Late Retirement Age 70 And Older
According to Stats Canada, the number of Canadians retiring 70 and older has more than doubled in the last ten years, which is a staggering increase.
Here are some of the reasons more Canadians are choosing to retire later in life:
What Is The Best Age To Retire Let Us Guide You Through It
Retirement is a big decision, and when to retire is different for everyone. You can start to receive certain retirement benefits once you reach your 62nd birthday. Delaying your retirement, however, will cause those benefits to increase over time.
On average, men typically retire at 64, while women usually retire around 62. And what do you do once you officially retire? Anything you wish, whether that means traveling, learning new skills or hobbies, spending time with loved ones, volunteering, etc. Itâs all up to you. Based on information gathered by the National Bureau of Economic Research, research shows retiring improves oneâs overall health and quality of life.
There are advantages and disadvantages to retiring at certain ages. Read on as we examine them in greater detail.
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Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our reporters and editors focus on the points consumers care about most how to save for retirement, understanding the types of accounts, how to choose investments and more so you can feel confident when planning for your future.
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What Is The Future Of Social Security
If you’re skeptical about the future of Social Security or wary of potential changes such as means testingwhich could reduce or eliminate benefits for the wealthy, or an increase in the full retirement ageyou may be tempted to start benefits early, under the assumption that it’s better to have something than nothing. The 2021 annual report from the Social Security Trustees, released in August 2021, projects that the Social Security Trust Fund has enough resources to cover all promised benefits until 2034. Then, absent a change from Congress, the trustees project that benefits would need to be cut for all current and future beneficiaries to about 78% of scheduled benefits. The 2021 report includes the trustee’s best estimates of the impact from the pandemic, which were not reported on last year.
Over the longer term, changes such as later benefit dates or means testing may be considered.
In any situation, if you’re particularly concerned about the future prospects for Social Security, that’s a good reason to save more, and earlier, for your retirement.
Average Retirement Age In Canada

According to Statistics Canada, the average retirement age in Canada is just over 63 and a half years. For self-employed people, it’s 68, and for federal employees, it’s age 61 and a half years. Private sector employees tend to work almost to age 65. In contrast, in 2013, the average retirement age was 63, for self-employed people it was almost 67, federal employees retired around age 61 and private sector workers hung on until they were just over 64 years.
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How To Retire At 50
If you plan to retire by 50, you need to have enough assets to sustain your lifestyle for decades. This means you must either have saved a lot, or get by on very little, or both. People who retire early have typically worked very hard early in their career, inherited money, and/or invested wisely. Perhaps they started a successful business, worked to grow it, and sold it for a significant profit they may have developed and sold intellectual property as well. In order to make their savings last, they also know how to live within their means.
If you are willing to live on less and don’t have a lot of savings, consider a low-cost retirement lifestyle. Would you be comfortable living in an RV in a campground? Would a modest apartment or rental unit in a cheaper city suit you? Does retiring in a low-cost overseas community appeal to you? If any of these lifestyles sounds attractive, early retirement may work for you, even if you don’t have a large amount of retirement savings.
Can You Afford To Retire
Just because youve reached retirement age and might be eligible for a pension or for social security doesnt mean you should retire. Maintaining a comfortable lifestyle means different things to different people.
For example, if retiring today could be accomplished, but you would need to downsize your home, car, and overall lifestyle, it may not be ideal for you. For others, it may be perfect. Some people retire, while others prefer to work longer if it means maintaining a higher standard of living in retirement. So, the question is not can you retire, but how much do you need to save to have the kind of retirement you want.
It would be nice if there were a simple answer that would tell you how much savings you need to retire. However, everyone is different, and the right amount for you may be drastically different for someone else. Work through your numbers with the help of a financial planner to calculate the amount that you need to afford your desired retirement.
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Early Retirement Between Age 50 64
Many Canadians dream about retiring early, as they start to get burned out from their work in their 40s and 50s. Im sure that most people would choose to retire early if they had the means.
