Retirement Planning Flashcards

You may prefer our related Brainscape-certified flashcards:
1
Q

CPP contribution rates

A
  1. 45% employee

10. 9% self employed

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2
Q

CPP survivors pension for age 65 +

A

60% of CPP up to max of $1203/month (combined)

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3
Q

CPP survivors pension for age 45- 64

A

Flat rate portion + 37.5% of contributor’s retirement pension
maximum $650.72

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4
Q

Max survivor CPP benefit for 35 and under

A

nothing until age 65 or until disabled

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5
Q

Maximum CPP

A

$1203.75

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6
Q

Maximum OAS Amount

A

$618.45

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7
Q

OAS Clawback threshold amount

A

$79845

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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

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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
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