Q

What’s the retirement age?

A

There isn't an official retirement age.

What’s the retirement age? [CA]

Even though 65 is the oft-cited retirement age, there’s no such thing as a mandatory retirement age in Canada — human rights laws outlaw it. (Unless you happen to be a judge.) So no matter how old you are, your employer can’t force you to trade work for shuffleboard.

There, are, however, good reasons why 65 is a number often associated with retirement. This is the age at which you’ll be eligible to begin collecting Old Age Security pension (OAS), a government program available to any Canadian 65 or older who has lived in the country for a minimum of ten years. How much you receive depends on how long you’ve lived in Canada since you turned 18; individuals who earn too much — $121,314 as of 2017 — won’t be eligible to collect OAS. And low-income retirees will also receive a bit more in their OAS check per month, provided by the Guaranteed Income Supplement (GIS.) Sixty-five is also significant since this is the age when retirees can also look forward to benefits from the Canada Pension Plan (CPP). Unlike OAS, CPP payments are directly related to how much you personally contributed over the years. Unless you’re an immaculate record keeper, the easiest way to figure out how much you’ve contributed to CPP is a CPP Statement of Contributions, available from Service Canada at 1-800-277-9914.

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