It requires a lot of discipline, and either being able to save a high percentage of your income each year and investing it wisely or to make a lot of money.
While its easy to see the benefits of early retirement, such as more free time, less stress, and the ability to travel, there are also downsides to early retirement.
Stress can be added if you didnt save enough money, with a constant worry about not having enough to last. Theres also the chance you could get bored or lonely if nobody else you know is retired, which can harm your health.
If early retirement is your goal, think it through carefully, and make sure you have planned your finances out perfectly!
How Old Do You Have To Be To Retire
Full retirement age, or the age you need to be to collect full Social Security benefits, is 66 years and two months for those born in 1955 and will gradually increase to 67 for those born in 1960 or after. How old you have to be to retire comfortably depends on the lifestyle you want to have and how much you have saved. The earlier you retire, the larger the nest egg you will need.
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Reason #: Retire Early If You Have A Plan For Health Insurance
When you retire at 62, there are still 3 years left to wait before youll qualify for Medicare unless you qualify for disability. Youll need medical coverage to see you through until you turn 65.
Being healthy doesnt mean its OK to go without health coverage. If you can obtain a private policy to bridge the gap, then youre all set. If not, you might want to wait a bit longer to retire.
Here are a few ideas for how to afford healthcare before Medicare eligibility.
Reviewing The Variables For The Ideal Retirement Age
Income: You will have hopefully experienced several good years of making record high income. Therefore, you will have a good idea of whether a high income makes you happier or not.
Freedom: Your freedom level at home depends on your family situation. At work, you should have more autonomy given your experience. If you do end up retiring between 41-45, you may have the best combination of capital and energy to maximize your freedom.
Potential: With ~20 years of experience, reasonably good health, financial security, and still a decent amount of energy, you have maximum potential to do many things. The more experience you have, the more people will respect you too. Further, if retirement doesnt work out, youre still young enough to easily get a job again.
Return On Education: Unless you finished getting your PhD in your 30s, youve spent enough time getting a return on your education. If you did go to college into your 30s, then the ideal retirement age is probably between 51-60. Again, a good goal is to work longer than youve spent in school since the first grade.
The later you retire, the more risk you take on of not doing everything you wanted to do before you die. Retiring by 45 gives you a reasonable good hedge against an early death.
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How Does Titans Retirement Calculator Work
Titans retirement calculator gives you the ability to project how much youll have in retirement based on your current savings strategy, and compare that to how much youll likely need.
To calculate how much youll have in retirement, this calculator factors in your current age, the age you plan to retire, your current annual pre-tax income, any retirement savings you already have, and the monthly contributions you plan to make to those savings.
This calculator doesnt take into account any tax advantages, either at the time of contribution or in retirement. To see how tax advantages might affect your savings, use our 401 calculator or our Roth IRA calculator.
The calculators output is also informed by a few assumptions:
Titans calculator assumes that 80% of your pre-tax salary today, adjusted for inflation, is a conservative estimate of the annual amount youll spend in retirement to keep up with your cost of living. The calculator also takes into account how long you expect to live. According to 2019data from the CDC, the average American life expectancy was 78.8 years. But when planning for retirement, its better to overestimate your life expectancy, rather than underestimate itthats why our default is age 90. The Census Bureaureportedin 2011 that nearly 5% of adults lived past age 90and that number is expected to continue to grow.
How Should I Decide When To Take Benefits

Consider the following factors as you decide when to take Social Security.
Your cash needs: If you’re contemplating early retirement and you have sufficient resources , you can be flexible about when to take Social Security benefits.
If you’ll need your Social Security benefits to make ends meet, you may have fewer options. If possible, you may want to consider postponing retirement or work part-time until you reach your full retirement ageor even longer so that you can maximize your benefits.
Your life expectancy and break-even age: Taking Social Security early reduces your benefits, but you’ll also receive monthly checks for a longer period of time. On the other hand, taking Social Security later results in fewer checks during your lifetime, but the credit for waiting means each check will be larger.
