What is the Best Age to Retire?

There’s no single “best” age to retire in Canada—it depends on your money, health, and what you actually want your life to look like.

Most people aim somewhere between 60 and 70, but the real “right” age is when you can comfortably cover your expenses without anxiety.

How KOHO Everything Can Help You Get There

KOHO Everything Account can help your everyday money work harder while you’re still earning:

• Grow your savings with 3.5% interest, one of the highest rates in Canada

• Earn a 2% cash back rate on groceries, eating, drinking, and transportation and 0.5% cash back on everything else

• There are no foreign exchange fees, so you save on international purchases and travel

• Unlimited transactions and free e-transfers

• No minimum balance required, ever

What Really Decides Your “Best” Retirement Age?

1. Your Monthly Numbers

Ask: Could I cover my bills if I stopped working today?

You’ll want enough income from savings, pensions, and benefits to cover:

• Housing

• Food, utilities, transportation

• Insurance, healthcare

• Fun money and travel

If the math doesn’t work yet, it’s probably too early.

2. CPP, OAS, and Other Benefits Timing

In Canada, when you start CPP and OAS affects how much you get:

• Starting earlier = money sooner, but less per month

• Starting later = higher monthly payments

Your “best” retirement age may be tied to the age that makes those benefits and your savings line up comfortably.

3. Debts and Big Obligations

Retirement is easier if you’ve:

• Paid off or nearly paid off high-interest debt

• Reduced big payments like car loans or personal loans

The fewer fixed payments you carry into retirement, the more flexible your timeline becomes.

4. Health and Lifestyle

Some people retire earlier with modest spending but more free time. Others work longer because they:

• Enjoy their work

• Want extra security

• Prefer to boost their savings a bit more

Your ideal age is where money and lifestyle both feel sustainable.