Post 65 IRB Calculations 70%

Salut

OK Rex , you are wright, finally i found in the policie 2830 art 20 b the way it goes. And in the art 28 a iii there is the explanation why it is not in the caculation for post 65.

To all of you great summer

This has been asked of VAC, and they have assured us, that the CIAS protected amount, will not be used in the post 65 calculations. So basically, it will be whatever you would have been getting as ELB, reduced by 30%, and the CIAS protected amount, and APSC amounts, will not be touched.

Salut

Rex I think that the CIAS will be chop at 70% . Because from april 1 2019 the ELB and CIAS were melt together (and call protected amount). So when we turn 65 the IRB which is the protected amount of 31 mars 2019 will drop down to 70%.
But maybe the survivor will get better whit that protected amount instead of the 70 % of ELB alone. What do you think about that? I unfortunatly did not find the policy saying that at 65 you protected amout will split again to have separate IRB that go down to 70% and have on the side the whole CIAS.

The info that we are looking for is not crystal clear anywere on VAC site.

By now

Somethings sometimes are better than before. If you do the 70% calculation, in my situation, it would have dropped me well below the $1145 IRB min amount. With the CIA being transferred to APsC it is almost $1100 I would have lost.
Both the CIA and CIAs are truly protected.

believe it or not, but because they have removed the CIA and CIAS from the Post 65 calculations, it will actually save the Veteran several hundred dollars every month, compared to the plan that we had before April.

You will only get the 70% if you are DEC...thoughts

Home wrote:Air log do you receive CIA supplement?... That is a protected amount. It is in the IRB column since it no longer exists for new applicants. If you do, your offsets cant drop you below the 1145 former CIA s   benefit.

Hi Home,

Yes I do receive the CIAs. So with that said, my 70% would be my offsets plus my CIAs. This is better than I thought. It would be much better if they didn't include CPP and OAS as an offset.

AirLog

Legalized thievery at its best.
Look at lifesitenews what that thief in charge is doing with our taxes.

Air log do you receive CIA supplement?... That is a protected amount. It is in the IRB column since it no longer exists for new applicants. If you do, your offsets cant drop you below the 1145 former CIA s   benefit.

I don't receive SISIP. My benefit is strictly IRB. So at 65 my IRB is calculated at 70% and not 90%. After taking in all the offsets (pension, OAS, CCP, etc) I will no longer receive IRB. At least that is how I read the letter sent to me.

AirLog

that seems like a lot to me . the loss of SISIP is not a big issue as it is being deducted from IRB . once SISIP is lost it stops getting deducted from IRB .hence IRB goes up by the SISIP amount lost .

propat

Same with me. I read the letter and couldn't figure out what I would have left at 65. I figure approximately $2,000+ less a month at 65 but I am not 100% sure on the figures.

Ya Air Log a lot! I referred to a letter we all got and wondered if this number is the right one to calculate it. So many numbers I am not sure which one to use.

Good morning Home,

I am 5 years from the 65 years old date and was wondering the same thing. Not sure how to read this one but I will be out about the same amount that you calculate. I am hoping that the policy changes and the government will let us keep a bit more of our benefits post 65.

AirLog

Please check this reference and let me know thanks.

Ref: Financial benefits details letter dated April 20, 2019
Page 5 of 8 Step 2:
The Income Replacement Benefit you are eligible to receive ________

Question:
1. Can someone check their letter and tell me if this is the number I used to determine the post 65 benefits of IRB? ( Do I take this number to calculate 70%?)
2. Is it going to be commonplace that many of us that this 70% post 65 years of age will receive no additional IRB post 65?

Comment:
These calculations with the lost of Sisip LTD, the CFSA claw back effect, the OAS and the CPP, the overall monthly income will drop by approximately, in my case, $2300 per month. The IRB column in our VAC account will be limited to the protected amount of the former CIA's.
I hope I am missing something. Nevertheless, I have many years to prepare for the reduction.