Can I Retire at 70 in Canada?
Absolutely — and your patience has paid off. Deferring CPP and OAS has permanently increased your monthly income by 42% (CPP) and 36% (OAS), meaning you need far less capital to retire comfortably.
Age 70 is the CPP and OAS finish line — no further deferral is possible or beneficial. With CPP at $1,938/month (+42%) and OAS at $962/month (+36%), you receive $34,800/year in guaranteed, inflation-indexed government income. If you haven't already applied, apply immediately — payments do not continue to grow past 70, and you cannot retroactively claim more than 11 months of back payments.
Yes
CPP Available?
$23k/yr
Yes
OAS Available?
$12k/yr
$35k
Govt Income/Year
CPP + OAS combined
20+
Yrs in Retirement
Planning to age 90+
CPP and OAS at Age 70
| Benefit | At Age 70 | At Age 65 | At Age 70 (max) |
|---|---|---|---|
| CPP (maximum earner) | $1938/mo | $1,364/mo | $1,938/mo (+42%) |
| OAS | $962/mo | $708/mo | $962/mo (+36%) |
| Combined Annual | $34,802/yr | $24,864/yr | $35,400/yr |
How Much Do You Need to Retire at 70?
Estimates use 4% safe withdrawal rate. Government income: $34,802/year from CPP+OAS.
| Annual Spending | Govt Income | Savings Gap / yr | Savings Needed (4% rule) |
|---|---|---|---|
| $40,000 | $34,802 | $5,198 | $130k |
| $60,000 | $34,802 | $25,198 | $630k |
| $80,000 | $34,802 | $45,198 | $1.1M |
| $100,000 | $34,802 | $65,198 | $1.6M |
* Assumes home is paid off. Savings needed increase if carrying a mortgage or if retirement begins before CPP/OAS eligibility.
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Enter your CPP estimate, savings, pension, and spending to see your exact retirement picture
Key Considerations at Age 70
- CPP deferral: +42% for life vs. taking at 65 — equivalent to ~$6,878/year more
- OAS deferral: +36% for life — CPP break-even vs. age 65 is typically around age 82–84
- At 70 you've reached maximum CPP and OAS — no further deferral is possible or useful
- 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 70 Different
Retiring at 70 with maximum government benefits means your portfolio only needs to supplement the gap between $34,800/year and your desired lifestyle. For a $60,000/year lifestyle, your savings gap is just $25,200/year — requiring only $630,000 at a 4% rate. This is dramatically lower than earlier retirement ages. The primary planning challenges at 70 are no longer about accumulation — they're about RRIF mandatory minimums (which begin at 71), OAS clawback management, estate planning, and potential long-term care costs in the final years of retirement.
Your Retirement Timeline from Age 70
Age 71 (1 yr) — RRSP converts to RRIF — mandatory withdrawals begin at 71
Age 82 (12 yrs) — Average Canadian life expectancy: men ~80, women ~84
Age 90 (20 yrs) — Conservative planning horizon: age 90 (20 years of retirement income needed)
Compare Retirement Ages
Frequently Asked Questions
How much do I need to retire at 70 in Canada?
For a $60,000/year lifestyle, you need approximately $630k in savings (after government benefits of $34,802/year). For $80,000/year, about $1.1M. 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?
At 70, you've reached the maximum — no further deferral applies. Apply immediately if you haven't already. CPP is 142% of your earned amount, OAS is 136% of the standard rate.
How long does my money need to last at 70?
Planning to age 90, your money needs to last 20 years. For greater security, plan to 95 — that's 25 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.
I'm 70 and haven't applied for CPP or OAS yet — what happens?
Apply for both immediately. CPP can be applied retroactively for up to 11 months — you'll receive a lump-sum back payment, but at the already-maximum deferral rate (no additional benefit for waiting past 70). OAS can also be retroactively claimed for up to 11 months. Apply online through My Service Canada Account or call 1-800-277-9914. Every month you delay past 70 without applying is simply money left on the table.
What is my RRIF mandatory minimum at 71 and how do I plan for it?
Your RRIF minimum at 71 is 5.28% of the account balance on January 1 of that year. On a $1M RRIF: $52,800 forced withdrawal. Added to CPP ($23,256) and OAS ($11,544), your taxable income could be $87,600 — just below the OAS clawback threshold. On a $1.5M RRIF: $79,200 forced withdrawal, putting total income well above $114,000 — triggering significant OAS clawback. The solution is drawing down your RRSP/RRIF aggressively in your late 60s to reduce the 71+ mandatory minimums. Routing excess to a TFSA protects it from future income calculations.
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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