17th, Jan 2022
The retirement age in Canada is the same for men and women and it starts from 65 years old.
You are eligible for the retirement benefits if you have lived in Canada for at least 10 years and you are 65 years of age or older.
In general, there are 3 tiers of pension options in Canada:
Old Age Security (OAS) is a monthly payment available to seniors aged 65 or over who meet the legal status and residence requirements. The OAS program is funded by the general revenues of the Government of Canada. This means that no one pays into it directly. You can receive its benefits even if you have not worked in Canada.
The Canada Pension Plan (CPP) is a monthly, taxable benefit that replaces part of your income when you retire. If you qualify, you will receive the CPP retirement pension for the rest of your life. You can be eligible if you are at least 60 years old. Also, you should have made at least one valid contribution to the CPP.
Employer-sponsored retirement and Voluntary retirement savings plans (VRSPs). Employers establish retirement plans for their employees, the employer must comply with the governing legislative requirements.
So despite other priorities you need to start saving for retirement now. Understanding the different ways there are to save for retirement is the first step.