10 Things Canadian Seniors Should Do Before Turning 70: A Practical Retirement Checklist
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Quick Answer
Turning 70 is an important financial and lifestyle milestone for many Canadians. Before reaching 70, it is worth reviewing your OAS and CPP decisions, retirement income, registered savings, taxes, healthcare coverage, legal documents, housing plans, and personal goals.
You do not need to complete everything at once. A simple checklist can help you identify the areas that deserve attention and give you time to make informed decisions.
Reaching 70 does not mean that you need to make dramatic changes to your life. For many Canadians, it is simply a useful point to review where things stand and decide what should happen during the next stage of retirement.
Financial needs can change with age. Retirement income may come from several sources, healthcare expenses may become more important, and decisions about housing, estate planning, and daily activities can become more relevant.
This checklist focuses on practical areas that Canadian seniors may want to review before turning 70. It is designed as a starting point rather than a personalized financial, legal, or medical plan.
1. Review Your CPP and OAS Decisions
One of the most important financial reviews before age 70 is understanding where your Canada Pension Plan (CPP) and Old Age Security (OAS) benefits fit into your retirement income.
OAS can start between 65 and 70
Old Age Security can generally begin at age 65, but eligible Canadians can choose to delay the start of their OAS pension until as late as age 70.
Delaying OAS after age 65 increases the monthly payment. The increase is 0.6% for each month of voluntary deferral, up to a maximum increase of 36% at age 70.
However, delaying OAS is not automatically the best choice for everyone. Your income, health, tax situation, other retirement income, and eligibility for the Guaranteed Income Supplement can all matter.
If you are approaching 70 and have not started OAS, review your situation carefully rather than assuming that waiting longer will always be better.
Check your CPP situation
CPP is separate from OAS and has its own rules concerning when benefits can begin and how the amount is calculated.
Review your CPP contribution history and current benefit information through your official Government of Canada account.
2. Check Whether You May Qualify for GIS
The Guaranteed Income Supplement (GIS) is a monthly, tax-free benefit for eligible low-income seniors who receive OAS.
Eligibility depends on factors such as age, residence, marital status, OAS status, and income.
If your retirement income is relatively modest, do not assume that you are automatically receiving every benefit for which you may qualify.
Review your current benefits and use official Government of Canada information to determine whether you may be eligible for GIS or another benefit.
Income thresholds can change, so avoid relying on old articles or outdated benefit amounts.
3. Review Your RRSP and RRIF Plans
Registered retirement savings can become more important to review as you approach age 70.
If you have an RRSP, understand when it must mature and what options are available for converting it into retirement income.
Registered Retirement Income Funds (RRIFs) are commonly used to provide retirement income from registered savings. RRIF withdrawals can have tax consequences, so it is important to understand how withdrawals interact with your other sources of income.
Do not look at one account in isolation
Your RRSP or RRIF is only one part of your financial picture. Consider how withdrawals interact with CPP, OAS, GIS, workplace pensions, investment income, and other taxable income.
A withdrawal strategy that looks attractive in one year may produce different results in another year.
If you are uncertain about your situation, consider speaking with a qualified financial or tax professional before making major withdrawals.
4. Review Your Retirement Budget
A retirement budget should reflect your actual lifestyle rather than an estimate you created many years ago.
Review your regular expenses, including housing, utilities, food, transportation, insurance, medication, recreation, travel, and family support.
Look for changing expenses
Some expenses may decrease after retirement, while others can increase. Transportation, home maintenance, healthcare-related costs, and support services may become more important over time.
It can also be useful to separate essential expenses from optional spending. This makes it easier to understand how much income you actually need each month.
Create a simple emergency reserve
Unexpected expenses can be difficult to manage on a fixed retirement income. If possible, maintain an accessible emergency fund appropriate for your circumstances.
5. Review Your Healthcare and Dental Coverage
Provincial and territorial healthcare systems cover many medically necessary services, but not every healthcare-related expense is necessarily covered.
Before turning 70, review the healthcare expenses you regularly pay yourself, including dental care, prescription drugs, vision care, mobility equipment, and other services that may not be fully covered.
Check the Canadian Dental Care Plan
The Canadian Dental Care Plan (CDCP) is available to eligible Canadian residents who meet specific requirements.
For the 2026–2027 benefit year, applications are open. Eligibility includes having no access to private dental insurance, filing the required Canadian tax return, having adjusted family net income below $90,000, and being a Canadian resident for tax purposes.
Eligibility rules can change, so check the official Government of Canada website before applying.
Review private coverage
If you have private health or dental insurance, check what it actually covers and what you pay in premiums.
Do not automatically cancel coverage because you have reached a certain age. Compare the potential costs and benefits based on your own situation.
6. Organize Your Important Legal Documents
Retirement planning is not only about money. It is also about making sure your wishes can be understood and respected if you become unable to manage certain decisions yourself.
Review your will
Make sure your will still reflects your current wishes, family circumstances, and assets.
Review powers of attorney
Depending on your province or territory, documents dealing with financial decisions and personal or healthcare decisions may have different names and requirements.
