RHYS MARTELL  |  financial advisor

How Much Money Will I Get From Old Age Security (OAS)?



Figuring out how much you'll get from Old Age Security is actually pretty straight forward. It's based on how long you've lived in Canada and if you've lived here your whole life you'll be eligible for the full amount when you turn age 65. You are actually allowed to delay it to a later age, and if you do that then you will get an increased benefit for the rest of your life.


As of the end of last year (2020) the full amount that someone could get at age 65 for OAS was just a little over $600 a month. So it's not a huge amount, but don't forget that most people will have Canadian Pension Plan (CPP) to attach on to that. And so, if you have CPP and OAS and you have a spouse who also has CPP and OAS then that's actually 4 streams of income coming in to get your retirement started. It's certainly not the lap of luxury, but it's a great start.

 

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Rhys Martell


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