August1991 Posted December 16, 2023 Report Share Posted December 16, 2023 And what about OAP - Old Age Pension. Or GAINS - what's that? What to do! What are the rules? ==== Should Alberta have its own pension scheme - Quebec does ===== I reckon that in a peaceful world, autistic people become bureaucrats. Quote Link to comment Share on other sites More sharing options...
Legato Posted December 16, 2023 Report Share Posted December 16, 2023 19 hours ago, August1991 said: I reckon that in a peaceful world, autistic people become bureaucrats. Beneath the visible surface of an autistic person there is usually a genius waiting to get out. Bureaucrats are polar opposites, Quote Link to comment Share on other sites More sharing options...
Moonlight Graham Posted December 17, 2023 Report Share Posted December 17, 2023 Google. Quote Link to comment Share on other sites More sharing options...
herbie Posted December 17, 2023 Report Share Posted December 17, 2023 Dumbest move - a friend wait until he was 65 as he'd "get less" if he took it at 60. So he worked 5 more years at most 2 nights a week for min. wage. Made $12K.... so he could make $100 more 5 years later. Be lucky to live the 10 years to hit break even. Another wanted to work until 70. A co-worker reminded her that according to life expectancy figures, she had 15 years to accomplish everything in her life she hadn't yet. She filed the day she turned 65. Quote Link to comment Share on other sites More sharing options...
August1991 Posted December 18, 2023 Author Report Share Posted December 18, 2023 22 hours ago, Moonlight Graham said: Google. True. How many hits? Quote Link to comment Share on other sites More sharing options...
August1991 Posted December 28, 2023 Author Report Share Posted December 28, 2023 The RRQ recently changed its collection/payout - it is now aligned with the CPP. ==== Older Americans are FAR better off with your Social Security. Quote Link to comment Share on other sites More sharing options...
Moonbox Posted December 28, 2023 Report Share Posted December 28, 2023 On 12/16/2023 at 10:33 PM, herbie said: Dumbest move - a friend wait until he was 65 as he'd "get less" if he took it at 60. So he worked 5 more years at most 2 nights a week for min. wage. Made $12K.... so he could make $100 more 5 years later. Be lucky to live the 10 years to hit break even. For your friend, sure. He obviously wasn't very well off to begin with. The calculus on when to take CPP very much depends on your individual situation. Some people want to work until their 65 because they'd be bored otherwise, but they make so much money that most of their CPP would be lost to taxes if they took it at 60. Some people didn't save enough money and will have to eat cat food at 80+ if they retired at 60, so they work longer and take CPP later. Some people have poor genes and nobody ever lives much past 70. Some people have the opposite problem, and everyone lives to 90+. The optimal time to take it might be very different based on that alone. Generally, I suggest people take CPP as soon as they retire. For every 5 years you wait past 60, it takes 9-10 years or more to break even, and if you die before that you've clearly lost. Quote Link to comment Share on other sites More sharing options...
herbie Posted December 28, 2023 Report Share Posted December 28, 2023 I retired at 60, my company was increasingly losing ground to competition from the Big Box and Big Telcos and the pension office of a previous employer contacted me that I was eligible. The pension was actually slightly more than I had been able to earn from the business for almost a year. Lived on just that for almost a year while I courted a buyer and aided him to get underway. Didn't make dick from the sale of the business, but unloaded a ton of debt and liabilities. Turned it into a side hustle with no overhead, no employees etc. A lot of customers kept using my services, the new guy got the sales and all the bullshit that went with it. So it can be advantageous to take it early.... I didn't take CPP, OAS until I was 65. I still work, but to keep doing stuff and don't "need" the pin money. I do a lot of free work for seniors, the disabled, community groups and others. SO when you take it does depend on your situation and too often people who believe what they "heard" (that they just tax it all away) just screw themselves. Keep in mind what I said about my woman friend if you want to wait: you only have 15 years left to do everything you wanted to do in your life. Your wealth is irrelevant if you spend the remainder of your years crippled or drooling in some seniors home. Or making someone else wealthy for that matter. Quote Link to comment Share on other sites More sharing options...
