Can I work past age 70 while collecting CPP and OAS?

Q. I turned 65 in June 2024. I still work full-time and my yearly income is about $96,000. I also collect a survivor benefit of $389 a month. I have worked for 20 years full-time and would like to delay collecting Canada Pension Plan (CPP) and Old Age Security (OAS) until age 70. Also, can I still work past age 70 while collecting CPP and OAS, and what would be the pros and cons of doing so? I have only about $250,000 in total savings with $150,000 of that in a registered retirement savings plan (RRSP.) I also have an outstanding mortgage of $100,000 on my condo. I have no company pension and will have to rely on my investment returns and employment earnings for a few years to add to savings.

FP Answers: Sarah, you have hit the magic age of 65 when you have CPP and OAS options. It is also an age when people spend more time contemplating their mortality and what they want to do. I don’t know what you want or what it will cost but I can see you are looking at some of the financial resources you have and trying to figure out how to make things work. I will touch on the CPP and OAS, and then give some thoughts on how to find some money and get what you want.

The common questions around CPP at age 65 are: Should I start it now and invest it or pay down my mortgage? If I start it now, should I or shouldn’t I continue contributing to CPP? Is it better delaying CPP for the larger pension? Similar questions come with the OAS. Start now and invest or delay it? And how does the clawback work?

Sarah, based on what you have written, I think the CPP and OAS decision is fairly simple: delay both to age 70 or until you stop working, whichever comes first. Delaying CPP and OAS and continuing to contribute to your CPP, which you haven’t