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)
