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OAS Just Got Its Biggest Raise of 2026: What 1.4% Actually Pays

  Canadian Money Brief • Published October 2, 2026 Old Age Security is going up 1.4% for the October-to-December quarter, the biggest of the four quarterly adjustments in 2026. For a senior on the maximum pension, that works out to $10.53 more a month . Whether that feels like a raise or just a catch-up depends on a number most headlines skip: how much prices have risen over the past year. +$10.53 a month Maximum OAS for ages 65 to 74 goes from $751.97 to $762.50. That is about $126 more over a year, and it starts with the Oct. 28 deposit. What actually changes on October 28 The new rate applies to the Oct. 28 payment and the two after it (Nov. 26 and Dec. 22). Nothing needs to be filed. It applies to OAS, the Guaranteed Income Supplement (GIS) and the Allowances automatically. Maximum monthly amount Jul–Sep 2026 Oct–Dec 2026 Change OAS, ages 65 to 74 $751.97 $762.50 +$10.53 OAS, age 75 and over $827.17 $838.75 +$11.58 GIS, single senior (approx.) $1,123.17 about $1,138.89 about +$...
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Retiring with a Mortgage: A Realistic Guide for Mid- and Late-Life Homebuyers

 

Buying a home later in life can feel like swimming against the current of conventional financial wisdom. The classic retirement dream—owning a paid-off home, living mortgage-free, and enjoying financial freedom—may not align with the reality for many mid- or late-life buyers. But with thoughtful planning, it's still possible to retire comfortably while managing a mortgage.

Rethink the Retirement Timeline

  • Retirement isn't one-size-fits-all: Many people now work part-time or freelance into their 60s and 70s. A flexible retirement plan can accommodate mortgage payments.
  • Delay retirement strategically: Working a few extra years can boost savings, increase pension benefits, and reduce the strain of mortgage obligations.

Budget for the Long Haul

  • Include housing costs in retirement planning: Factor in mortgage payments, property taxes, insurance, and maintenance.
  • Avoid overextending: Choose a home that fits your lifestyle and budget—not just your dreams.

Consider Mortgage Options

  • Shorter-term loans: A 15-year mortgage may offer lower interest rates and help you pay off the home faster.
  • Reverse mortgages: For those 62+, this can convert home equity into income, though it’s not without risks.
  • Refinancing: Locking in a lower rate or adjusting the term can ease monthly payments.

Protect Your Future

  • Emergency fund: Keep a cushion for unexpected expenses like medical bills or home repairs.
  • Insurance and estate planning: Ensure your home and heirs are protected with adequate coverage and a clear will.

Think Beyond Ownership

  • Renting may be wiser: In some cases, renting can offer more flexibility and fewer financial burdens.
  • Downsizing: A smaller, more affordable home can free up cash and reduce upkeep.

Retirement with a mortgage isn’t a failure—it’s a modern reality. With smart choices and realistic expectations, mid- and late-life homebuyers can still build a secure and fulfilling retirement.

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