CanIRetireCanada.ca
Early Retirement
Age 57

Can I Retire at 57 in Canada?

Very achievable with solid savings. CPP starts in 3 years — plan your bridge income carefully for the gap period.

Retiring at 57 means 3 years until CPP and 8 years until OAS. You're in the sweet spot of late-FIRE: your portfolio has had decades to grow, your expenses are likely declining, and the bridge period is short enough to model with high confidence. For a $70,000/year lifestyle, most financial planners target $900,000–$1.3M in total savings at this age.

At 60

CPP Available?

In 3 years

At 65

OAS Available?

In 8 years

$0

Govt Income/Year

No benefits yet

33+

Yrs in Retirement

Planning to age 90+

CPP and OAS at Age 57

BenefitAt Age 57At Age 65At Age 70 (max)
CPP (maximum earner)Not eligible$1,364/mo$1,938/mo (+42%)
OASNot eligible$708/mo$962/mo (+36%)
Combined Annual$0 / yr$24,864/yr$35,400/yr
Note: CPP amounts above assume maximum contributions throughout your career. Most Canadians receive 60–80% of maximum. Check your My Service Canada Account for your personal CPP estimate.

How Much Do You Need to Retire at 57?

Estimates use 4% safe withdrawal rate. Government income: $0 (CPP/OAS not yet available at 57).

Annual SpendingGovt IncomeSavings Gap / yrSavings Needed (4% rule)
$40,000$0$40,000$1M
$60,000$0$60,000$1.5M
$80,000$0$80,000$2M
$100,000$0$100,000$2.5M

* Assumes home is paid off. Savings needed increase if carrying a mortgage or if retirement begins before CPP/OAS eligibility.

Get your personalized number

Enter your CPP estimate, savings, pension, and spending to see your exact retirement picture

Key Considerations at Age 57

  • CPP is 3 years away — model your bridge income carefully before quitting
  • DB pension holders: check if age 55 triggers an unreduced early retirement benefit from your plan
  • CPP at 60 (36% reduction → $877/mo) provides guaranteed income — compare to drawing down your portfolio
  • OAS is 8 years away — you still have a significant bridge period to plan for
  • Health insurance gap: private coverage between employer plan and provincial benefits

What Makes Retiring at 57 Different

Three years is a meaningful bridge — short enough to model precisely, long enough to feel real. If you're at 57 with sufficient savings, the main psychological hurdle is often "what if something goes wrong in those 3 years?" The practical answer: at 57 with 3 years of CPP bridge, you have a narrow enough window that even a 30% portfolio drawdown in year 1 is survivable if CPP arrives on schedule and you have 2 years of expenses in liquid reserves. The math is much more forgiving at 57 than at 52.

Your Retirement Timeline from Age 57

+3

Age 60 (3 yrs) — CPP available at 60 (at 36% reduction — $877/mo)

+8

Age 65 (8 yrs) — Full CPP + OAS both available at 65

+13

Age 70 (13 yrs) — Maximum CPP & OAS if deferred to 70 ($1,938/mo CPP + $962/mo OAS)

+14

Age 71 (14 yrs) — RRSP converts to RRIF — mandatory withdrawals begin at 71

+25

Age 82 (25 yrs) — Average Canadian life expectancy: men ~80, women ~84

+33

Age 90 (33 yrs) — Conservative planning horizon: age 90 (33 years of retirement income needed)

Compare Retirement Ages

50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70

Frequently Asked Questions

How much do I need to retire at 57 in Canada?

For a $60,000/year lifestyle, you need approximately $1.5M in savings (after government benefits of $0/year). For $80,000/year, about $2M. These estimates use the 4% safe withdrawal rate and assume average CPP — your actual CPP may be higher or lower based on contribution history.

When can I start CPP if I retire at 57?

CPP is available from age 60 (3 years away). Taking it at 60 means a permanent 36% reduction — $877/month instead of $1,364/month at 65. OAS doesn't start until 65 (8 years away). Plan your bridge income to cover this gap.

How long does my money need to last at 57?

Planning to age 90, your money needs to last 33 years. For greater security, plan to 95 — that's 38 years. Canadian women live to 84 on average; men to 80. But individual longevity varies enormously. Planning for a longer retirement is always the safer assumption.

How should I invest the 3-year bridge before CPP at age 57?

Three years of living expenses should be in a high-interest savings account or short-term GICs (1–2 year ladders) — not exposed to equity market risk. Your remaining portfolio can stay invested for long-term growth. This 'bucket' approach means a market crash in year 1 won't force you to sell equities at a loss: you draw from the cash bucket while the equity bucket recovers.

What is the CPP break-even age between taking it at 60 vs. 65?

If you take CPP at 60, you receive $877/month (36% reduction). At 65, you'd receive $1,364/month — $487/month more. The 60-month head start (60 months × $877 = $52,620) is overtaken by the higher amount at roughly age 74. So if you expect to live past 74, waiting to 65 produces more lifetime CPP. If you retire at 57, your portfolio can usually absorb a 3-year wait to 60 — but whether to take it at 60 or continue to 65 is a separate, important decision.

Next Steps

  1. 1
    Run your personalized retirement calculation

    Enter your CPP estimate, savings, and spending

  2. 2
    Compare CPP timing scenarios

    See how CPP timing affects your lifetime income

  3. 3
    Plan your drawdown sequence

    Decide which accounts to draw from first