The Road to Retirement: Reaching your destination

Transcription

1 The Road to Retirement: Reaching your destination CSS Pension Plan Welcome! This Road to Retirement series has been designed to help you understand your pension plan, and save for retirement. [When you see underlined text in the presentation, you can click on these links to take you to a website with more information.] This presentation is designed to help those who are nearing retirement. In this presentation, you will learn about your choices for receiving your pension funds during your retirement years and steps to consider in managing your pension funds until then. If you d like to refresh your memory with an overview of the Pension Plan, see our first Road to Retirement presentation called Beginning your journey, or review the Plan booklet, available on the CSS Pension Plan website. 1

2 Reaching your destination Preparing to retire Approaching retirement Retirement income options Investment strategies as you approach retirement Strategies to protect income during retirement Accessing your CSS Pension Plan funds Guides, resources and experts Summary reaching your destination 2 We ll start by explaining the personal choices you face as you approach your retirement destination. Then we ll review each of your options for receiving retirement income from the Plan in detail. We ll cover factors that might cause you to stay the course or make adjustments to your investments during your pre retirement years. And we ll give you a few examples of those. We ll also review strategies to manage your income if you decide to continue managing investments during your retirement years. Finally we ll cover how you can apply for your pension funds when the time comes, as well as the guides and resources available to you. 2

3 Approaching retirement How will you access your pension funds? CSS Pension Plan Monthly lifetime income Withdrawals from investments or Financial Institution Monthly lifetime income Withdrawals from investments Make your choice any time from when first eligible to retire, to age 71 3 It s good to start thinking about how you will access your pension funds about five years before you retire. This is also a good time to start thinking about investment adjustments you may need to make, so you ll meet your retirement planning goals. When you are ready to retire, you ll have payment options that will provide guaranteed lifetime income streams. You ll also have options that let you continue to invest your pension funds and draw upon those funds over time. You can choose one or both options, and can do so directly through the CSS Pension Plan or with your credit union or bank. Your preference can influence how you choose to invest your pension funds in your pre retirement years. You can decide how to access your funds any time from when you are first eligible to retire, up to the end of the year you turn age 71. Until then, you can continue to invest within the Plan. 3

4 Approaching retirement What about locked-in and non-locked in pension funds? Locked-in: required contributions and their investment returns Must be used for retirement income (some exceptions) Non-locked-in: mainly voluntary contributions and their investment returns Don t have to be used for retirement income Can combine some or all with locked-in funds to buy a retirement income Taxable cash withdrawal 4 Let s start by understanding the payout rules that apply to the funds you have saved so far. There are locked in funds and non locked in funds. Pension legislation requires that locked in funds only be used to provide retirement income. Generally, required contributions plus investment earnings are locked in. There are some rare situations in which locked in funds can be unlocked, such as if a pension is a very small amount or cases of terminal illness. Additional voluntary contributions plus their investment earnings are not locked in and don t need to be used for retirement income, but you may combine them with locked in funds in some cases. You can also withdraw them as cash, less income tax. You must move any non locked in amounts that you want to withdraw or transfer out of the Plan all at once. 4

5 Retirement income options: overview Guaranteed lifetime income Variable income based on investment returns Directly from Plan Transferred out of Plan Monthly pension Annuity Variable Benefit* (VB) payments Life Income Fund (LIF) or Prescribed Registered Retirement Income Fund** (PRRIF) Non-locked funds: RRSP, RRIF (or taxable cash) * Check the CSS Pension Plan office for availability ** SK or MB unlocked funds 5 Now, take a look at your retirement income options. You can choose from two main categories for some or all of your pension funds. The options available to you are defined by the pension legislation that applies to your pension. You can select from guaranteed lifetime income options that will provide a fixed amount each month. These include a monthly pension from the Plan, or a life annuity, purchased outside the Plan. In both cases, you will use your pension funds to buy a lifetime income. You can also select a variable income option that will depend on your investment returns. In this case, your monthly income may be higher or lower from year to year due to market returns. If you choose this type of retirement income, you will continue to manage the investment of your pension funds after retirement. Variable Benefit (or VB) payments are drawn from your pension funds within the Plan. You can also purchase a Life Income Fund or Prescribed Registered Retirement Income Fund outside of the Plan. There are a few additional options for your non locked in funds. Let s take a closer look, starting with the guaranteed income options. 5

6 Retirement income options: guaranteed lifetime income Prescribed Pension Monthly pension for your lifetime Spouse receives lifetime survivor pension of 60% of your pension Spouse must consent in writing to any other payment options 6 If you have a spouse, then by law you must first consider converting your pension funds into what s called a prescribed pension. The prescribed pension is a joint and last survivor pension with a 60% spousal benefit. The prescribed pension provides a lifetime monthly pension for you. Should you die before your spouse, he or she will receive a lifetime pension of 60% of your pension amount. Once both you and your spouse have passed away a prescribed pension stops and there are no survivor benefits for your estate or beneficiaries. If you wish to select a different retirement income option for any of your pension funds, then your spouse must consent in writing. 6

