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How do I save for retirement?
The Guaranteed Income Supplement (GIS) is an important source of income for low-income retirees. People with higher income may only need to have 50 to 60% of their current income in retirement. Think about your personal situation when planning for retirement, so you can save the right amount. You can model your future retirement income from ...
Our retirement savings calculator will give you an estimate of how much you need to retire and how much you have saved already. The calculator takes into account your registered and non-registered savings, annual returns, investment fees, income tax, and inflation to compute these estimates.
- 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...
Determining how much you need for retirement, when and how to start saving and how inflation may affect your retirement.
Feb 7, 2024 · How much money you'll need in retirement depends on what you want to do, where you want to live and the lifestyle you want. It’s a good idea to overestimate on the length of your retirement to make sure you’ll have enough. There are strategies to help maximize your retirement savings. It's important to create a new retirement budget. Share on.
Aug 9, 2023 · When you’re about 3-5 years away from your retirement date, there’s 3 things you need to do: 1. Plan how you’ll spend your time. Think about and write down how you’ll spend your time in retirement. To ensure you have a balanced plan, think about activities that support these 3 keys to wellness: Keys to wellness.
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.
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In Your 40s or 50s? Take Steps To Secure Your Financial Future & Prepare For Retirement. You'll Receive A Retirement Savings Action Plan To Help Take Control Of Your Future!
Determine your retirement savings goal and learn ways to reach it with our free guide. Understand your retirement costs and how much you need to save with our guide.
On our list of the top financial advisors - SmartAsset
