Retirement Planning

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.

Infographic/Text reads: How much do you need to retire on your own savings? Want to retire at age 60? If you wanted to retire on March 1, 2021 at the age of 60, and relied on just your own savings... [continued in next infographic]

Infographic/Text reads: You'd need $626,690 to purchase an annuity. An annuity is a financial product often used in retirement that provides a retiree with guaranteed regular payments [continued in next infographic]

Infographic/Text reads: To provide you with $30,000 a year. That's the equivalent of $2,500 per month. With this annuity, the recipient's spouse (assuming a similar age of 60) would continue to receive $1,500 upon your death.

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.