Retirement Planning Flashcards
1
Q
CPP contribution rates
A
- 45% employee
10. 9% self employed
2
Q
CPP survivors pension for age 65 +
A
60% of CPP up to max of $1203/month (combined)
3
Q
CPP survivors pension for age 45- 64
A
Flat rate portion + 37.5% of contributor’s retirement pension
maximum $650.72
4
Q
Max survivor CPP benefit for 35 and under
A
nothing until age 65 or until disabled
5
Q
Maximum CPP
A
$1203.75
6
Q
Maximum OAS Amount
A
$618.45
7
Q
OAS Clawback threshold amount
A
$79845
8
Q
When deciding whether to retire early or not, what should you consider?
A
Pension stability (default risk of pension plan administrator)
Could get rid of indexed option
health and life expectancy
future RRSP contribution room accumulated
9
Q
Variables used for calculating retirement projection for DB
A
Five year average earnings for different ages Marginal Tax rate during retirement Contribution formula future RRSP contribution room YMPE