Check that the appropriate person is designated and that the documents are valid under the laws where you live.
Keep important information organized
Make it easier for a trusted person to locate important documents, insurance information, financial accounts, and other essential records if you ever need assistance.
Avoid keeping passwords or sensitive information in an unsecured location. Consider using a reputable password manager or another secure method appropriate for your circumstances.
7. Review Your Housing Situation
Your home may have worked perfectly for you for many years, but your needs can change over time.
Consider whether your current home is affordable, manageable, and suitable for the future.
Ask yourself a few practical questions
- Can I comfortably maintain this property?
- Will stairs become difficult if my mobility changes?
- Are property taxes, utilities, and maintenance affordable?
- Would a smaller home reduce expenses?
- Would living closer to family, healthcare, shopping, or public transportation be useful?
There is no single correct answer. Some seniors prefer to remain in the family home, while others eventually prefer a condominium, smaller property, rental home, or retirement community.
The important thing is to think about the decision before circumstances force you to make it quickly.
8. Protect Yourself From Financial Scams
Online and telephone scams can affect people of all ages, and retirees should be cautious about unsolicited investment opportunities, fake government messages, romance scams, phishing emails, and requests for urgent payments.
Be especially careful if someone claims that you must immediately transfer money, purchase gift cards, provide a verification code, or give remote access to your computer.
Use official websites
When checking government benefits, taxes, pensions, or healthcare programs, start with official Government of Canada or provincial government websites rather than clicking unexpected links in emails or text messages.
Remember that scammers can make websites, emails, and phone calls look professional. A professional appearance does not prove that an offer is legitimate.
9. Review Your Social Life and Daily Routine
Retirement can provide freedom, but it can also reduce the everyday social contact that came with employment.
Before turning 70, think about how you spend a typical week and whether your routine includes enough social interaction, physical activity, hobbies, and meaningful activities.
Consider community activities
Local recreation centres, libraries, senior organizations, sports clubs, volunteer groups, and community programs can provide opportunities to meet people and learn new skills.
You do not need to join a large number of organizations. One regular activity each week can make a meaningful difference to your routine.
Stay connected with technology
Learning basic technology skills can also make it easier to communicate with family and friends, attend online appointments, access government services, and manage everyday tasks.
10. Decide What You Want the Next Decade to Look Like
Financial planning is important, but retirement should not become only a spreadsheet exercise.
Before turning 70, think about what you actually want from the years ahead.
Consider your priorities
- Do you want to travel more?
- Would you like to spend more time with family?
- Is there a hobby you always wanted to try?
- Would volunteering give you a greater sense of purpose?
- Do you want to learn a new skill?
- Would you like to remain part-time employed?
- Are there places in Canada you would like to visit?
Turning 70 does not mean that your opportunities are becoming smaller. For many people, it can be a useful point to reconsider how they want to spend their time and money.
A Simple Before-70 Checklist
☐ Review CPP and OAS information
☐ Check whether you may qualify for GIS
☐ Review RRSP and RRIF arrangements
☐ Update your retirement budget
☐ Review healthcare and dental coverage
☐ Check whether the Canadian Dental Care Plan may apply to you
☐ Review your will and powers of attorney
☐ Consider whether your current home still fits your future needs
☐ Review your protection against financial and online scams
☐ Make plans for hobbies, relationships, travel, volunteering, or other meaningful activities
Frequently Asked Questions
Does OAS have to start at age 65?
No. Eligible Canadians can generally choose to start OAS at age 65 or delay it until as late as age 70. Delaying can increase the monthly payment, but the best choice depends on individual circumstances.
What happens to OAS if I wait until age 70?
If you voluntarily delay OAS after age 65, your monthly payment increases by 0.6% for each month of delay, up to a maximum increase of 36% at age 70.
Can seniors receive GIS after age 65?
Eligible low-income seniors who receive OAS may qualify for the Guaranteed Income Supplement. Eligibility depends on income and other requirements, so it is important to check the current Government of Canada rules.
Can seniors apply for the Canadian Dental Care Plan?
Some Canadian residents may qualify. The program has specific eligibility requirements, including income, tax-filing, residency, and access to private dental insurance. Check the current official requirements before applying.
Should everyone hire a financial advisor before turning 70?
Not necessarily. Some people are comfortable managing their own finances, while others may benefit from professional advice. If your retirement income, investments, taxes, or estate planning are complicated, professional advice may be worth considering.
Final Thoughts
Turning 70 is not a deadline for having everything figured out. It is simply a useful milestone for reviewing the decisions that can affect your financial security, health, independence, and quality of life.
Start with the areas that are most important to you. Review your government benefits, understand your retirement income, organize important legal documents, check your healthcare coverage, and think about whether your home and daily routine still fit your needs.
Most importantly, remember that retirement planning is not only about protecting money. It is also about making sure you have the time, health, relationships, and opportunities to enjoy the years ahead.
Important: Government benefits, eligibility rules, income thresholds, and program details can change. Always verify current information through official Government of Canada or provincial government sources. This article provides general information and is not personalized financial, legal, tax, or medical advice.
