For years, people believed that 65 was the appropriate age for retirement. However, following Canada Pension Plan (CPP) and Old Age Security (OAS) reform, this is no longer the case. Canadians are now able to delay pensions and receive more money per month, which equals more freedom and financial stability for additional years of retirement.
The Goodbye to Retiring at 65 will eventually lead to more number of working years for people with a view at the increasing life expectancy of people and 65 years will no longer be the age to retire.
Goodbye to Retiring at 65
People now live healthier, longer, and more active lives than previous generations. Their living costs, health-care expenses, and aspirations have increased as well. It is no longer enough to be wealthy in 65-year-old retirement. Postponing OAS or CPP will enable Canadians to increase their monthly pension and enjoy a better financially comfortable retirement life.
With advancements in medical facilities and latest drug facilities available, people are leading a healthier and longer life and keeping in consideration long life expectancy factors 65 is no longer the age of retirement.
New Retirement Age 2025 Overview
| Managing Body | Government of Canada |
| Department | Service Canada / CRA |
| Program Name | Old Age Security, Canada Pension Plan |
| Country | Canada |
| Pension Amounts | $727.67 to $1433 |
| Payment Start Age | Normal: 65; Delayed: up to 70 |
| Payment Method | Monthly deposit into bank account |
| Type of Benefit | Retirement pension, taxable under federal law |
| Category | Canada Finance |
| Official Website | https://www.canada.ca/ |
OAS and CPP Programs
The Old Age Security (OAS) is a monthly pension to Canadians aged 65 and older, based on how long they’ve resided in Canada. It’s tax-subsidized, not personal savings. The Canada Pension Plan (CPP) is a contribution plan, and payments are based on your income, contributions, and the age you start receiving payments.
Eligibility Requirements for OAS and CPP
- You must be at least 65 years of age to be eligible for the Old Age Security program.
- You must have been living in Canada for not less than 10 years since the age of 18.
- In order to be eligible for maximum OAS benefits, you must have lived in Canada for at least 40 years.
- To be eligible for CPP, you must have made contributing periods in your working years.
- You may apply for your CPP pension between 60 and 70.
- Waiting until age 70 to receive OAS, you will be eligible for up to 36% more in payments per month.
Documents Required to Apply for OAS and CPP
- Personal identification, such as Passport or Driver’s License, issued by the government.
- Proof of residence in Canada or an address document to establish your eligibility.
- Social Insurance Number (SIN) this is crucial to check everything about your pension contribution.
- You also need to submit your Work or contribution history essentially when applying for CPP benefits.
- If a person has lived outside Canada for a significant period of time then you need to give proof of residence.
- You also need to submit your correct bank details for safe direct deposit of a monthly pension.
OAS & CPP Pension Amounts and Payment Process
Your pension is calculated on the basis of your age, record of contributions, and the date you take your benefit. The sooner you take it, the lower it is, and the longer you leave it before taking it, the more. Cash is paid into your bank account each month, normally at the end of the month, giving a regular retirement income.
| Pension Type | Normal Start Age | Delay Bonus/Cut | Maximum Monthly (2025) |
|---|---|---|---|
| CPP | 65 years | +42% if postponed to age 70 | Approx. $1,433 |
OAS | 65 years | +36% if postponed to age 70 | Approx. $727.67 (65–74)/$800.44 (75+) |
Rates are estimates and will vary based on contribution record, earnings, and residency period.
How to Apply for OAS and CPP
- Access the My Service Canada Account (MSCA) through the government website.
- Choose “Apply for OAS” or “Apply for CPP” from the list of pension services.
- Fill out your own and financial information properly and carefully and verify all information.
- Choose your option for start date in case you want to defer your pension payment.
- Submit and await approval or confirmation by email or mail by Service Canada.
How to Check Your OAS and CPP Application Status
- Sign in to your My Service Canada Account using your secure login.
- Go to the “Application Status” page from the home dashboard.
- Input application or reference number to review your progress.
- Verify missing document or notice of approval.
- Verify payment beginning date and monthly payment schedule.
- In the event of delay, immediately contact Service Canada support for guidance or clarification.
Recent Updates On OAS and CPP Benefits
The government of Canada has also introduced several changes to increase pension benefits. OAS benefits have been increased by 10% for individuals who are above 75 years. CPP upgrade plans are in full swing, where future retirees will be eligible to receive greater monthly payments. Canadians can also delay OAS until age 70 for maximum benefit and income security.
FAQs For Goodbye to Retiring at 65
Can I still retire at 65?
Yes. You can retire at 65, but delaying OAS or CPP is worth more to you throughout your lifetime.
Can I get CPP sooner at 60?
You’ll get less. For every month below age 65, your payment decreases by about 0.6%.
How much can I delay my OAS payments?
You can delay OAS for five years, to age 70, for a maximum of 36% more.
Can I get OAS or CPP outside Canada?
Yes. If you have been living in Canada for 20 or more years since you were 18, overseas eligibility remains open to you.
