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Shenaz Kassam
Financial Advisor - Specializing in Creating Tax Efficient Investment/Retirement Plans, Build Generational Wealth and Earn Passive Income.
Did you know..............
The maximum monthly OAS payable in 2019 (April - June quarter) is $601.45 for a total of $7,217.40 per year, while the maximum CPP is $1,154.58 for a total of $13,854.96 per year (2019). Most people will get less than the maximum amounts. For example, the average monthly CPP benefit received in 2019 is $723.89 (37% less than the maximum amount).
Using the 2019 maximum government pension amounts as an example, total payouts from this source to a single senior is:
$7,217.40 (OAS) + $13,854.96 (CPP) = $ 21,072.36 per year (based on full benefits received which is TAXABLE!
Note: For individuals who immigrated to Canada in their adult years the total government pension and CPP that they may be eligible for would be significantly reduced.
In order to plan well for retirement in Canada it is very important to have a good savings plan in place when you are younger. The earlier you start saving, the earlier you can retire. Compounding interest is your best friend and can optimize your savings significantly!
Good News!! There is help. If you need to learn how to MAXIMIZE your retirement income using a unique strategy please contact me. Let us discuss and start planning. It is easier than you think and the consultation is FREE!