cougar Posted January 6 Report Share Posted January 6 On 12/28/2023 at 1:56 PM, herbie said: The pension was actually slightly more than I had been able to earn from the business for almost a year. What pension was that? Don't you just get CPP and OAS and you start getting these when you are 65+ ? Or you had a pension fund through your employer - mutual fund investments kind of thing? Quote Link to comment Share on other sites More sharing options...
herbie Posted January 6 Report Share Posted January 6 The early partial pension from earlier job actually echoed the amount I was able to take from the business. I delayed CPP & OAS until 65. You can take CPP at 60, it will be a little less than if you wait, you must be at least 65 for any OAS. Money from side hustles 60+ can be shovelled into RRSP until you're 69. Then you have to start drawing it, reducing any OAS. Then yo better have mortgages, loans and credit cleared, cuz you're f*cked. Your incomes fixed, tax savings limited.... and seeing those $34 a dozen hot dog buns really p1ss you off. Quote Link to comment Share on other sites More sharing options...
RB Posted February 6 Report Share Posted February 6 On 12/15/2023 at 7:44 PM, August1991 said: And what about OAP - Old Age Pension. Or GAINS - what's that? What to do! What are the rules? ==== Should Alberta have its own pension scheme - Quebec does ===== I reckon that in a peaceful world, autistic people become bureaucrats. Since you work, the government sends a letter and informs you the amounts you can receive at age 59, or 60 or 65. Up you weight your choices. Quote Link to comment Share on other sites More sharing options...
August1991 Posted February 7 Author Report Share Posted February 7 On 2/5/2024 at 7:41 PM, RB said: Since you work, the government sends a letter and informs you the amounts you can receive at age 59, or 60 or 65. Up you weight your choices. RB, good to see you here. ===== IMHO, this is a disaster designed by autistic bureaucrats, politicians (eg. Harper). CPP/RRQ is for people who are bad at math. Quote Link to comment Share on other sites More sharing options...
GroundskeeperWillie Posted February 7 Report Share Posted February 7 I think it depends on two factors: whether you enjoy working and are willing to work longer, and your health. It's like someone said, if you have many long-lived relatives, you can probably expect to live long, too, so you should factor that in. Personally I'd choose to retire at 65. Quote Link to comment Share on other sites More sharing options...
RB Posted February 10 Report Share Posted February 10 On 2/6/2024 at 8:40 PM, August1991 said: RB, good to see you here. ===== IMHO, this is a disaster designed by autistic bureaucrats, politicians (eg. Harper). CPP/RRQ is for people who are bad at math. Thanks August... Isn't CPP a safety net? and for some population it works. The bad math figures - a fellow contracted cancer at 58 and told by the doctor maybe it is curable or not. So he decides to collect CPP say the arbitrary number $250.00 per month. Or he also dies and not collect. Well, he can also wait to 67 years old and collect $1500. Quote Link to comment Share on other sites More sharing options...
August1991 Posted February 12 Author Report Share Posted February 12 On 2/10/2024 at 10:19 AM, RB said: Isn't CPP a safety net? and for some population it works. The bad math figures - a fellow contracted cancer at 58 and told by the doctor maybe it is curable or not. So he decides to collect CPP say the arbitrary number $250.00 per month. Or he also dies and not collect. Well, he can also wait to 67 years old and collect $1500. Bad at math? Of course he should take the money now. ===== We older Canadians have three state schemes: RRQ/CPP, OAP, GAINS. In the US, they have only a single federal Social Security - more generous. Quote Link to comment Share on other sites More sharing options...
August1991 Posted February 12 Author Report Share Posted February 12 On 2/7/2024 at 10:55 AM, GroundskeeperWillie said: I think it depends on two factors: whether you enjoy working and are willing to work longer, and your health. It's like someone said, if you have many long-lived relatives, you can probably expect to live long, too, so you should factor that in. Personally I'd choose to retire at 65. Women live longer than men. Quote Link to comment Share on other sites More sharing options...
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