Join Kanwaljit (Sunny) Kochar on the “Rethink Your Retirement Show” this week as we delve into the crucial topic of CPP (Canada Pension Plan) and OAS (Old Age Security) and how they play a vital role in your retirement planning. Whether you’re dreaming of early retirement or simply looking to secure your financial future, understanding these government benefits is key!
In this episode, Sunny breaks down the complexities of CPP and OAS, including eligibility, benefit calculations, timing strategies, and how to avoid common mistakes. We discuss the “OAS clawback,” why timing your benefits matters, and how to integrate these plans with your overall financial goals using the Hexavision Retirement GPS.
What You’ll Learn:
- Why strategic planning of CPP and OAS is essential for longevity and financial security.
- How CPP benefits are calculated and the impact of CPP enhancements.
- OAS eligibility and the potential for deferral to increase your payments.
- How to navigate the OAS clawback and minimize its impact.
- Real-life scenarios illustrating different claiming strategies.
- Common myths and mistakes surrounding CPP and OAS.
- How Hexavision’s holistic approach can guide your retirement planning.
Take Action Now:
- Download your free copy of “A Complete Guide to CPP and OAS When You Retire” at hexavision.ca.
- Explore our Free Retirement Mentorship program for personalized guidance.
- Book a discovery session with Sunny to discuss your retirement strategy.
Don’t miss this essential guide to maximizing your CPP and OAS benefits for a richer retirement!
(Disclaimer: This show is for educational purposes only and not personalized financial advice. Consult with qualified professionals. Information as of May 2025.)
Key Discussion Points:
- Why CPP/OAS Planning is Vital: Longevity, early retirement goals, and wealth preservation.
- CPP 101: Eligibility, how benefits are calculated (based on contributions, earnings, and start age – 60, 65, or 70), and the impact of CPP enhancements. Max 2025 benefit at 65: $1,433/month.
- OAS 101: Residency-based, not work-based. Max 2025 benefit (age 65-74): $727.67/month. Includes a 10% increase at age 75. Deferral options to age 70 for a 36% boost.
- The OAS Clawback: How high income in retirement (threshold of $93,454 for 2025 income year) can reduce or eliminate OAS benefits, and the importance of planning.
- Timing is Everything: Real-life scenario impacts of taking benefits at 60, 65, or 70. The “bigger slice of pie later” analogy for deferral.
- Common Myths & Mistakes: Debunking misconceptions like “always take it early” and highlighting errors like not getting personalized estimates or ignoring the clawback.
- Hexavision’s Retirement GPS: How a holistic, multi-pillar approach helps integrate CPP/OAS decisions with overall financial, tax, health, and lifestyle planning for optimal outcomes.
Actionable Next Steps:
- Download the free “Complete Guide to CPP and OAS When You Retire” at hexavision.ca
- Explore the Free Retirement Mentorship program.
- Book a discovery session for personalized guidance.
Disclaimer: This show is for educational purposes only and not personalized financial advice. Consult with qualified professionals. Information as of May 2025.