7 Retirement income options: guaranteed lifetime income Single Life Pension Monthly pension for your lifetime May add guarantee periods of up to 15 years Longer the guarantee, the lower your monthly pension Payments continue for guarantee period to beneficiary or estate Example 5 years 10 years 15 years Retirement Date Retirees receive pension Date of death Pension payments to beneficiary or estate 7 If you do not take the prescribed pension, your second option is a single life pension, so called because it provides a monthly pension for your lifetime only. When you die, the payments stop unless you add a guarantee period. If you add a guarantee period, which can be up to 15 years, your pension payments will continue for at least that period of time. You would receive a slightly lower monthly amount in return. The pension continues for your lifetime, but if you die before the guarantee period is over, the pension will continue to your beneficiaries or estate until the guarantee period is up. Members with spouses that do not take the prescribed pension and choose this payment usually name their spouse as beneficiary. For example, if you had a single life pension with a guarantee period of 15 years and you died after receiving a pension for 10 years, your pension would continue to your beneficiary or estate for the next 5 years, the balance of the guarantee period. 7

8 Retirement income options: guaranteed lifetime income Joint and Last Survivor Pension Monthly pension for your lifetime with spousal survivor pension of 60%, 75% or 100% of your pension May add guarantee periods of up to 15 years Continues for guarantee period then continues as percentage to surviving spouse Pays less than single life pension The longer the guarantee or higher the percentage, the lower the monthly pension 8 You can also select a joint and last survivor pension. It is similar to the prescribed pension, but you can choose a higher amount for your surviving spouse. As well as providing a lifetime pension for you, your surviving spouse continues to receive a pension for his or her lifetime of either 60%, 75% or 100% of your pension amount. Joint and last survivor pensions also have guarantee periods of up to 15 years. That means your surviving spouse would receive your full pension for the length of the guarantee period. When the guarantee period expires, your spouse s pension will continue as the percentage you chose. For example, suppose you choose a 75% pension for your spouse and a 15 year guarantee period. You will receive a full pension for the rest of your life. If you die before the 15 year guarantee period expires, your spouse will receive the full pension for the balance of the guarantee period. Then, he or she would receive a pension of 75% of your pension for life. And if you and your spouse both die before the guarantee period is up, payments will continue to your beneficiaries or estate for the balance of the guarantee period. This pension pays less than a single life pension because the same amount of money covers two lives, yours and your spouse s, for a potentially longer period. The longer the guarantee period or the higher the survivor pension percentage you choose, the lower your monthly pension will be. 8

9 Retirement income options: guaranteed lifetime income Single Life and Joint Life Annuities Purchase from insurance company Pay fixed monthly income Once you transfer funds to an annuity, you can t transfer them back to the Plan CSS Pension Plan Insurance $$$ company $$$ Monthly annuity payment 9 Instead of taking a monthly pension from the Plan, you can use your pension funds to buy a Single Life or Joint Life Annuity from an insurance company. An annuity is similar to a pension from the CSS Pension Plan it provides you with fixed monthly payments for your lifetime. You have options similar to the pensions available from the Plan. Note that once you transfer your funds out of the Plan, you can t transfer them back. 9

10 Retirement income options: income based on investment returns Variable Benefit Payments* Periodic withdrawals from your pension account Can change amount each year Continue to invest in Plan s investment funds Annual withdrawal minimum beginning year you turn age 72 Annual withdrawal maximum may apply to locked-in funds** Not guaranteed to last your lifetime Upon death, balance goes to spouse, beneficiary or estate * Check the CSS Pension Plan office for availability ** AB, BC, MB 10 A second category of retirement income options available from the Plan pays variable amounts based on investment returns. Members can select a Variable Benefit, or VB, payment. These are simply periodic withdrawals from your CSS Pension Plan account. You can take these payments monthly or annually and you can change your payment amount each year provided you pay an administrative charge. With VB payments you must continue to invest your pension account in one or more of the Plan s four investment funds, monitor returns, make transfers between funds and draw down on your investments for income. Like all retirement income payments, your withdrawals will be taxable. Your income will depend on your investment returns, and on how much you withdraw. Starting the year you turn age 72, you must begin withdrawing a minimum amount and some provinces also have a maximum withdrawal limit on locked in funds to help reduce mortality risk the risk you ll outlive your investments. Though if you do withdraw the maximum each year, you will likely still exhaust your funds by age 85 (in Alberta) or age 90 (in most other provinces.) The CSS Pension Plan office can provide you with information on any minimums and maximums for your province or territory. Upon death, any remaining amounts will go to your spouse, beneficiaries or estate. 10

