Retirement & Pensions
CPP | OAS | RRSP
FADOQ | Réseau FADOQ = Fédération de l’Âge d’Or du Québec
Financial Post | Personal Finance
Fiscal Agents - Canadian Money Centre Site
FNEEQ (CSN) = Fédération nationale des enseignantes et des enseignants du Québec
Google Search - Retirement Planning
Health After 50: Timely Info on Wellness and Medical Conditions
LeBelAge.ca - Retraite, argent, santé, voyages, loisirs et techno pour baby-boomers
Lodging - Buy or Rent?
Mackenzie Investments | Retirement Planning | Mackenzie Investments
NCOA = National Council on Aging
OAS = Old Age Security
- Health & Aging ...
- AARP = American Association of Retired Persons (USA)
- CARP = Canadian Association of Retired Persons (Canada)
- Personal Financial Planning
- Working while retired ...
- Alan Simpson said it (NOT a Québécois senator).
- 8 Things You Should Know For An Early Retirement In Canada - CreditWalk.ca
- CIBC Imperial Service | Financial Solutions | CIBC Imperial Service
- City-Data.com - Stats about all US cities - real estate, relocation info, crime, house prices, cost of living, races, home value estimator, recent sales, income, photos, schools, maps, weather, neighborhoods, and more
- CPP = Canada Pension Plan
- In Québec, the equivalent is QPP = RRQ = Le Régime de rentes du Québec
- RRQ - CompuPension = RRQ - Simulation des revenus à la retraite
- Reality check: Is CPP going to be around when you retire?
- 13 Things You Need To Know About The Canada Pension Plan - Everything Zoomer
- Canada Pension Plan - Overview - Canada.ca
- Public pensions - Canada.ca
- The best time to start CPP —if you don't know when you will die
- Bear in mind that, like most pensions and annuities, CPP and OAS are income streams that "run out" or reduce upon the passing of a spouse, unlike personal assets that have both a survivor and estate benefits.
What does this mean?
- One thing the "delay CPP" crowd often forgets is the tricky issue of Survivor Benefits. We looked at this earlier this year but Diamond says that while you can receive both a CPP retirement pension and a survivor benefit, the sum of the two cannot exceed the maximum CPP retirement pension payable at age 65. So if both spouses wait until 65 or beyond and are at the maximum payout, there would be no CPP survivor benefit for the one who outlives the other. And OAS has no survivor benefit nor an estate value (CPP has a $2,500 death benefit).
- Should I collect CPP early?
You can begin collecting CPP as early as 60 or wait until 70 at the latest. However, the government will penalize you (subtract 0.6 per cent a month before 65 if you begin collecting early) or incentivize you (add 0.7 per cent a month after 65) if you defer it. To illustrate the difference, suppose your annual CPP benefit is $10,000 a year, if you begin collecting at 60, you'll be penalized $3,600 over the five years. Conversely, if you delay to 70, you'll collect an extra $4,200. Runchey says if you live to 80 (the normal life expectancy), it doesn't matter what age you start receiving benefits: "Based on the math, by 80 the total payouts will be about equal."
- ElderAction - Thanks to Caroline James for recommending this site.
- ESDC | Employment and Social Development Canada (ESDC) = (formerly called) Department of Human Resources and Social Development
- EverythingZoomer - 45+ lifestyle magazine
- CDIC | Retirement Planning with CDIC (Canada Deposit Insurance Corporation) - Everything Zoomer
- Think Twice Before Taking Early CPP - Everything Zoomer
- Work & Retirement - Everything Zoomer
OTPP - Ontario Teachers’ Pension Plan
QuestionRetraite.qc.ca - Guide to financial planning for retirement.
Retirement budget worksheet
RRSP = Registered Retirement Savings Plan
- Old Age Security (OAS) pension may be reduced based on other sources of income.
- Old Age Security-Overview - Canada.ca
- Old Age Security payment amounts - Canada.ca
- Maximum monthly payment amount
- If your spouse/common-law partner receives the full OAS pension $526.42
- If your spouse/common-law partner does not receive an OAS pension $874.48
- Maximum annual income to receive the OAS pension $42,576.00 (combined income)
- The maximum annual income is the income level at which you cannot receive the Old Age Security (OAS) pension or benefits.
- Line 113 - Old age security pension (OAS) - Canada.ca
- You may have to repay OAS benefits (see line 235) if the result of the following calculation is more than $73,756: ...
- This is confusing. Does this mean that if you (and your spouse) earn over $42k, you can't get any OAS? That doesn't seem fair.
The Montreal Gazette
TD Canada Trust
Retirement budget - Google Search
Working while retired | see Career Topics ... (SOHO, Telecommuting, etc.)
Are You Ready for Retirement?
- By the end of the year you turn 71, you need to either convert your RRSP to a Registered Retirement Income Fund (RRIF) or purchase an annuity (a monthly payment from an insurance company in exchange for your RRSP savings).