In addition to your OMERS pension, your retirement income will also consist of other pieces which will be different shapes and sizes depending on your personal circumstances.
Your Income Foundation will provide you with regular and predictable payments for as long as you live. These sources would be suitable for routine expenses such as housing, food and utilities.
Examples:
Your OMERS pension
Income from government sources such as the CPP and OAS
Other workplace defined benefit (DB) pensions or annuities
Additional Savings Tools could offer options to accumulate savings to provide you with other income in retirement. These sources could support non-routine spending such as major purchases, renovations or vacations.
Examples:
Tax-assisted tools such as RRSPs and TFSAs
Other savings arrangements such as non-registered accounts
CPP is a government pension that provides a guaranteed monthly income to anyone who has contributed.
You may start CPP as early as age 60 or as late as age 70. Delaying CPP from age 60 to 70 more than doubles your monthly lifetime payment.
To see the impact of starting CPP earlier or later, using the average CPP amount for Canadians (see below), move the slider to adjust the CPP starting age or type it in the box:
$808 per month
This tool is for illustrative purposes and is not intended to provide an estimate of the monthly CPP amount you would receive. To estimate your CPP amount, sign into your My Service Canada Account.
The average amount for Canadians who start receiving CPP at age 65 is $808.14 per month (October 2024). The maximum CPP payment amount is $1,433.00 per month at age 65 (2025).
The amount of your monthly CPP payment depends on several factors, including how much you contributed (which depends on your income), how long you paid into CPP and the age you decide to start receiving CPP.
The amount increases by 0.7% per month (8.4% per year) over age 65, and reduces by 0.6% per month (7.2% per year) before age 65. You are not required to start CPP at age 65.
OAS is another government pension that provides a basic level of monthly income.
You may start OAS as early as age 65 or as late as age 70. Delaying OAS from age 65 to 70 increases your monthly lifetime payment by 36%.
Your OAS pension is ‘clawed back’ if your total income exceeds $93,454 and reduced to zero if your total income is $151,668 or greater.
To see the impact of starting OAS earlier or later, using the maximum OAS amount for Canadians (see below), move the slider to adjust the OAS starting age or type it in the box:
$727 per month
This tool is for illustrative purposes and is not intended to provide an estimate of the monthly OAS amount you would receive. To estimate your OAS amount, use the OAS Benefits Estimator.
The maximum OAS payment amount for Canadians is $727.67 per month at age 65 (January 2025).
The amount of your monthly OAS payment depends on several factors, including how long you have lived in Canada, the amount of your other retirement income and the age you decide to start receiving OAS.
The amount increases by 0.6% per month (7.2% per year) over age 65. You are not required to start OAS at age 65.
Regardless of the amount of OAS to which you are entitled, you will get an automatic 10% increase when you turn 75.
Your OMERS lifetime pension (and bridge benefit if you’re eligible) will not be impacted by the amount of CPP and/or OAS you receive or when you start to collect them.
You can choose different start dates for CPP and OAS, which could also be different from the date you start your OMERS pension.
Your age when you start CPP and OAS impacts the monthly amount you will receive over the course of your lifetime.
To learn more about the different pieces of your Income Foundation (such as CPP and OAS) and different Additional Savings Tools (such as RRSPs, LIRAs, TFSAs and non-registered accounts), see OMERS Retirement Income Sources Guide.
OMERS is committed to being your most trusted partner and empowering you through your pension journey. Our Retirement Income Sources Guide can help you put your retirement income puzzle together. This guide provides you with more in-depth information on retirement income sources, including helpful links and a glossary, and is designed to help you make more informed decisions.
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