Re: OLD AGE SECURITY

by Guest Mon 24 Jun 2019, 10:44

Air log Can you use some "imaginary numbers" and show us how you can ever be in a positive situation. I can't figure any situation with Miltary pension, CPP, OAS, CIAS. Delaying for me with the 65 claw back and the OAS, CPP I would actually be losing money.

by AirLog Mon 24 Jun 2019, 09:41

Thanks for the replies. In my specific financial situation delaying taking OAS is to my benefit. With CPP it doesn't matter because when you turn 65 years old your pension shall be reduced by the bridging amount. I am still trying to find this CPP rule to back up my claim so I will let you know when I find the written rule.

AirLog

by propat Mon 24 Jun 2019, 07:08

well for starters everyone's IRB will be at least a little different . since its based on income 70% of a PTEs pay is different than 70% of a COLs .so yup do the math . the other thing the old CIAS protected amount is not reduced to 70% or deducted by the OAS .and your OAS will increase the longer you put it off for a max of 5 years .

so yes do the math as everyone's situation is different it may help some and not others .

propat

by Guest Mon 24 Jun 2019, 05:13

if you do your personal calculation you will see your IRB will drop below the $1145 protected amount. (70 % of the 90% at 65).OAS max is $601.00. Do your math and you will see it doesn't benefit to delay.

by Unknown Soldier Mon 24 Jun 2019, 00:54

AirLog wrote:I don't think that I have seen this question that pertains to Old Age Security (OAS). When one turns 65 years old and start collecting OAS benefits will be reduced accordingly to what you receive from OAS. If one elects to delay receiving OAS until 70 years old will benefits start to be reduced at 70 by the amount of OAS received or will the reduction start at 65 years old regardless when you start collecting OAS? The reason I am asking, at 65 years old if I start collecting OAS I will end up with no ELB after offsets (including the OAS). If I wait until 70 years old to collect OAS it will be increased by about $200+, keep collecting the equivelent of OAS as ELB until 70 years old and then loose ELB at 70 years old and start collecting an increased OAS from 70 years old forward. Any comments?

AirLog

I was thinking the same thing, just to understand, l am currently on ELB, l understand it drops to 70% from 90% at age 65...but is that only if you elect to start collecting OAS/CPP, or is the 20% loss connected to your age no matter what. If l hold off taking OAS and or CPP until 70, does that mean I can still keep receiving ELB at the 90% rate for another 5 years.?

by propat Sun 23 Jun 2019, 23:28

ya buds you would need to be actually receiving the benefit before it can be deducted so you are good to go . don't know your financial situation but delaying OAS also delays GIS so do the math first and factor in your health if need be .

I myself ( at this time ) am looking at the same thing as GIS is not an issue for me at present but crap changes and time will tell .

good luck buds

propat

by AirLog Sun 23 Jun 2019, 22:23

I don't think that I have seen this question that pertains to Old Age Security (OAS). When one turns 65 years old and start collecting OAS benefits will be reduced accordingly to what you receive from OAS. If one elects to delay receiving OAS until 70 years old will benefits start to be reduced at 70 by the amount of OAS received or will the reduction start at 65 years old regardless when you start collecting OAS? The reason I am asking, at 65 years old if I start collecting OAS I will end up with no ELB after offsets (including the OAS). If I wait until 70 years old to collect OAS it will be increased by about $200+, keep collecting the equivelent of OAS as ELB until 70 years old and then loose ELB at 70 years old and start collecting an increased OAS from 70 years old forward. Any comments?

AirLog

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