⏲️ At what age should I start taking Canadian retirement benefits?

Deciding when to take your Canada Pension Plan (CPP) and Old Age Security (OAS) is a major financial decision.

The Canadian government incentivizes delaying these benefits. For every month you delay CPP after age 65, your payment increases by 0.7% (up to 42% at age 70). For OAS, the increase is 0.6% per month (up to 36% at age 70). However, delaying means you may need to draw from your personal savings to cover living expenses.

This view helps you determine the optimal age to start your benefits by comparing the value of higher future payments against the cost of using your own money in the short term.

For a more in-depth life expectancy estimate, try this view.

Provide your estimated government benefits and details about your financial situation. You can find your estimated CPP and OAS payments by logging into your My Service Canada Account. To determine if you can afford to delay benefits, we need to know your expenses and any other income you may have.

Your savings have the potential to grow if left untouched. This growth is an opportunity cost you pay when you withdraw funds. Estimate the annual return you expect from your investments to help calculate this cost.

For further related reading, check out:

• What is the best age to take CPP? This is what the data shows.
• When to start your retirement pension
• CPP Retirement Pay Dates for 2025: How Much CPP Will I Get? | Wealthsimple