True or False? Your pension will be the same no matter what age you retire
False. If you retire early, it is likely that your pension will be reduced to account for the additional benefits you'll receive before age 65. You can contact the administrator of your division to ask for a retirement pension estimate.
True or False? You should factor in taxes when estimating your post retirement costs
True. Taxes can have a great impact on the net income you have available for expenses such as health care, travel, and leisure costs.
True or False? You don’t need to save if you belong to a pension plan
False. Personal savings are an important component of your retirement income, along with your pension plan and government benefits. How much you save will have an impact on your retirement lifestyle.
True of False? The average life expectancy in Canada is 76 years
False. The average life expectancy in Canada is approximately 82 years. This means someone with an average life expectancy can expect to need enough savings to last about 17 years if retiring at 65, or 22 years if retiring at 60!