this post was submitted on 25 Nov 2023
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The wording of this borderline deceptive. OAS has a reasonable threshold at which the clawback starts, and by the time you get to the top end, the clawback is very close to 100% of the benefit. So those seniors up near $134K are getting like $20/month. It's not nothing, but it's not worth all the angst here.
The $179K threshold is for those who deferred the benefit, so they've had years of zero benefit earlier on. Which is a gamble that you'll live long enough to make up the difference.
Also, remember that these numbers are all AFTER the benefit is included. So a senior at the lower cutoff is actually making $73K before the benefit.
Also, also, remember that all of these amounts are taxed as income. So that senior at $73K pre-benefit is going to be taxed at the highest rate for the benefit.
Even so, it would still have made more sense to give additional benefits through GIS instead of OAS.
We're going to be hitting another austerity cycle soon. IMO it's worth talking about who needs benefits, versus who is getting them.
Agreed.
It's hard to mess with this stuff and take things away because these amounts are part of people's retirement planning. People and the upper cut-off probably wouldn't care because they get so little, but if you start messing with the low end of the clawback range, then you start to cause problems.
I fully agree. The problem is at the upper end. We can and should help people at the lower end.