Location: Somewhere in dreamland
Posted on: 12-02-18 17:54:35
For a person who worked in Canada for 10 years how much can they expect in retirement? How much do they pay in today's dollars?
There are so many things that I will have to ask and know before I can give you a clear cut answer to your question and arrive at a very nice figure, close enough as in the Horse Shoe throws.
Please go through these articles posted in the link and get to know a little bit more and then post under this a few of the required details to get a correct figure.
Just for a SENIOR CITIZEN, who has been living in Canada for the past ten years, it will be 25% of the OAS plus a like amount as supplement. ALSO, if they are living separately and under the poverty line, they are entitled to a tonne of money to keep them above the POVERTY Line. Which could be about (A TOTAL OF) $27000 bucks for TWO.
If they worked and deserve a CPP then it drops down considerably. More on it from these articles that you have under this.
Hope this helps. (To get started!)
https://retirehappy.ca/how-much-will-the-government-pay-you/
FH.
Currently it is the RENTALS that are EATING UP THE funds received.
---
Quote:
Originally posted by brown_bear
For a person who worked in Canada for 10 years how much can they expect in retirement? How much do they pay in today's dollars?
Unless those 10 years are in well-paid (highly-paid >120k) job, you can expect around 280-600 bucks a MONTH. In other words, unless you can leach off your relatives or friends, you will have to continue doing odd jobs till the Grim Reaper is in sight.
Thank you Global I., Your suspicions are correct. The estimates that you are providing are TRUE for starters.
But in reality, if it all that one is earning as PENSION and is living Separately, and needs help, he can get upto a sum of $1,000 per month OR if it is a couple, BOTH on Pension, then, they both can receive upto a sum of $27,000/year in Government income.(For a couple, Supplements included.)
I have calculated for a few and also helped one such individual to get some supplements. What I found was that the current RENTALS eat away all of the funds received. RENTS are too much, and it is on the increase.
Please read a few of the articles in the link above. It is worth your while. Might change your views also.
FH.
Location: Somewhere in dreamland
Posted on: 13-02-18 16:45:27
Quote:
Originally posted by GlobalIndian
Unless those 10 years are in well-paid (highly-paid >120k) job, you can expect around 280-600 bucks a MONTH. In other words, unless you can leach off your relatives or friends, you will have to continue doing odd jobs till the Grim Reaper is in sight.
How does income effect the money you receive?
Location: Somewhere in dreamland
Posted on: 13-02-18 16:50:18
Quote:
Originally posted by Full House
Thank you Global I., Your suspicions are correct. The estimates that you are providing are TRUE for starters.
But in reality, if it all that one is earning as PENSION and is living Separately, and needs help, he can get upto a sum of $1,000 per month OR if it is a couple, BOTH on Pension, then, they both can receive upto a sum of $27,000/year in Government income.(For a couple, Supplements included.)
I have calculated for a few and also helped one such individual to get some supplements. What I found was that the current RENTALS eat away all of the funds received. RENTS are too much, and it is on the increase.
Please read a few of the articles in the link above. It is worth your while. Might change your views also.
FH.
So it would be very difficult live on $27000 if one has to pay rent out of that amount right? Out of the 27000 for a couple we will have to budget for any health expenses that OHIP doesn't cover.
Also it means there is probably no chance one can maintain a car with all the expenses for maintaining a car + insurance + gas+repairs
I dont think one can even buy decent groceries in that situation to have a healthy life style.
I think a moderately decent life style is possible only if we have a paid-off house/condo by that age
I will break it down slowly and a little at a time. Then you will have to apply it to each and every CASE that we want to apply it to. If and when we complete the task, everything will surely fall in place. We can see if it suits that couple or that individual and see if they can carry on smartly.
DO remember that they must have some back up as well. Plus if they have some savings, then, they will be in a better position to handle all of the things that they can anticipate and a few of the sudden needs that are un-anticipated.
-------------
So it would be very difficult live on $27000 if one has to pay rent out of that amount right? Out of the 27000 for a couple we will have to budget for any health expenses that OHIP doesn't cover.
AFTER the age of 65, all of the *PRESCRIBED Meds are FREE, except for the OVER THE COUNTER MEDICINES. You only pay a dispensing fee of $4. for EACH Prescription that the Doctor Prescribes. THAT SHOULD CLEAR THE OHIP Question. You will have to know how many MEDS that they use and how often they receive them. Most of the fees are for Three months, or EACH prescription is good for 90 days.
A good TWO BR Apartment will run anywhere from 1,200 to 1,400 Bucks a MONTH. In a few buildings they do have to pay the HYDRO and PARKING. ( $100-120)
CAR is a LUXURY at this stage, but it will be possible to have one initially and manage your day to day affairs with it. It will finally evaporate out of the picture. How much it will cost depends upon the usage and other varying factors. Depending upon where it is that ONE Lives, it could become a NECESSITY.
HEALTHY Lifestyle YES. Luxurious NAE....TWO SQUARE meals a day for sure, if you can cook or swizzle the WOK or the Balti and still spin and fling a pizza up in the air. i.e $10 per person per day. Would that answer your question.
NEW CLOTHES NO.
YES, you should down size and either get into a rental or SUBSIDIZED HOUSING. It is available also. Put you name in the LIST, the earliest in that queue.
Even under all of these conditions, I have seen people head south for the Winter and also take a small vacation to nearby locations and enjoy the best part of the summer here. Friends and the family play a big role and how close you are to them also counts.
Life becomes beautiful and juggling things in life becomes an art, once you retire. Once in a way the Government throws in a few CRUMBS before the election and makes the POT a little sweeter. Ask a few retired people. They in turn will ask you WHERE in THE HELL HAVE YOU BEEN!
FH.
^----
So it would be very difficult live on $27000 if one has to pay rent out of that amount right? Out of the 27000 for a couple we will have to budget for any health expenses that OHIP doesn't cover.
Also it means there is probably no chance one can maintain a car with all the expenses for maintaining a car + insurance + gas
I dont think one can even buy decent groceries in that situation to have a healthy life style.
I think a moderately decent life style is possible only if we have a paid-off house/condo by that age
Quote:
Originally posted by brown_bear
Quote:
Originally posted by Full House
Thank you Global I., Your suspicions are correct. The estimates that you are providing are TRUE for starters.
But in reality, if it all that one is earning as PENSION and is living Separately, and needs help, he can get upto a sum of $1,000 per month OR if it is a couple, BOTH on Pension, then, they both can receive upto a sum of $27,000/year in Government income.(For a couple, Supplements included.)
I have calculated for a few and also helped one such individual to get some supplements. What I found was that the current RENTALS eat away all of the funds received. RENTS are too much, and it is on the increase.
Please read a few of the articles in the link above. It is worth your while. Might change your views also.
FH.
