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After death of spouse, CPP survivor's benefit can be a shock

After death of spouse, CPP survivor's benefit can be a shock

Posted by ACH2015 on Jun 12, 2019 5:56 am

From the CBC News website - June 12,2019
 

"Sometime in the painful days after a husband or wife's death, the funeral home or a family member will encourage the bereaved spouse to fill out the paperwork to get the Canada Pension Plan survivor's benefit.

It's a moment few widows or widowers have prepared for, and it may come as a surprise how little survivors are expected to live on.

A senior couple who both get CPP benefits and Old Age Security (OAS) can live comfortably — they'll have about $3,500 a month in income if they're both getting the maximum benefits.

But what happens when one spouse dies and the other is left alone? That's where it gets tricky, says John Krasevec, a financial adviser with Edward Jones in Burlington, Ont"

Read the article:

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https://www.cbc.ca/news/business/cpp-survivor-benefit-shock-1.5170879
 

Being prepared for and aware of financial circumstances are part of life, death and moving forward.

Keep well

ACH2015 - Andy.

 

Re: After death of spouse, CPP survivor's benefit can be a shock

Posted by Cynthia Mac on Jun 13, 2019 10:45 am

Thanks, Andy, for another informative post!

When my Mom passed away, the funeral home took care of the paperwork for the survivor benefit. I rather think that if they hadn’t, Dad’s financial advisor would have helped him with it. I encourage survivors to ask these sources if the help is available. It’s a helpful service, and I know the family members appreciate having that “box” checked off the long “to do list” that happens when we lose a loved one.