Retirement experts in Canada wouldn’t advise soon-to-be retirees to rely only on the Canada Pension Plan (CPP) and Old Age Security (OAS) pensions in retirement. Both are partial replacements to the average pre-retirement income . However, it’s not totally impossible to subsist with only the country’s retirement foundation in the golden years. Income expectations
An individual pensioner could expect to receive an average monthly CPP of $689.17 (October 2020) and a maximum OAS benefit of $615.37 (for 2021) per month at age 65. Thus, the annual guaranteed lifetime income is $15,654.58. For retiring couples receiving both pensions, the […]
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