How much would lorne have at age 65

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Question: Lauren, age 65 believes that her Old Age Security (OAS) pension will be subject to clawback. She is trying to understand what it means. The maximum monthly OAS pension in 2022 is $685.50. Lauren's net income is $120,000. The clawback starts at the minimum threshold of $81,761 to the maximum threshold of $134,626. How much will Lauren keep of her OAS when the clawback rate is 15%?

Lauren's son, Lorne has been having significant medical issues since he started vaping at the age of 14. At the beginning of 2022, he switched to smoking a pack of cigarettes each day and no longer vapes. He knows that this is not any better but has tried many options to quit. As Lorne likes to save money, he thought of running some calculations as this might be more motivating for him to quit. If he stopped smoking as of his birthday on December 1, 2022, when he turns 23, he could save $15 a day by not buying cigarettes. If instead, he saved this money and invested it at a rate of 7% compounded weekly, how much would Lorne have at age 65. Days per year: 365; weeks per year: 52.

Reference no: EM133335759

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