[Beaver101]

There is no "legal" age for retirement in Canada. However, it would be considered "illegal" (in the eyes of the laws, not some entity or someone else) to force someone to retire at age 65, 70 or any age for that matter.

As for the "normal" retirement age, ask Mr. Vettese, the mathematical expert on life expectancy. That "age" retirement goal post keeps changing depending on which political party is in charge or who pays him to say what.

 

[Beaver101]

There used to be mandatory retirement at age 65 in Canada, but that was removed years ago. I remember people forced to retire at work who weren't happy about it.

Fred Vetesse is pretty much in the delay all benefits and work until you drop camp.

... pretty much but if you paid him "enough (aka handsomely)", he can change that age to something else to better fit you.

 

[Beaver101]

Which is one of the factors of why I am wondering what the OP or where ever the title "Norman or "legal" retirement age" means by these two terms.

... well, somebody got the 2 terms mixed up.

Personally ... for "normal retirement age", I am more likely to care about the age that a reduction to what's been earned will apply to the private/public pension that is in effect when I retire.

Which might be the same or different than the OP's title is about.

Cheers

.. so in effect, it's different for "everyone" literally for every individual. Just because Joe down the street has retired from working doesn't mean you should too or that Joe wants to work 'til he drops doesn't mean you do to.

You do what's best for you and all those stats are nothing but noise. The worst part are the so-called "experts" like the named-one who gets paid to keep spouting that noise if not misleading others to follow the herd.

 

[Beaver101]

Sure ... though some at work who are working past 65 say they are not happy they will have the negative parts with no positive parts by continuing to work. Specifically, they have to keep paying into the pension while losing RRSP contribution room but the payout will not be increasing.

Cheers

... for some, money isn't the sole motivation for continuing to work and if it is - see below.

Now what's wrong with paying aka participating more into a private pension (if one is lucky enough to be in one now)? Besides, wasn't it recently that CPP (public pension) are providing enhancements so there's one positive from a money/pension POV.

Anyhow, for someone who is so focused about the money aspect as to whether to work or not in retirement age, then that's sad.

 

[Beaver101]

Perhaps you did not understand what the complain was?

... why is that a complaint when you're in control of "when you want to retire" or "desist contributing to the pension"? I can see a complain or a valid one if you're not in control of your retirement date. See below for explanation.

Option One

Retire at normal retirement age in the private pension plan and collect pension.

... no, you can get the boot from your employer anytime so what's a "normal" retirement age? Moreover, even you do, doesn't mean you can't collect your private pension ... just that you have to follow the pension rules to collect it at age 65 at earliest say. The public sector has an even lower age of 55 + years of service (for example).

Option Two

Continue working for five more years and pay thousands a year into the private pension each year then retire five years later.

... if you choose to "work" as you enjoy it, then well, you have to pay into it if the pension plan says so. Besides, you're earning pension credits, no? I mean you can't have your icing and cake at the same time. Being employed but want to retire aka stop working at the same time so you can collect your pension early.

Regardless of the option chosen, the private pension pays $x each month. The only difference is the $x being paid cost 5 x the thousands of dollars contributions more.

...well, those are the rules. No one says you have to work that extra 5 years and contribute that extra 5 years either.

For someone funding their retirement from their RRSP, it would be like seeing all the investments bought in the five years of extra work being a total loss (i.e. RRSP value five years later is the same despite during the five years of contributions).

Cheers

... you can't make a comparison between an RRSP (individual retirement plan) and a private pension (your employer's retirement plan). The former you're in control, the latter you ain't.

 

[Beaver101]

^ Okay man, if you want to retire normally at age 65, then do so. But then I bet not.