As the global economy plunges and retirement portfolio shrinks, many Canadians are worried more than ever for their financial well being after retirement. Some retirees will be able to maintain their expected living standard regardless of how the economy does. However, this may not be the case for everyone. If you need to work or are thinking of working after retirement, here are some tips to help you with your decision.
1. Some of the government programs for retirees such as Old Age Security (OAS)credit, the government pension plan (CPP), and so on may be affected if you work full- or part-time after retirement.
2. The best way to handle your clawbacks or drawbacks to government benefit programs is to consult a financial planner or tax specialist. They have tools andcalculators to show you exactly what your own numbers will look like based on your unique situation (as everyone’s scenarios are different)
3. There are free online tools and calculators available as well to help you with your retirement planning. Such online tools and calculators are available here: Retirement Tools and Calculators
4. Service Canada offers Canadian Retirement Income Calculator to generate retirement income information and post retirement benefit information, including CPP benefits and OAS.
5. Regardless of how much research you do on your own, my suggestion would be to still sit with a retirement professional and discuss your situations. Due to the complex nature of retirement benefits and clawbacks, it is worth paying for advice and take action based on accurate and updated information.
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