Merger of the Century: Why Canada and America Should Become One Country (month to, homes)
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The US and Canada are quite different in terms of social outlook and political system. Such differences should scupper any union. The closest of friends - yes, but no union. Maybe if Canada abandons the silly monarchy and becomes a Republic a good Union could be reached.
So, to re-cap: People who have worked get two federal retirement payments: CPP and OAS. That doesn't sound like it could add up to less than what SS pays people in the US.
And in addition, they have some form of employer-based pension? Not counting any savings plans they may have. I'm trying to compare funds that have been matched or otherwise enhanced by either federal or employer sources. So upon retirement or in old age, retirees get 3 checks in the mail every month? Did I get that right?
So, to re-cap: People who have worked get two federal retirement payments: CPP and OAS. That doesn't sound like it could add up to less than what SS pays people in the US.
And in addition, they have some form of employer-based pension? Not counting any savings plans they may have. I'm trying to compare funds that have been matched or otherwise enhanced by either federal or employer sources. So upon retirement or in old age, retirees get 3 checks in the mail every month? Did I get that right?
Yes, that will be my case when I retire (some time from now).
The US and Canada are quite different in terms of social outlook and political system. Such differences should scupper any union. The closest of friends - yes, but no union. Maybe if Canada abandons the silly monarchy and becomes a Republic a good Union could be reached.
Judging from some of the posts on here it's just a question of time as no one in Canada cares anymore about keeping the monarchy (or not). It's a wonder that we still have it!
CPP is a pension fund that all workers pay into during their careers. You don't have a choice but in order to get payments in retirement you have to have paid into it. A stay-at-home mom will not get CPP payments.
OAS is old age security. Everyone gets this. Even if you've never worked for a salary - like a stay-at-home mom.
There is a clawback from one relative to the other though, to avoid double-dipping. Not sure of the exact details.
There is an income limit where one does not receive OAS. It's currently set at $114,815
So, to re-cap: People who have worked get two federal retirement payments: CPP and OAS. That doesn't sound like it could add up to less than what SS pays people in the US.
And in addition, they have some form of employer-based pension? Not counting any savings plans they may have. I'm trying to compare funds that have been matched or otherwise enhanced by either federal or employer sources. So upon retirement or in old age, retirees get 3 checks in the mail every month? Did I get that right?
Basically yes...IF you have a company pension and also have the age. My situation is that I'm collecting my company pension, but am too young to collect CPP and OAS. I can start taking a reduced CPP at age 60, or wait until I'm 65 for a full pension. I can even wait longer for a bit more of an increase.
You can also still be employed and not retired and start collecting CPP. This is a change from the old rules where if you wanted to collect you had to be retired, but then could start working again once you started to collect.
Kind of silly, so it made sense to change it.
OAS is only collectable when you reach a certain age. It has always been 65 but they are changing it overtime to be 67. The birth cut off date is April 1958, so I can't collect at 65 since I'm an autumn '58 baby, but I can collect at 65 plus the extra months added from April.
Everyone's situation will be slightly different.
My mother collects about $1,020 in CPP. $513.00 in OAS. Plus she has her work pension and investment income as well.
Another thing to consider in retirement is of course healthcare and living assistance. My mother needs someone in the morning and evening to dress her and wash her seven days a week. The cost is reasonable. It was around $700 per month, but because of the care she doesn't use, and the time allotted ( they split the hour charge into two 30 minute visits ) they reassessed and now only pays $300.00 a month. Unreal really.
Since you are comparing US and Canada, how does homecare work in the US, or at least in the US where you live, since I'm sure like in Canada prices etc vary per region.
There is an income limit where one does not receive OAS. It's currently set at $114,815
This makes so much sense! In the US, people with their own lavish retirement accounts (from employer and their own saving and savvy investing) still receive Social Security, even though they don't need it at all, and don't even want it. That's a terrible waste, especially considering some people would convince us that the system is currently underfunded. Also, people earning over a certain amount while employed don't have to pay into the system above a certain amount of their paycheck. There's a cap over which nothing is withheld for SS. So as you can see, there are easy ways to address what we're told is an impending shortfall in the fund, but the conservative sector wants to fix it by cutting back on payouts to individuals, and raising the age at which people will receive the full benefit.
Very interesting discussion. Thank you all for contributing.
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