Navigating the later stages of life can be complex. Particularly when considering retirement or senior living options. For many Canadian seniors, understanding these two concepts is crucial. They represent different life transitions. This blog post aims to clarify the retirement age in Canada and how it differs from what the minimum age is for senior living communities.
What Is the Age of Retirement in Canada?
There is no official retirement age in Canada. Technically, you can retire at any age. Some companies or professions choose to implement one as part of their internal policy, but it’s not mandated by the Canadian Government.
That doesn’t mean you should start picking out the perfect place to retire in Canada. To receive a pension, there are age-based eligibility criteria.
CPP Retirement Pension
The Canadian Pension Plan (CPP) retirement pension is a retirement income system designed to support older Canadians.
Seniors can start receiving CPP payments from the age of 60 years old.
Incorporating the CPP into your retirement planning can help you transition out of working life. One that will create a more stable financial future as you transition into retirement and possibly senior living.
Old Age Security Pension
The Old Age Security (OAS) pension is a key pillar of Canada’s retirement income system. It’s intended to help ensure a minimum standard of living for all Canadian seniors, regardless of their work history.
The minimum age to qualify for OAS is 65 years old.
What Is the Average Age of Retirement in Canada?
According to Statistics Canada, the average age of retirees was 65.1 in 2023. Self-employed individuals typically retire later than public or private sector employees, and women retire earlier than men do.
The average age of retirement has been steadily increasing as healthcare and life expectancy have improved. However, it’s a matter of preference and financial circumstance what age you retire.
What Age for Senior Living Communities?
Senior living age often gets confused with retirement age. But you don’t need to be retired to be in a senior living community. Senior living refers to a living arrangement, not your employment status.
People choose to move into senior living communities for their convenience, quality of life, or care requirements. Canada offers various senior living options, each catering to different needs.
At the Earl Haig Retirement Residence, the minimum age is 60 years or older. Some other communities have a minimum age requirement as low as 55 years. There isn’t a perfect age to move into senior living communities. Like retirement, it depends on the circumstances.
Retiring and Senior Living
Deciding when to retire or when to transition to senior living is a personal journey. It involves careful consideration of your financial, health, and lifestyle needs.
Considering making the move to a senior living community? Discover how the Earl Haig Retirement Residence will enhance your quality of life. Our team is ready to answer your questions. Contact us today to start your next chapter in life.
