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Age 67

Can I Retire at 67 in Canada?

Absolutely — and your patience has paid off. Deferring CPP and OAS has permanently increased your monthly income by 17% (CPP) and 14% (OAS), meaning you need far less capital to retire comfortably.

Retiring at 67 with 2 years of CPP and OAS deferral means you receive $1,594/month in CPP (+16.8%) and $793/month in OAS (+12%), for a combined $28,644/year in guaranteed income — $3,780/year more than at 65. This higher baseline income reduces the portfolio you need to sustain your lifestyle and provides greater protection against inflation and longevity risk.

Yes

CPP Available?

$19k/yr

Yes

OAS Available?

$10k/yr

$29k

Govt Income/Year

CPP + OAS combined

23+

Yrs in Retirement

Planning to age 90+

CPP and OAS at Age 67

BenefitAt Age 67At Age 65At Age 70 (max)
CPP (maximum earner)$1594/mo$1,364/mo$1,938/mo (+42%)
OAS$810/mo$708/mo$962/mo (+36%)
Combined Annual$28,841/yr$24,864/yr$35,400/yr

How Much Do You Need to Retire at 67?

Estimates use 4% safe withdrawal rate. Government income: $28,841/year from CPP+OAS.

Annual SpendingGovt IncomeSavings Gap / yrSavings Needed (4% rule)
$40,000$28,841$11,159$279k
$60,000$28,841$31,159$779k
$80,000$28,841$51,159$1.3M
$100,000$28,841$71,159$1.8M

* 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 67

  • CPP deferral: +17% for life vs. taking at 65 — equivalent to ~$2,751/year more
  • OAS deferral: +14% for life — CPP break-even vs. age 65 is typically around age 82–84
  • Bridge the deferral gap using TFSA withdrawals (0% tax) before CPP/OAS kick in
  • RRSP meltdown strategy: draw RRSP while deferring CPP/OAS — may reduce your lifetime tax bill significantly
  • RRIF mandatory minimum withdrawals begin at 71 — the sooner you plan the drawdown sequence, the better

What Makes Retiring at 67 Different

Age 67 is the standard retirement age in many European countries (Germany, Netherlands, France), and some Canadian pension advocates have argued for raising Canada's OAS standard age to 67 (this was briefly planned under Harper and reversed by Trudeau in 2016). Canada kept its standard at 65, so retiring at 67 represents a voluntary deferral — not an obligation. The benefit of that deferral is clear: $28,644/year in guaranteed inflation-indexed income is a substantial foundation for any lifestyle.

Your Retirement Timeline from Age 67

+3

Age 70 (3 yrs) — Maximum CPP & OAS if deferred to 70 ($1,938/mo CPP + $962/mo OAS)

+4

Age 71 (4 yrs) — RRSP converts to RRIF — mandatory withdrawals begin at 71

+15

Age 82 (15 yrs) — Average Canadian life expectancy: men ~80, women ~84

+23

Age 90 (23 yrs) — Conservative planning horizon: age 90 (23 years of retirement income needed)

Compare Retirement Ages

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Frequently Asked Questions

How much do I need to retire at 67 in Canada?

For a $60,000/year lifestyle, you need approximately $779k in savings (after government benefits of $28,841/year). For $80,000/year, about $1.3M. 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 and OAS now or keep deferring?

Every additional year you defer CPP earns 8.4% more for life; OAS earns 7.2% more. The CPP break-even vs. taking at 65 is typically age 82–84. If you're in good health with other income sources, continuing to defer is usually worthwhile.

How long does my money need to last at 67?

Planning to age 90, your money needs to last 23 years. For greater security, plan to 95 — that's 28 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 is CPP indexed to inflation and does deferring protect against it?

CPP payments are indexed annually to the Consumer Price Index (CPI). Deferring CPP to 67 locks in a higher base amount — which then gets indexed forward every year. A deferred CPP of $1,594/month at 67 will grow with inflation, so the real value protection is compounded on a larger initial amount. OAS is also indexed quarterly to CPI. Both provide inflation-protected income, which becomes more valuable as you age.

Should I still contribute to RRSP at 67 if I'm still working part-time?

You can contribute to an RRSP until December 31 of the year you turn 71, as long as you have earned income. If you earn income at 67 (employment, self-employment, or rental income), your earned income generates new RRSP room the following year. RRSP contributions at 67 with high existing assets can be counterproductive if they force larger RRIF withdrawals after 71 — discuss with an advisor whether TFSA contributions or taxable account investing might be more efficient at this stage.

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