The principle: a bet on your longevity
Two public pensions form the foundation of retirement in Quebec: the QPP pension (Québec Pension Plan) and OAS (Old Age Security, federal). For both, the government lets you choose when to start claiming — and rewards patience.
Every month you wait increases the amount you will then receive for life. Deferring is therefore a bet that you will live long enough to catch up with — and then surpass — the payments you gave up. For someone in good health, it is often the most profitable and safest bet available.
QPP: up to +58.8% by waiting until 72
Since the plan was reformed, you can now defer your QPP pension until 72 (no longer just 70). The adjustment works like this:
- Before 65: the pension is reduced by up to 0.6% per month of early claiming — up to −36% at 60.
- After 65: the pension is increased by 0.7% per month of deferral — that is +8.4% a year, up to +58.8% at 72.
In 2026 figures, the maximum pension at 65 is $1,507.65/month. Deferred to 70, it climbs to $2,140.87/month. Pushed to 72, it reaches its ceiling at +58.8%.
| Starting age | Adjustment | Max. 2026 pension (month) |
|---|---|---|
| 60 | −36% | per your statement |
| 65 | reference | $1,507.65 (max.) |
| 70 | +42% | $2,140.87 (max.) |
| 72 | +58.8% | per your statement |
These amounts assume a career contributed at the maximum. Yours depends on your statement of participation — check it in My Account at Retraite Québec.
OAS: up to +36% by waiting until 70
OAS follows a similar logic but distinct rules — confusing the two is a classic trap:
- Deferral possible only until 70 (no benefit beyond that).
- An increase of 0.6% per month, that is +36% at 70.
- No early claiming: you cannot receive it before 65.
The break-even point: when deferral pays off
The real question is not "how much more per month?" but "from what age does the total collected exceed that of starting at 65?". That is the break-even point.
As a rule of thumb, ignoring investment returns and inflation: deferring the QPP to 70 generally pays off around 81-83. Past that age, every additional year of life is a net gain. And life expectancy for a healthy 65-year-old comfortably exceeds that threshold — which is why deferral appeals to anyone without a major health problem.
Who deferral does NOT suit
The strategy is not universal. Claiming early remains the right call if:
- Your life expectancy is reduced (health, family history).
- You need the income now and have no cushion to wait.
- Claiming later would make you drain your RRSP/RRIF faster, with a tax impact or an OAS loss worse than the gain.
- You prefer immediate liquidity and control over your money.
Deferring the QPP usually means living off your personal savings between 65 and 72. That is exactly where tracking your portfolio closely changes everything: knowing how much you can draw down without compromising the bridge to your enhanced pensions.
The best age to claim your pensions is not a universal number — it is where your health, your other income and your risk tolerance meet.