What is the age when a person should ideally retire?
I was laid off from my oil and gas job in October 2013 when I was 64 years old. I received a very generous severance so was not in desperate straits to look for another job. I decided to wait until the new year rather than try to find work over the Christmas period when a lot of oil and gas companies were pretty much shut down. In January I had my annual meeting with my financial planner. I mentioned that I had been laid off and was getting ready to look for a new position. He responded that by his calculation I could retire now. I had planned to work to age 67 to take the slightly higher Canada Pension Plan benefit. I consulted with the government CPP office and discovered that in Canada women who stay at home to care for young children get a 7 year credit on their CPP calculation. This credit was equal to the amount I would earn if I worked the extra years to age 67 (granted I would have received even more if I did work to 67). Done! I decided to retire and not return to the workplace. My generous severance lasted until my 65th birthday when I then took the full CPP benefit I was entitled to. Best decision I ever made!