Can I Retire at 64 in Canada?
Highly achievable. CPP is available now (with a reduction), and OAS arrives in 1 year. Your savings needs are significantly lower than retiring earlier.
Retiring at 64 puts you one year from full CPP and OAS. This is the age where the "just wait one more year" calculation is most mathematically compelling — waiting from 64 to 65 increases your CPP by 7.2% permanently and starts OAS simultaneously. But for many people, that one year still represents a meaningful cost in time and quality of life.
Yes
CPP Available?
$15k/yr
At 65
OAS Available?
In 1 years
$15k
Govt Income/Year
CPP + OAS combined
26+
Yrs in Retirement
Planning to age 90+
CPP and OAS at Age 64
| Benefit | At Age 64 | At Age 65 | At Age 70 (max) |
|---|---|---|---|
| CPP (maximum earner) | $1266/mo | $1,364/mo | $1,938/mo (+42%) |
| OAS | Not eligible | $708/mo | $962/mo (+36%) |
| Combined Annual | $15,196/yr | $24,864/yr | $35,400/yr |
How Much Do You Need to Retire at 64?
Estimates use 4% safe withdrawal rate. Government income: $15,196/year from CPP+OAS.
| Annual Spending | Govt Income | Savings Gap / yr | Savings Needed (4% rule) |
|---|---|---|---|
| $40,000 | $15,196 | $24,804 | $620k |
| $60,000 | $15,196 | $44,804 | $1.1M |
| $80,000 | $15,196 | $64,804 | $1.6M |
| $100,000 | $15,196 | $84,804 | $2.1M |
* Assumes home is paid off. Savings needed increase if carrying a mortgage or if retirement begins before CPP/OAS eligibility.
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Key Considerations at Age 64
- Taking CPP at 64: permanent 7% reduction vs. waiting to 65 for full $1,364/mo
- OAS arrives in 1 year — a short, manageable bridge period
- Consider drawing RRSP now (at potentially lower rates) before CPP+OAS push you into higher brackets later
- Spousal pension income splitting (post-65) is a key tax strategy — plan ahead with your spouse
- RRIF conversion not required until 71 — RRSP keeps compounding tax-free until mandatory conversion
What Makes Retiring at 64 Different
At 64, you're making a decision worth examining in pure dollar terms. Taking CPP at 64: $1,266/month (7.2% below full). Waiting to 65: $1,364/month — $98/month more, for life. To recover the 12 months of missed CPP at $1,266 ($15,192 total), you need about 13 years of the extra $98 — meaning the break-even is approximately age 77. If you're in good health, waiting is almost always better. If your savings are tight and you need income now, the difference of $98/month may not justify 12 more months of work.
Your Retirement Timeline from Age 64
Age 65 (1 yr) — OAS available at 65 ($708/mo)
Age 65 (1 yr) — Full CPP + OAS both available at 65
Age 70 (6 yrs) — Maximum CPP & OAS if deferred to 70 ($1,938/mo CPP + $962/mo OAS)
Age 71 (7 yrs) — RRSP converts to RRIF — mandatory withdrawals begin at 71
Age 82 (18 yrs) — Average Canadian life expectancy: men ~80, women ~84
Age 90 (26 yrs) — Conservative planning horizon: age 90 (26 years of retirement income needed)
Compare Retirement Ages
Frequently Asked Questions
How much do I need to retire at 64 in Canada?
For a $60,000/year lifestyle, you need approximately $1.1M in savings (after government benefits of $15,196/year). For $80,000/year, about $1.6M. These estimates use the 4% safe withdrawal rate and assume average CPP — your actual CPP may be higher or lower based on contribution history.
Should I take CPP at 64 or wait until 65?
Taking CPP at 64 means a permanent 7% reduction ($1266/mo). Waiting to 65 gives $1,364/mo. The break-even is roughly age 74 — if you expect to live past 74, waiting is mathematically better. But if you need income now, the guaranteed payment may reduce portfolio drawdown risk.
How long does my money need to last at 64?
Planning to age 90, your money needs to last 26 years. For greater security, plan to 95 — that's 31 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.
Is there any advantage to retiring at 64 vs. 65 besides getting one more year of freedom?
Yes — if you have substantial RRSP savings, retiring at 64 and drawing RRSP for one year before CPP and OAS start can be very tax-efficient. Your taxable income in that one year may be low enough to land in the 20–26% federal+provincial marginal bracket, effectively "melting down" RRSP savings at a low rate. This can reduce your future RRIF mandatory minimums and potentially lower your OAS clawback risk after 65.
How do I apply for CPP and OAS if I plan to retire at 65?
Apply for CPP and OAS 11 months before your 65th birthday — so at age 64 if you want benefits starting the month you turn 65. Service Canada processes can take several months. You can apply online through My Service Canada Account or by mailing a paper application. Missing the 11-month window means delayed first payments, which can result in a gap in income.
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Next Steps
- 1Run your personalized retirement calculation
Enter your CPP estimate, savings, and spending
- 2Compare CPP timing scenarios
See how CPP timing affects your lifetime income
- 3Plan your drawdown sequence
Decide which accounts to draw from first