Other sources of retirement income

In addition to your pension, other sources of retirement income can include your own personal savings and federal government pension programs.


It's a good idea to regularly review your financial situation to decide if the income available in your retirement will be enough to meet your needs and maintain your standard of living.

Your pension will provide a reliable source of retirement income for your lifetime. Your Member's benefit statement and the personalized pension estimator tool in My Account can help you estimate your monthly pension income based on different retirement ages and pension options.

Other important sources of retirement income can include:

  • Government benefits, such as the Canada Pension Plan (CPP), old age security (OAS) and guaranteed income supplement
  • Your personal savings, including RRSPs, tax-free savings accounts and other investments

You may be eligible for CPP benefits when you retire. You can apply for CPP as early as age 60; although, the amount you receive will be reduced if taken before age 65.

You may also be eligible for OAS benefits at age 65 if you meet citizenship and residency requirements.

When you are ready to receive CPP or OAS benefits, you must apply for them by contacting Service Canada.

You may also want to talk to an independent financial adviser about how your pension fits into your overall retirement plan and how it can provide an important source of income for those you love.


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External links for other sources of retirement income

Canada Pension Plan retirement pension

Old Age Security pension