CPP and OAC 6 Months Out.

Lance1 said:

Canada Pension Plan (CPP) Old Age Security (OAC) January 31, 2024. The day I turn 65. Combining CPP and OAC will bring in around $1,750'00 a month. As I sit at this time I bring in on average from work $3,300'00 a month net. That is a difference of $1,550.00. But I'm lucky that I have a union pension of $600.00 a month bringing me to $2,350.00 bringing me to a $950.00 negative. I have had setbacks with work injuries for many years which do not contribute to CPP. That in itself is a whole other story. Now I do realize that this is a Canadian retirement issue. So I'm asking... How many Canadians on this platform are close to 65? And hopefully, you have planned better than me. Sometimes we suffer for no fault of our own.

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Hi Lance, where do you live?
I, originally from former Yugoslavia, now Serbia, lived in Toronto since 1974 until due to unfortunate circumstances had to return home 1997. Due to even more unfortunate circumstances I had to apply for pension when I was 61 and that cut down pension quite a bit. My plan was to start in a private pension plan at age of 55 but it never materialized as I had to leave. I was never the one to chase big money/salary and always worked at jobs I like and never at unionized places. Last 3 or so years my salary topped at just under 48 000 CDN.
My total pension (CPP+OAS) is just over 700 CDN which in Toronto would see me living on the street. I read online Toronto Star and Sun almost daily and noticed that one can't rent a dog house for less than 1000-1500 bucks a month.
After settling family affairs because of which I had to return, I was able to sell some property left by our parents and with my brother build a house just outside Belgrade.
Now, 700 bucks may seem little in Canada but here it's about average monthly wage and low taxes coupled with no need to pay rent, life is bearable.
PS. I still have to pay tax on CPP although I don't live there any more and in all these years pension was raised by a grand total of 4 bucks !!