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<blockquote data-quote="klein" data-source="post: 577418" data-attributes="member: 23950"><p><strong>Re: Obamanation here today</strong></p><p></p><p></p><p> </p><p>I don't know how it works in the states.</p><p>Our maximum constributions per year is roughly $1000.</p><p>Means, even if you earn twice as much (100K or 200K per year), you only constribute $1000 (think it's $1018) as of last yr.</p><p> </p><p>At retirement age (65) and 40 years of constribution you're entiteled to full pension which is currently $908.75 per month. (goes up with inflation each </p><p>year). In addition to that, you can actually constribute less then 40 years, time off for childbearing or disabilty can be subtracted. With no loss to pension benefits. </p><p> </p><p>**"Additionally, you might be entitled to Old Age Security payments based on your length of residency in Canada. If you have lived for 40 years in Canada (after the age of 18), you will be eligible for the full OAS payment -- $484.63/month.</p><p> </p><p>**Very generous indeed. I don't think there is a country on earth that has a more generous (and sustainable) system than Canada for old-age public pensions and entitlements. "</p><p> </p><p>**Taken from the magazine: Canadian Business</p></blockquote><p></p>
[QUOTE="klein, post: 577418, member: 23950"] [b]Re: Obamanation here today[/b] I don't know how it works in the states. Our maximum constributions per year is roughly $1000. Means, even if you earn twice as much (100K or 200K per year), you only constribute $1000 (think it's $1018) as of last yr. At retirement age (65) and 40 years of constribution you're entiteled to full pension which is currently $908.75 per month. (goes up with inflation each year). In addition to that, you can actually constribute less then 40 years, time off for childbearing or disabilty can be subtracted. With no loss to pension benefits. **"Additionally, you might be entitled to Old Age Security payments based on your length of residency in Canada. If you have lived for 40 years in Canada (after the age of 18), you will be eligible for the full OAS payment -- $484.63/month. **Very generous indeed. I don't think there is a country on earth that has a more generous (and sustainable) system than Canada for old-age public pensions and entitlements. " **Taken from the magazine: Canadian Business [/QUOTE]
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