CPP & OAS Breakeven Calculator
Find the optimal age to start your government retirement benefits based on your expected lifespan
How long do you expect to live?
This is the key factor in determining your optimal start age. Drag the slider or type a value to explore different scenarios.
Your Optimal Combined Strategy
Following this strategy, your average annual government retirement income from age 65 to 85 would be the combined total above.
Optimal Start Age: 70
Breakeven age: 78.2
Starting at 70 maximizes your average annual payment. Since your life expectancy (85) exceeds the breakeven age (78.2), the delay bonus pays off.
All Start Age Options
| Start Age | Adjustment | Payment/Yr | Avg/Year* | Lifetime Total |
|---|---|---|---|---|
| 60 | -36.0% | $6,167 | $7,635 | $160,343 |
| 61 | -28.8% | $6,861 | $8,168 | $171,522 |
| 62 | -21.6% | $7,555 | $8,634 | $181,310 |
| 63 | -14.4% | $8,248 | $9,034 | $189,714 |
| 64 | -7.2% | $8,942 | $9,368 | $196,728 |
| 65 | 0.0% | $9,636 | $9,636 | $202,356 |
| 66 | +8.4% | $10,445 | $9,948 | $208,908 |
| 67 | +16.8% | $11,255 | $10,183 | $213,841 |
| 68 | +25.2% | $12,064 | $10,341 | $217,158 |
| 69 | +33.6% | $12,874 | $10,422 | $218,853 |
| 70✓ | +42.0% | $13,683 | $10,425 | $218,930 |
*Avg/Year = Total lifetime benefits ÷ years from 65 to 85 (accounts for years of $0 during delay)
CPP Start Age Comparison
If you start CPP at each age, your average annual income would be:
Key Insights
- •With a life expectancy of 85, delaying benefits likely maximizes lifetime income. The monthly increases compound significantly over a longer retirement.
- •For CPP, delaying to 70 maximizes lifetime benefits. The 42% increase compensates for the 5 years without payments.
- •For OAS, delaying to 69 maximizes benefits. The 36% deferral bonus plus the age-75 increase significantly boost lifetime income.
CPP Breakeven Details
CPP & OAS Rules Summary
Canada Pension Plan (CPP)
- •Standard age: 65 (no adjustment)
- •Early start (60-64): 0.6% reduction per month (max -36% at 60)
- •Delayed start (66-70): 0.7% increase per month (max +42% at 70)
- •Benefits indexed to inflation
Old Age Security (OAS)
- •Standard age: 65 (no early start option)
- •Delayed start (66-70): 0.6% increase per month (max +36% at 70)
- •Age 75+: Automatic 10% increase
- •Full OAS: Requires 40 years of Canadian residency after age 18
Other Factors to Consider
Health & Lifestyle
Family history, current health, and lifestyle factors may affect your actual lifespan. Many people underestimate how long they'll live.
Financial Need
If you need income immediately, starting early may be necessary regardless of the mathematical optimal. Cash flow matters.
OAS Clawback
If your income exceeds ~$91,000, OAS is clawed back. Deferring to increase payments may worsen this. Consider your total retirement income.
Survivor Benefits
CPP has survivor benefits for spouses. If you're married, consider how timing affects combined household benefits.
Disclaimer: This calculator provides estimates for educational purposes only and should not be considered financial advice. The optimal timing for starting CPP and OAS depends on many personal factors. Consult a qualified financial advisor for personalized advice.