Edward Jones - Financial Advisor Raquel Austin

The way most people think they spend money and the way they actually spend it can be surprisingly different. You might assume you're only spending a certain amount on dining out or subscriptions, but when you track it, the reality often looks quite different.

That's why the first step in creating a balanced family budget is simply knowing where your money goes each month. Not judging it. Not changing it yet. Just understanding it. Track your income, your essential expenses, your debt payments, and yes, the money you spend on things that make life enjoyable.

Having a clear picture of your spending habits can help you gain more control. And having more control can help reduce financial stress and can help you make better decisions about what matters most to your family.

If you'd like help getting a clear view of your financial situation and creating a plan that works for your family, reach out. We can walk through it together.

Balancing your family budget These considerations can help you get a handle on how you spend money each month.

One of the most common questions about Old Age Security (OAS) is when to start taking it. The standard age is 65, but you can delay until age 70. Each choice affects how much you receive.

Starting at 65 means you begin receiving income earlier. But if you delay, your monthly payments increase by 0.6% for each month you wait, up to a maximum 36% increase at age 70.

So which option is right for you? It depends on several factors unique to your situation. Your current tax rate matters. If you're still working or have other significant income, delaying might make sense. Your total income matters too, because OAS is subject to a clawback if your income exceeds certain thresholds.

If you're approaching 65 and wondering when to start your OAS, reach out. I can help you evaluate your options based on your personal circumstances.

Top 10 questions we are asked about: Old Age Security (OAS) You asked – we answered! Here are the top 10 questions about Old Age Security (OAS)

How does Old Age Security (OAS) interact with all your other retirement income sources? What affects how much OAS you actually keep? Here's what to know: OAS benefits may be reduced if your income exceeds certain thresholds. This is called the OAS recovery tax or clawback. Keep in mind that income is comprised of a variety of potential sources (pension income, RRSP/RRIF withdrawals, investment income, part-time work, or even a one-time higher income year due to the sale of a rental property for example).

It's important to know OAS doesn't exist in isolation, and understanding the details helps you make smarter decisions about your overall retirement strategy. If you want to understand how your OAS will work alongside your other retirement income, let's have a conversation.

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