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The Old Age Security (OAS, French: Sécurité de la vieillesse) program is a universal retirement pension available to most residents and citizens of Canada who have reached 65 years old. This pension is supplemented by the Guaranteed Income Supplement (GIS), which is added to the monthly OAS payment for seniors with lower incomes.
Monthly benefits are adjusted every year based on the Consumer Price Index. CPP benefit payments are taxable as ordinary income. The standard age for receiving the retirement pension is age 65; however, individuals may begin collecting a permanently reduced pension as early as age 60 or defer payment until age 70 to increase the monthly payment.
Although one can claim a CPP pension as early as age 60 rather than the typical retirement age of 65, those who claim it at 60 have their pension reduced by 36%. Retirees can also elect to delay their CPP claim up until age 70 to increase their monthly retirement income. [3]
In Canada, the standard age to start the pension is 65. Similar to the U.S. there is flexibility in the age. You can start receiving it as early as age 60 or as late as age 70.
But by age 60, you should be getting close to your goal as you near retirement age. To determine your retirement goal, you'll first need to consider your expenses.
Age 60. If you are the surviving spouse of someone who paid into Social Security, ... Delaying Social Security beyond age 70 earns no added benefit, so claim your increased payments now. Age 73.
The normal age for retirement in Canada is 65, ... Age 65 is when federal Old Age Security pension benefits begin, ... who can retire as early as age 60, ...
For example, if you begin collecting benefits at age 62 (the earliest you can do so), you cut your lifetime benefits to 70% of full value. In the case of an average Social Security benefit, this ...