# Deciding When to Collect Canada Pension Plan (CPP) and Old Age Security (OAS)

## Article Summary:
Sarah is turning 65 this year and is contemplating when to start collecting CPP and OAS. With a yearly income of $96,000 and $250,000 in total savings, including a $150,000 RRSP and $100,000 mortgage, she seeks advice on delaying CPP and OAS until age 70 or retirement. By analyzing Sarah’s financial situation, we provide insights into the best strategies to maximize her retirement benefits.

## Frequently Asked Questions:

### Q: Should I start collecting CPP and OAS at age 65 or wait until age 70?
A: It is advisable to delay collecting both CPP and OAS until age 70 to receive a larger indexed pension for life.

### Q: Can I continue working past age 70 while collecting CPP and OAS?
A: Yes, you can work past age 70 and collect CPP and OAS. However, you may have to pay more income tax and could experience a partial OAS clawback.

### Q: How can I optimize my savings and retirement income with my current financial resources?
A: Consider maximizing your RRSP contributions, paying off your mortgage, and leveraging a secured line of credit for tax-efficient withdrawals in retirement planning.

## Conclusion:
Delaying your CPP and OAS benefits until age 70, maximizing RRSP contributions, and strategically managing your mortgage and investment accounts can help you achieve financial security in retirement. Consult with a financial planner to develop a customized retirement plan tailored to your goals and circumstances.

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By following these strategies, you can ensure a secure and comfortable retirement. Make informed decisions about when to collect CPP and OAS, optimize your savings, and plan for a financially stable future. Consulting with a financial planner can provide personalized advice based on your specific needs. Remember, the key is to prioritize your financial well-being and enjoy a fulfilling retirement.