How can I best maximize my OAS benefits?”
What’s the best age to start OAS benefits? That all depends on you! Optiml™ considers your current situation, and also allows you to model unlimited what-if scenarios.
How Can I Best Maximize My OAS Benefits?
Old Age Security (OAS) is a cornerstone of retirement income for many Canadians, but maximizing your OAS benefits requires more than just waiting until you reach 65. The timing of when you start collecting OAS, your total income, and other financial factors all play a crucial role in determining how much you’ll receive—and how much you’ll keep.
Understanding OAS: More Than Just Timing
While OAS benefits begin at age 65, delaying your OAS payments until age 70 can increase your monthly payments by up to 36%. But timing is just one piece of the puzzle. Your income level during retirement can trigger the OAS clawback, reducing or even eliminating your benefits if your income exceeds a certain threshold. To truly maximize your OAS benefits, you need a strategy that takes into account your entire financial situation.
Income Management
Balancing your income sources to stay below the OAS clawback threshold is key. This involves carefully timing withdrawals from RRSPs, TFSAs, and other accounts, so you don’t inadvertently push your income too high.
Spousal Strategies
If you’re married or have a common-law partner, coordinating your OAS benefits and other retirement income can help reduce the overall tax burden and minimize the clawback.
Deferral Decisions
Deciding whether to start your OAS at 65 or delay until 70 requires a thorough analysis of your expected lifespan, other income sources, and retirement needs.
Optiml: Your OAS Maximization Expert
Optiml takes the complexity out of maximizing your OAS benefits by analyzing your entire financial picture and providing personalized recommendations.
OAS Clawback Avoidance
Optiml evaluates your income streams and suggests the best way to structure withdrawals and other income to minimize or avoid the OAS clawback. We help you keep more of your benefits by carefully managing your taxable income.
Deferral Simulations
Not sure if delaying your OAS is worth it? Optiml runs detailed simulations to show you the long-term financial impact of starting your benefits at different ages, so you can make an informed decision that aligns with your retirement goals.
Spousal Coordination
For couples, Optiml can simulate various income-splitting strategies and other spousal benefits to ensure you’re maximizing your household’s overall OAS benefits.
Why You Need Optiml
Maximizing your OAS benefits is not just about when you start collecting—it’s about making strategic decisions that integrate all aspects of your financial life. Without a clear, personalized plan, you could miss out on thousands of dollars in retirement income. With Optiml, you get a comprehensive analysis and actionable insights that help you maximize your OAS benefits while optimizing your overall retirement strategy. Don’t leave your retirement income to chance—use Optiml to secure your financial future.
Take Control with Optiml
Optiml isn’t just a financial tool—it’s a window into your future. By visualizing your financial path, you can take control of your destiny, making smart, strategic decisions that lead to the life you’ve always envisioned. Don’t leave your future to chance. Use Optiml to visualize your financial future today and start planning for the life you want tomorrow.