Retirement Benefit for US/Canada Dual Citizen

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Retirement Benefit for US/Canada Dual Citizen

Post Sun Sep 04, 2011 9:53 am

I am a Canadian/US dual citizen, currently planning our retirement (my wife is US citizen). How could we maximize our retirement benefit legally? My wife is 2 years older than I.

Thanks, and happy Labor Day weekend.
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AGNCanuckAbroad VIP
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Re: Retirement Benefit for US/Canada Dual Citizen

Post Tue Sep 06, 2011 7:05 am

Um, by having lots of pension income?

Your Q is too vague.
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Re: Retirement Benefit for US/Canada Dual Citizen

Post Tue Sep 06, 2011 8:34 am

Lots of pension income would be nice... :-)

US has social security, which we'll contribute for 35+ years. Canada has a 3-tiered retirement system in CPP, OAS, and GIS. For CPP we will probably get minimal amounts as we only worked there for a short time.

More specifically, is there a strategy to maximize the retirement benefits in terms of:
1. when to take each one?
2. how to take each one?

For example, after being in the US for 35 years (and thus maximized social security), should we just move back to Canada to start accumulate the years for OAS? (That is, if we have that flexibility) And, should we delay taking social security while we are on OAS/GIS? The US SS is a lot bigger and so delaying taking SS would mean a bigger income later.

Thanks.
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AGNCanuckAbroad VIP
Posts: 818
Joined: 21 Jun 2011

Re: Retirement Benefit for US/Canada Dual Citizen

Post Tue Sep 06, 2011 8:56 am

This is a great question for me to deal with at forums.serbinski.com, not here.
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