worthy too.
