If you reside in Canada and are close to the retirement age, you may be wondering when the best time
to retire from your job is. Most Canadians retire at 65 whereas others plan to do so later.
There is also a population of people who have yet to figure out when they want to retire. If you are in
the latter population, knowing when the best time to retire in the country is crucial.
Now, your retirement depends on the following factors:
- Your Employer
Your employer decided to downsize and gave you an out, meaning they gave you an incentive to retire
- Time and Tenure
You have earned enough pension, or you have reached a special milestone in life such as working at
your company for 25, 30, or 35 years. Therefore, now, it is time to for you to retire.
You want to retire because you want to change your lifestyle. You are sick and tired of working and just
want to sit back and relax instead of wasting any more years working behind the desk. Perhaps, the
work you do no longer satisfies and you are ready to hang up your hat.
You possess amazing money managing and budgeting skills. So much so that it has allowed you to save a
lot of money. This means you have enough money saved in your bank account for early retirement.
- Retirement Plan
If you have made a proper retirement plan, you can retire by the age you wished to retire from your job.
You no longer have to work another day in your life unless you want to, that is. Unfortunately, only a
few people know how to make a proper retirement plan and follow through it to the end.
If one or more of these things are true for you or come true for you down the line, see it is as being the
best time to retire in Canada.
Are You Ready to Retire?
In the early days, people used to start to work at 20 and worked until 65 and after that, they retired. In
short, they earned and saved more, but they did not live long to spend it. Moreover, the retirement age
in Canada has always been 65.
Just look at the Old Age Security (OAS) and Canada Pension Plan (CPP). Both plans are targeted towards
the retirement age of 65. However, times have also played a factor in determining the best time to
retire. More and more people are getting an education and starting work at 25.
Some people are even able to retire early at the age of 55, but doing so, is not easy. On average, the
retirement age in Canada is 62 for men and 58 for women. Plus, you can live longer now, thanks to
modern medicine, which means you will have more time to spend the money you save.