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Employer pension plan basics, group RRSP s, PRPP s, defined contribution and voluntary savings plans. Information to help you plan for retirement, including how much money you might need, where your money may come from, creating a will, and estate planning.
- Retirement in Canada Has Changed
- Types of Retirement/Pension Plans
- Next Steps When You Are Close to Retiring
- Obtaining A Final Pension Statement
- Copycat (Mirror Annuity) vs. Commuted Value
- Lump-Sum vs. Regular Pension Payments: Pros & Cons
- Defined-Benefit Pension Plan Surplus Cash
- Moving Your Pension When Leaving Your Job
- The State of Inflation, Interest Rates & Bond Yields in Canada
- Should You Work Part-Time While in Retirement?
Retirement isn’t how it used to be when our parents retired. The workforce has changed, lifestyles have changed, and many other factors need to be taken into account for Canadians retiring soon:
There are different types of pension and retirement plans you should be aware of when retiring in Canada. Not all employers have these plans, so you’ll want to double check with them before retiring.
1. Review the information your employer sends employees about your retirement plan. If you are just starting to plan your retirementand want help doing so, consider consulting with a certified financial planner and pension expert by calling us at 1-888-554-6661. 2. Make sure your employer is aware of your plans to retire. If your employer is a big ...
Once you retire, or you are laid off by your employer, they will provide you with a pension statementthat has the ‘commuted value’ of your defined-benefit pension plan on it. Bond rates change every day, so it’s important to get this final statement with an actual final value amount (the commuted value) so you can start to plan with your Certified ...
The “Copycat” (Mirror Annuity) Option
The copycat or mirror annuityis a popular choice for employees coming out of a defined benefits pension plan. Whether you are retiring or being terminated, you can receive the same pension from a Canadian insurer that your employer promised you. For example, let’s say you are entitled to $3,500 per month for life plus a bridge payment of $800 per month to age 65. Also, your spouse will have a reduced pension should you die first.Revenue Canada will allow you to move that pension to a Canadian...
Advantages of Copycat Annuity
The copycat or mirror annuityis a popular choice for employees coming out of a defined benefits pension plan. Whether you are retiring or being terminated, you can receive the same pension from a Canadian insurer that your employer promised you. For example, let’s say you are entitled to $3,500 per month for life plus a bridge payment of $800 per month to age 65. Also, your spouse will have a reduced pension should you die first.Revenue Canada will allow you to move that pension to a Canadian...
Copycat annuity is NOT the same as taking the commuted value option
Unlike when you take the commuted value(lump sum) and manage the money yourself, a copycat annuity will be paid out to you for life and is managed by the Canadian insurance company. This gives you peace of mind knowing that your money is professionally managed by a trusted, Canadian financial institution such as Canada Life or Sun Life. Click here to book free consultationto analyze and discuss your pension options.
If you have a defined-benefit pension planthrough the company you work for, you will be faced with the decision to either: a) Accept the traditional, lifetime monthly payments or… b) Take a lump-sum distribution, ‘cash’ payout of your pension. The lump sum cash payout sure is tempting! Your pension commuted valuecould be 500k, 800k, or even 1 milli...
Over time, depending on how the financial market and economy is doing, your company’s defined-benefit pension plan may face deficits or surpluses between the money currently in the plan and the total amount of their pension obligations. These surpluses can be of great benefit to you if you decide to move your pension via copy-cat annuity to a finan...
If you’re leaving your job or were recently terminated by your employer and your company has a pension plan, you may want to consider moving your defined-benefit or defined-contribution pension awayfrom your employer and into a secure financial institution that your employer does not have any control over. Do you leave the money with your current e...
How Does Inflation Impact Your Pension?
When you’re planning for retirement, you need to take into account the impact of inflation, which is the general increase in prices and fall in the purchasing value of money. In other words, you’ll want to think about the rising cost of consumer goods and services in Canada 10, 20, 30+ years from now when you enter retirement age. The average rate of inflation in Canada recently has been 2% per year, which means that the cost of goods and services has been rising by 2% every year. This number...
Why does this matter?
Public pensions (such as the Old Age Security (OAS) pension and Canada Pension Plan) are protected against inflation, so if the cost of living goes up, the value of benefit payments also goes up. However, some employerpensions are not protected against inflation. You’ll want to check with your pension administrator to see if yours is or not. Personal savings, mutual funds, and guaranteed investment certificates (GICs), are also usually not protected against inflation, which means that you’ll...
Many retirees plan to supplement their income with a part-time job. The decision to do so is not always an easy one, but it is one that can pay off in many ways. It’s not always about money! Working in retirementcan be a great way to stay connected with friends and family. It can also be a great way to stay mentally sharp. If you’re looking for a p...
How to start saving for retirement. Start saving a portion of every paycheque if you can afford it. The earlier you start saving, the longer your money can earn interest and grow. Using automatic deposits can be a good way to save money. Contact your financial institution to transfer a set amount of your pay automatically in a savings account.
- Update your budget as a retiree. Your spending habits and expenses may be different than they were before you retired. It’s important to regularly review your budget as your needs and lifestyle change.
- Decide when to apply for public pension benefits. Most Canadian seniors and retirees are eligible to receive income from Old Age Security (OAS) and the Canada Pension Plan (CPP) or the Quebec Pension Plan (QPP).
- Consider the tax deductions and credits you may be eligible for. You may be eligible for tax deductions and credits even if you’re receiving a public pension.
- Review and update your insurance coverage. Check your insurance coverage in retirement to make sure that it suits your current needs and lifestyle. Learn more about the different types of insurance.
Aug 9, 2023 · The first step in retirement planning is to determine at what age you’ll retire. Retirement age is the first question because it gives you a timeline to work with for saving.
- Jordann Brown
Aug 9, 2023 · 1. Create a detailed income plan. Start by listing where your retirement income will come from, how much you’ll receive from each savings source and when you’ll start taking income from each source. Then, think about when you’ll need to start using your savings as income.
Sep 17, 2024 · No matter your age, retirement planning includes five steps: estimating expenses, determining time horizons, calculating required after-tax returns, assessing your risk tolerance, and doing...
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related to: how do i start a retirement plan for retirementPursue The Retirement You Envision With The Many Potential Benefits Of Merrill's Tools. Find Solutions That Are Right For You And Your Retirement Investment Needs. Start Now!
8425 PULSAR PLACE, COLUMBUS, OH · Directions · (614) 880-4817Read this guide to learn ways to avoid running out of money in retirement. Have a $1,000,000 portfolio? Download The Definitive Guide to Retirement Income.
Receive guidance from a high profile investment team - Investor Junkie
parknationalbank.com has been visited by 10K+ users in the past month
Our expert advisors put you first. Let's plan your best financial future together. Invest for your future today. Let Park National Bank help you along the way.
