Old Age Security: Better to wait or take it now?

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 16-04-2014

Marissa Verskin, a senior tax manager at Toronto accounting firm Crowe Soberman, says the decision on whether to delay collecting OAS or do it right away should depend on your personal situation. This includes your life expectancy, current and projected future income level and your expected rate of return.

Some of the other circumstances that may influence your decision are if you have chosen to work beyond age 65 or if you anticipate receiving a large one-time capital gain or lump sum at retirement (i.e., for accumulated sick leave credits or severance pay).

Old Age Security: Better to wait or take it now? | Toronto Star.