What Is the Average Monthly Retirement Income in Canada?

There is no single average monthly retirement income that applies to every Canadian. Statistics Canada reported that senior families had a median after-tax income of $83,200 in 2024.

That works out to about $6,933 per month per family. Individual retirees may receive much less or much more depending on government benefits, pensions and personal savings.

KOHO High Interest Savings

It is a prepaid Mastercard, so you spend your own money while still earning high interest.

With KOHO High Interest Savings, you can:

• Grow your savings up to 3.5% interest

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

• Unlimited transactions and free e-transfers

• No minimum balance required, ever

How Much Retirement Income Does a Single Senior Have?

Income can look very different for someone retiring alone.

In 2023, unattached seniors had a median after-tax income of $36,400 per year. That works out to about $3,033 per month.

This includes income from different sources. It should not be confused with the amount someone receives from CPP alone.

How Much Does CPP Pay Per Month?

For new beneficiaries at age 65, the average CPP retirement pension was $877.01 per month in April 2026. The maximum monthly CPP retirement pension at age 65 in 2026 is $1,507.65.

Your actual CPP payment depends on how much you contributed during your working years. It also depends on how long you contributed and when you start receiving the pension.

How Much Does OAS Pay Per Month?

Old Age Security can provide another source of retirement income.

From July to September 2026, the maximum OAS payment is:

• $751.97 per month for people aged 65 to 74

• $827.17 per month for people aged 75 and older

Your actual amount can depend on your income and how long you have lived in Canada.

Where Does Retirement Income Come From?

Most Canadians do not rely on one source of retirement income.

Your retirement income may come from:

• Canada Pension Plan or Quebec Pension Plan

• Old Age Security

• Workplace pensions

• RRSP withdrawals

• TFSA savings or investments

• Personal savings

• Investment income

• Part-time employment

The mix can look very different from one retiree to another.

How Much Monthly Income Do You Need in Retirement?

There is no universal amount that guarantees a comfortable retirement.

Start by estimating what your monthly expenses will look like after you stop working. Housing can make a major difference. So can debt and healthcare costs.

Consider expenses such as:

• Housing

• Groceries

• Transportation

• Utilities

• Insurance

• Travel

• Healthcare

• Entertainment

Then compare those expenses with the income you expect from CPP, OAS and other sources.

Someone who owns their home and has a workplace pension may need much less from personal savings. Someone who rents and relies mainly on government benefits may need to save more.

The best retirement income target is one that can comfortably cover your own expected expenses rather than simply matching the Canadian average.