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The Ontario Retirement Pension Plan (ORPP) was a proposed social insurance program for Ontario, Canada to complement the national Canada Pension Plan. It was intended to cover the 3.5 million workers in Ontario who would not receive a comparable workplace pension after their retirement.
This calculation effectively allows seven years to be dropped from the benefit calculation (for an individual who begins contributing at age 18 and ends at age 65). In October 2018, the average monthly benefits for a new retirement pension (taken at age 65) was just over $664.00 per month, and the maximum amount in 2019 was $1,154.58 per month ...
Ontario regulates approximately 8,350 employment pension plans, which comprise more than 40 per cent of all registered pension plans in Canada [1] It was originally enacted as the Pension Benefits Act, 1965 (S.O. 1965, c. 96), and it was the first statute in any Canadian jurisdiction to regulate pension plans.
Image source: Getty Images. How Social Security calculates your monthly benefit. Social Security calculates your monthly benefit using your average earnings during the 35 years when you earned the ...
Let's say for example that you have $24,000 you can safely withdraw from savings and $22,884 from Social Security (the average annual benefit amount as of January 2024), you'd have $46,884 to spend.
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