The Old Age Security (OAS) benefit is a critical source of income for many Canadians in their retirement years. As the cost of living continues to rise, understanding what the OAS benefit will be in 2024 is essential for individuals planning for their financial future.

According to the latest data provided by the government of Canada, the maximum monthly OAS benefit for 2024 is set to increase to $677.15. This represents a slight increase from the previous year and is calculated based on the Consumer Price Index.

It's important to note that the actual amount of OAS benefit you receive may vary depending on various factors, including your income level and how long you have lived in Canada. Individuals with higher income levels may have their OAS benefit reduced or completely clawed back.

For those who are eligible for the Guaranteed Income Supplement (GIS), the maximum monthly benefit in 2024 is set to increase to $917.33 for single individuals and $560.71 per person for couples. The GIS provides additional support to low-income seniors to help meet their basic needs.

Individuals who are planning for their retirement should take the OAS benefit into account when creating their financial plan. While the OAS benefit may not cover all of your expenses in retirement, it can still provide a significant source of income to supplement your savings and pension income.

For those who are approaching retirement age and are unsure about their eligibility for the OAS benefit, it's advised to consult with a financial advisor or visit the government of Canada's website to learn more about the eligibility criteria and how to apply.

Overall, understanding what the OAS benefit will be in 2024 is crucial for individuals planning for their retirement. By staying informed about the current benefit amounts and eligibility criteria, you can ensure that you are prepared for a financially secure retirement.