Re: IS INCOME REPLACEMENT PAID AFTER YOU TURN 65

by Unknown Soldier Sat 22 Aug 2020, 17:21

derngt wrote:
bigrex wrote:Unknown soldier is correct. If you are deemed DEC, the IRB will continue for life, at the reduced rate. And I believe that there are elements at work, behind the scenes that are trying to eliminate that reduction, Because the cost of living doesn't decrease at age 65. Your utility bills don't decrease by 20% at age 65, Rent and mortgages don't decrease at age 65. So why should the financial benefits that have been supporting you, be reduced?

They have been trying to eliminate the reduction for decades..I don't see it happening..I will lose about $700/month at 65 so I am saving funds in my TFSA now for the future..Plus my mortgage will be paid off when I reach 60...It's unfortunate, but I have time to plan so the reduction wont hurt as much.Many will know the reduction is coming yet they will do nothing to mitigate the difference except to bitch...

wasn't there some other clause that you had to be declared IRB/DEC/ELB or whatever before the age of 65, like what happens if a veteran gets put on any of these for the first time at 66? I have a few years yet til 65, maybe in my life time the 90 to 70% will be eliminated.

by derngt Sat 22 Aug 2020, 09:43

bigrex wrote:Unknown soldier is correct. If you are deemed DEC, the IRB will continue for life, at the reduced rate. And I believe that there are elements at work, behind the scenes that are trying to eliminate that reduction, Because the cost of living doesn't decrease at age 65. Your utility bills don't decrease by 20% at age 65, Rent and mortgages don't decrease at age 65. So why should the financial benefits that have been supporting you, be reduced?

They have been trying to eliminate the reduction for decades..I don't see it happening..I will lose about $700/month at 65 so I am saving funds in my TFSA now for the future..Plus my mortgage will be paid off when I reach 60...It's unfortunate, but I have time to plan so the reduction wont hurt as much.Many will know the reduction is coming yet they will do nothing to mitigate the difference except to bitch...

by **bigrex** Sat 22 Aug 2020, 08:15

Unknown soldier is correct. If you are deemed DEC, the IRB will continue for life, at the reduced rate. And I believe that there are elements at work, behind the scenes that are trying to eliminate that reduction, Because the cost of living doesn't decrease at age 65. Your utility bills don't decrease by 20% at age 65, Rent and mortgages don't decrease at age 65. So why should the financial benefits that have been supporting you, be reduced?

by Unknown Soldier Fri 21 Aug 2020, 21:51

loggie wrote:Just wondering what the VAC policy wrt the subject is.

to get IRB to 65 and beyond I think you need to be declared DEC. I think it drops to 70% of what you were making before you left the service, instead of 90% up until 65.

by EZRider Fri 21 Aug 2020, 17:53

https://www.veterans.gc.ca/GCWeb/pdf/Factsheets/IRB.pdf

Not sure what your looking for beyond the policy?

by loggie Fri 21 Aug 2020, 11:37

Just wondering what the VAC policy wrt the subject is.

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