At what age will you break even and begin to come out ahead if you delay Social Security? The break-even age depends on the amount of your benefits and the assumptions you use to account for taxes and the opportunity cost of waiting . The SSA has several handy calculators you can use to estimate your own benefits.
If you think you’ll beat the average life expectancy, then waiting for a larger monthly check might be a good deal. On the other hand, if you’re in poor health or have reason to believe you won’t beat the average life expectancy, you might decide to take what you can while you can.
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Desire To Spend Time With Aging Parents
If you dont have the best relationship with your parents, or if theyve already passed by the time you retire, obviously this isnt a hugely important factor. Others should consider how they want to prioritize their time with immediate family. Plus, once you and your parents have retired, you can combine your free time and benefits to go on vacations. Some cruises, for example, offer senior discounts, which further slashes the price tag on a family vacation.
If You Want To Retire Young Consider Moving
This might be the $1 million question: Where do you want to retire?
Maintaining a standard of living during retirement is itself fairly expensive, but your nest egg will probably stretch further in Alabama than Alaska. According to a GOBankingRates study, you wont have to have nearly as much money to retire in Southeastern and Southwestern states: Mississippi, Oklahoma and Arkansas require less than $600,000 in savings to retire. However, to retire in the most expensive places, youll need much more. For example, in Hawaii, youll need over $1.75 million in savings, and in California and New York, youll need to have around $1.25 to $1.3 million put away. The bottom line is if you want your savings to last longer after you stop working, your retirement destination matters.
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Here Are Some Things Ive Done Post
- Traveled to 30+ new countries in Europe and Asia with my wife. Angkor Wat, Cambodia was truly amazing.
- Gotten my USTA tennis ranking up from 4.5 to 5.0. This would have not been possible without all the newly found time to practice.
- Consulted for several financial technology startups ranging from seed stage to series C. Got a surprising financial windfall from one.
- Became a high school tennis coach and won two NCS titles.
- Grew passive income high enough to provide for a family of four.
- Became a parent to two children.
- Writing a traditionally published book with Portfolio, a Penguin Random House imprint
Dont think about retirement in the traditional sense. Think about retirement as a new adventure once working for money and status is over.
To minimize regret and maximize happiness, work on doing things you want to do every day. It is much more likely you will regret forsaking time for money than forsaking money for time.
Once you reach your 40s, you will start to feel the importance of making every moment count. Even with a family to support, money depreciates in value while time appreciates in value. Find the point where the lines intersect and you will find your ideal retirement age.
The Ideal Retirement Age Can Change
When I was 30 in 2007, my goal was to retire in 2017 at the age of 40. I figured, after spending my 20s learning, I should spend my entire 30s earning, saving, and investing. Just 10 more years of work and Id be set fo life!
I was regularly working 60+ hours a week and disliked it. I reasoned that 18 years of work was equivalent to 27+ years of work at a 40-hour a week job. Lets hurry up and squeeze as much work in as possible in order to have more freedom later on.
However, I couldnt last until 40 because I was burned out. I wish I had enjoyed my job more so I could have worked longer. After all, nobody retires early from a job they love.
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Will You Work On A Part
Many people today are choosing to earn money as a freelancer or contractor after they retire. If you work part time and elect to start receiving Social Security benefits before you reach the full retirement age which is between 66 and 67 years old, depending on when you were born your Social Security benefits may be reduced based on your earnings.
If you will:
- Be under full retirement age for all of 2021, you are considered retired in any month that your earnings are $1,580 or less and you did not perform substantial services in self-employment.
- Reach full retirement age in 2021, you are considered retired in any month that your earnings are $4,210 or less and you did not perform substantial services in self-employment.
If youre retiring before reaching FRA but expect to earn more than $1,580 a month in income, and you will reach FRA sometime during the year you plan to retire, you should probably wait until after your birthday to retire and claim Social Security benefits.