How Much Money Will I Get from CPP and OAS? // Canadian Retirement Benefits

Ever wonder how much income you will get from Canada Pension Plan and Old Age Security? We give the answers.


Intro: Best Case Scenarios (0:00)
Max Combined Amount @ Age 65 (0:34)
Guarantees (1:00)
Breakdown of The Numbers (1:24)
Delaying For The Increased Amount (1:49)
How Much Will You Get? (3:41)
Estimating Future Benefit Amounts (5:24)
Outro (6:50)

Links:

DISCLAIMER: The content and opinions on this channel are for informational and educational purposes only and none of it is (nor is it intended to be) investment advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and does not provide specific recommendations. Those looking for specific investment advice should seek out a registered professional. Rhys Martell is not responsible for any investment decisions taken by anyone other than himself.

[halinadoktor]

In US a full retirement pension is $3, 822 in 2024 compere to $2091 (CCP + OAS) in Canada. Our dollar is weaker too. We are very poor. With our pension we can't go anywhere. Finally it should be changed and amounts adjusted to prices in stores and abroad. Whole world has changed, but we are still in the same place like 30 years ago.

[pauls]

Don't for get to take off 30% for taxes.... $1900 x .70 = $1330 per month.... Not even enough to pay the rent!

[cdb]

You should make a video of what a politician will get in retirement,

[rioborzeli]

WOW, A Big Thank You for this . I'm 55 now and had NO idea

[tramppaints]

thats great as long as you think you will live for 10 years after age 70. I know many friends who thought they would live until 95, but only made it to 72.

[joyhobbs]

You are lucky to have that much saved. I was a single parent all my sons.Iife. Didn’t get to save. Barely had enough for food and day care.

[garygagnon]

This really depends on how good you budget your money, i did read some people say after 30% tax, which is not true, if you make 50, 000 your tax table is 15%, that`s a big difference. You should look up your own tax table.

[kellymcmillan]

I laugh at you saying the pension is substantial try and live on it as$$ lol 😂

[rioborzeli]

Just spoke with my wife, you just made our day with your video. We thought is was looking like things were not going to be well. Huge thanks, yes we should be on it sooner but glad to be Canadian 🇨🇦 Take care

[pierresimard]

Very good video. First time I've seen one of yours. I'm not sure if you cover this elsewhere, but an often overlooked issue is "lost opportunity", by which I mean that waiting beyond 65 for either CPP or OAS comes with a price. Since we don't live forever, there is a cut-off point at which it doesn't pay to wait, since you'll never get back the portion you've forfeited by waiting, as you'll run out of racetrack. For example, if I forfeit the maximum amount from 65 to 70, I've "lost" about $78K in 2023 dollars. It would take me several years to "earn" that back.

[bluemx]

I applied for my CPP last month. (to start when I'm a bit over 65) The website says if I start collecting now (at 64) I will get 'say' 1200/month . If I wait til I'm 71 I'll get 1800 / month (roughly)
But, if I start collecting when I am 65 I will get $0.00. So I called the helpline. They said, "Don't worry about it" well, guess what? I'm worried. What the hell is going on? Have you heard of this?

[michaele]

I have a private pension. So whatever amounts I get would be subdued I think. So there isn't much of a benefit to returing late. I will of course crunch the numbers to make sure. I love your channel. Good work.

[JiaN]

Thank you for your high quality and educational videos ! They are focused and easy to understand. I am glad to learn them now before my planned retirement.

[dwaynejohnson]

The CRA site gives you estimate assuming you retire at 65. What if you want to retire early - say 55? This means no contributions for last 10 yrs. Is there a way to scale the amount back to arrive at a calculated estimate of the cpp in this case?

[georgek]

There is a break even point you should consider about the timing of claiming your pensions

[catman]

I get $1800 a month from cpp & oas and cant spend it all. Maybe most people spend too much on junk

[YU-mvku]

In Europe, there are stores only for pensioners, and regular stores also have discounts for pensioners! Is there any chance that Kannada will implement a retirement system like in Europe?!

[bjk]

Just spoke with CPP folks today. They really don't have the info at-hand to properly fully answer questions. This includes future prediction of expected monthly payments based on any given contribution amount.
The good news is the new legislation is supercharging contributions since 2019. Not sure if they are fair for those contributing, but anything to make our pension system stronger is fine by me.

[barbaramelady]

Would like to ask YOU if I work in my country before emigrating to Canada maybe barely 10 years, do I absolutely have to apply for polish pension? Does Canadian government require that?

[jamesmitchell]

My estimate was 40% of what he's saying. Then the tax. I dont know of anyone getting the max except politicians