What is the Retirement Age in Canada for 2023? Full OAS Benefit Explained

Learn about Canada's unchanged retirement age of 65 in 2023 and options to defer Old Age Security benefits for higher payouts.

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As of 2023, the new retirement age in Canada remains unchanged at 65 years for eligibility to receive full Old Age Security (OAS) benefits. However, Canadians have the option to defer OAS pension for up to 5 years (until age 70) to receive a higher monthly amount. It's important for individuals to plan their retirement based on personal financial situations and health, potentially consulting a financial advisor to make the best decision for their specific needs.

FAQs & Answers

  1. What is the current retirement age in Canada for full Old Age Security benefits? The current retirement age in Canada to receive full Old Age Security benefits is 65 years, as of 2023.
  2. Can I defer my Old Age Security benefits in Canada? Yes, you can defer receiving Old Age Security benefits for up to 5 years, until age 70, to increase your monthly payment.
  3. Should I consult a financial advisor before deciding when to retire in Canada? It is advisable to consult a financial advisor to assess your financial situation and health before making decisions about retirement timing.

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