Low Income Retirement – Tips and How-tos

Photo: Victoria Times Colonist

Photo: Victoria Times Colonist

If you, or a client, or someone else you know, will retire on a low income, new resources may help with planning.

Typically, low-income earners are left out of financial planning resources, reports and advice. This further marginalizes those who already have difficulty accessing services.

For example, putting money in an RRSP will result in a GIC claw-back for low-income Ontarians, yet their financial institutions likely promote RRSP contributions.

Clear and direct information that targets this demographic is a specialty of Open Policy Ontario, a project of John Stapleton. Stapleton is a writer, instructor and Innovations Fellow with the Metcalf Foundation. After 28 years in government, he has consulted in areas of social assistance policy and operations; he was Research Director for the Task Force on Modernizing Income Security for Working-Age Adults in Toronto.

An overview of the resources is available from Open Policy Ontario.

Information includes:

    • Low Income Retirement Planning: Four things to think about
    • Determining OAS and GIS (Guaranteed Income Supplement) eligibility for people who come to Canada as adults: A toolkit
    • Maximizing GIS (Guaranteed Income Supplement): A background paper on retirement financial planning for Canadians with very low incomes
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