🏖️ Your Retirement Plan
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.
💰 Financial Details
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.
Monthly Income Gap
Max Months of Delay
0
📈 Economic Assumptions
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.
See Also
🎯 Results
Default Monthly Income (at 65)
Delay Monthly Income
Cost Of Delay
Net Gain/Loss
Recommended Start Age
65
Calculator updated by mahmoud (v25.9.2) · View history
Privacy: None of your data is transmitted to the author of this view or any other third parties. Financial inputs are never used to identify you; they're only used to calculate results.
Disclaimer: This content and any calculations provided are for informational purposes only. The views, calculations, and methodologies expressed are those of the author and do not necessarily reflect those of this platform. Not financial advice. Users are solely responsible for any decisions made based on this information.
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