Ask a Planner

By Jason Heath, CFP on October 22, 2025
Estimated reading time: 6 minutes

By Jason Heath, CFP on October 22, 2025
Estimated reading time: 6 minutes

A MoneySense reader has limited retirement income, a paid-off condo, and anticipates a substantial inheritance from her mother. How can she stop working and remain a homeowner?

I am 64 and retirement is coming up soon. Not sure exactly when. I took my CPP at 60, and will take my OAS June of 2026. I have no private pension plan and limited RRSP ($50,000). My dilemma is do I sell my condo (no mortgage) as I will not be able to live off the pension but nor do I want to work forever. I would like to travel while somewhat young and able-bodied. My mom is still alive and one day I will receive a substantial inheritance, which then could perhaps buy a small condo or continue to rent. I was brought up to buy and not rent, but times are changing.

—Esther

There are a few factors to consider in your case, Esther, so I will touch briefly on several of them.

You can begin your Canada Pension Plan (CPP) retirement pension as early as age 60 or defer it as late as age 70. For each month you defer it after age 60, the pension rises.

If you start your pension at 60 and continue to work, you must continue to contribute to the pension until at least age 65. This will generally increase your pension, with an adjustment each year, but not as much as deferring it.

Since you already started your CPP, there is not much of a strategy there, Esther. But for others reading along, a healthy senior who expects to live well into their 80s should strongly consider deferring the start of their pension. They will receive more cumulative CPP dollars if they live to their late 70s. Even after accounting for the time value of........

© MoneySense