Maximizing Your OAS Benefits: Tips and Strategies for a Secure Retirement
Old Age Security (OAS) is a government-funded pension program that provides a basic level of income to seniors in Canada.
If you're approaching retirement, you may be wondering how you can maximize your OAS benefits to ensure a secure retirement. Here are some tips and strategies to help you get the most out of your OAS benefits.
First, make sure you're eligible for OAS. To be eligible, you must be a Canadian citizen or legal resident who has lived in Canada for at least 10 years after the age of 18, and be 65 years of age or older.
If you don't meet these requirements, you may not be eligible for OAS, or you may receive a reduced benefit.
Next, consider your options for increasing your OAS benefit. One option is to delay taking your OAS pension until after you turn 65.
For each month you delay, your benefit will increase by 0.6%, up to a maximum of 36% at age 70. This means that if you delay taking your OAS until age 70, you could receive a monthly benefit that's 36% higher than if you had taken it at age 65.
Another option is to apply for the Guaranteed Income Supplement (GIS), which provides extra money to low-income seniors who receive OAS. The amount of your GIS benefit will depend on your income and your marital status.
Finally, consider other sources of retirement income. OAS is intended to provide a basic level of income, so it's important to have other sources of income to supplement your OAS benefit.
This could include a workplace pension, an RRSP, or other investments.
In conclusion, there are several strategies you can use to maximize your OAS benefits and ensure a secure retirement.
These include delaying taking your OAS pension, applying for the GIS, and having other sources of retirement income. By taking these steps, you can make the most of your OAS benefits and enjoy a comfortable retirement.