RETIREMENT PLANNING
37.5% The percentage of Canadians participating in a registered pension plan.
As of January 1, 2019 Source: Statistics Canada
The good news is that number is 1.3% higher than the previous year. The bad news is that it means about 62.5% of Canadians don’t have a pension plan. Even if you do have a pension plan through work, it’s still important to take steps to ensure your financial security for your retirement years.
Make sure you plan ahead for your Retirement! • Make a plan. Speak to a financial adviser (who isn’t trying to sell you something). The earlier you start planning, the better. • Designate beneficiaries for your pensions and any life insurance. • Make you apply for all benefits BEFORE your retirement date. Benefits DO NOT start automatically.
Always update your contact information for every pension plan you’ve participated in during your working years. This makes it easier on you because plans may change administrators or benefits over the years. If they have your info, you’ll get notified of those changes. Start and keep a file with all the information you need for each plan and well in advance of your planned retirement date, start contacting each plan to make sure you know when and where to apply. Page 11
