What's the Average Retirement Age in Canada?

The average retirement age in Canada was 65.4 years in 2025, according to Statistics Canada.

However, retirement age varies depending on your employment, savings, pension benefits and personal circumstances.

Some Canadians retire in their 50s, while others continue working well into their 70s.

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What Is the Average Retirement Age by Employment Type?

Statistics Canada's 2025 figures show that retirement ages differ across employment categories:

• Public sector employees: 62.6 years

• Private sector employees: 66.0 years

• Self-employed workers: 68.4 years

Public sector employees tend to retire earlier, often with access to workplace pension plans. Self-employed Canadians generally retire later and may rely more heavily on personal savings and investments.

Are Canadians Retiring Later Than Before?

Yes.

The average retirement age fell to 60.9 years in 1997 before gradually increasing. By 2025, it had reached its highest recorded level since Statistics Canada began tracking retirement age in 1976.

Several factors can influence when Canadians retire, including financial obligations, retirement savings, workplace pension availability and personal preferences.

What Age Can You Retire in Canada?

You can generally retire whenever you have enough money to support yourself.

However, the age at which you start receiving government pensions affects your retirement income.

• Age 60: You can start receiving Canada Pension Plan (CPP) benefits, but your monthly payment will be reduced.

• Age 65: The standard age for CPP and the earliest age for Old Age Security (OAS).

• Age 70: Delaying CPP or OAS until this age increases your monthly payments.

Starting CPP at 60 reduces your monthly payment by up to 36% compared with starting at 65. Waiting until 70 increases it by up to 42%.

Retiring from work and starting your government pensions are separate decisions. You do not necessarily have to do both at the same time.

How Do You Know If You're Ready to Retire?

Your retirement age should depend on whether your income and savings can cover your expected expenses.

Before retiring, consider:

• Your RRSP and TFSA savings

• Expected CPP and OAS benefits

• Workplace pension income

• Housing costs and outstanding debt

• Healthcare and unexpected expenses

• How long your retirement savings may need to last

For example, someone with a paid off mortgage and a workplace pension may be able to retire earlier than someone who is still paying significant housing expenses.