Hamilton, Ont.-based financial services software firm Ativa Interactive Corp. has produced of a new video and companion calculator designed to help Canadians plan for changes to the Old Age Security system announced in the 2012 federal budget.
As a result of the changes, Canadians under the age of 50 will not receive their OAS benefits until the age of 67 instead of age 65. They will miss out on receiving two years of OAS representing over $9,000 per year for two years, or $18,000 in lost income. For couples that could mean a difference of more than $36,000 dollars in total over two years. This shortfall means that many Canadians may need to adjust their retirement plans to make up for the shortfall.
The video explains the changes to the rules and why they have been made, while the calculator determines exactly when Canadians will start receiving OAS benefits under the new rules, how much money they will miss out on and how much they need to set aside to make up the shortfall.
All tools are personalized, easy-to-use with a clear call to action encouraging individuals to seek out professional advice. Click to view video.
“These online tools are a perfect starting point for individuals to have a conversation with their financial professional about the importance of a retirement plan or bumping up an existing plan to prepare for the shortfall,” says Tony Valaitis, managing partner of Ativa. “Video is one of the fastest growing mediums to communicate with individuals, especially when explaining complex concepts like the changes to Canada’s OAS program.”
Adrianne Sprogis, marketing manager with Ativa, notes that it may be difficult for companies to produce their own cost-effective video content, and that “Ativa produces well-crafted, customized and targeted web content with the goal to provide additional value to clients and almost certainly drive potential clients to their website.”