11 Retirement income options: income based on investment returns LIF, PRRIF, RRIF options Similar to VB payments but invested in financial institution funds Periodic withdrawals Annual minimum withdrawals except first year LIFs have maximum withdrawals (per your province or territory) Conversion options: Can convert to Life Annuity at any time Up to age 71: Prescribed RRIF to a Locked-in Retirement Account (LIRA) and RRIF to an RRSP after taking minimum withdrawal Not guaranteed to last your lifetime Upon death, balance goes to spouse, beneficiary or estate 11 If you prefer, you may transfer your pension funds out of the Plan to a LIF, Prescribed RRIF or RIFF. These options are very similar to VB payments. You will continue to invest your money, but in the investment funds offered by the financial institution. You will need to continue monitoring your returns. Like VB payments, you draw down on your investments for income. Your income will depend on your investment returns, and on how much you withdraw. You must begin withdrawing a minimum amount from your LIF, Prescribed RRIF or RRIF beginning in its second year. There is also a maximum withdrawal limit on LIF funds that varies by province or territory, to help reduce the risk you ll outlive your investments. Though if you do withdraw the maximum each year, you will likely still exhaust your funds by age 85 (in Alberta) or age 90 (in most other provinces.) The CSS Pension Plan office can provide you with information on any minimums and maximums for your province or territory. You have several options to convert your LIF, Prescribed RRIF, or RRIF to another retirement vehicle: At any time, you can convert to a Life Annuity Up to age 71, after taking a minimum withdrawal, you can convert a Prescribed RRIF to a Locked in Retirement Account, or a RRIF to an RRSP. Income from these retirement vehicles is not guaranteed to last your lifetime. When you die, any remaining amounts will go to your spouse, beneficiaries or estate. 11

12 Retirement income options: Unlocking Options for some members: Up to 50% unlocking of locked-in pension funds Up to 50% unlocking of funds transferred to a LIF Subject to pension rules in your province or territory Discuss with your financial advisor 12 Depending on the pension legislation that applies in your province or territory, you may have a one time option to unlock 50% of your locked in CSS account balance or any funds transferred to a LIF. You can use unlocked money for whatever you like not just retirement income. Keep in mind that any unlocked funds you receive in cash will be immediately taxed. Check with the Plan office to learn the rules about unlocking if this option interests you. You may also want to discuss this option with your financial advisor. 12

13 Retirement income options: what s best for you? Pension or Annuity Income for life? Yes Not guaranteed VB Payments LIF or Prescribed RRIF Flexibility of payments? No Yes; varying amounts, and possible lump sums Stability of payments? Yes No, may have to reduce if returns are down Control of pension No Yes; continue to invest; may grow (or lose) funds? funds Invest and monitor No Yes; critically important funds and payments? Later conversion options? Inflation protection? No No. May be periodic adjustments VB: to CSS pension, annuity, or transfer out LIF or Prescribed RRIF: to annuity RRIF: to RRSP up to age 71 May be able to offset with investment 13 Here s a comparison of the main features of the different types of retirement income we have looked at. In the following discussion, we ll talk about VB payments, but all the variable income options will be similar, unless otherwise noted. Is your primary objective an income for life? A monthly pension or annuity will last your lifetime. VB Payments do not guarantee an income for life; many factors are involved in determining how long your payments will last. Would you like flexibility of payments? Pension and annuity payments are not flexible. VB Payments allow you to draw varying amounts and sometimes lump sums. Or would you like stability of payments? Pension and annuity payments are always the same although they will buy less over time because of inflation. If you choose VB Payments, retirement income will rise and fall with your investment returns and you may have to reduce your payments if returns are down. Would you prefer to have control of your pension funds? You give up control of funds used to buy a pension or annuity. You simply receive identical monthly payments. You will still have control over your pension funds when you draw VB payments. They may grow or decline as a result of these investments. Are you concerned with investing and monitoring funds and payments? You are no longer involved in investment or monitoring of either funds or payments when you have a pension or annuity. It is critically important that you continue to invest your funds carefully and monitor funds and payments consistently with variable payments. Are you interested in converting your funds to a different retirement savings vehicle later? Pensions and annuities have no further conversion options. At a later date, however, you can convert from VB payments to a CSS pension, an annuity, or transfer your funds out of the Plan. You can convert a LIF or Prescribed RRIF to an annuity and you can convert a RRIF to an RRSP up to age 71. Are you looking for protection from inflation? Neither an annuity or a CSS pension are indexed for inflation. ACSS pension may be adjusted periodically, but this is not guaranteed. If you choose VB payments, you may be able to partially offset inflation with investment returns. Only you can choose your best retirement income option or combination of options. It s a good idea to ask your financial advisor for recommendations. Your own objectives and personal circumstances, such as risk tolerance, other sources of income, the economic environment and dependents when you retire are all factors to consider. 13

14 Retirement income options: what s best for you? Single, with no dependents Single Life pension is designed for this situation Combine with options to continue to invest for potential gains to and to protect for inflation? Single, but have dependents Single Life pension with a guarantee period, naming your dependents as beneficiaries? Combine with VB payments or LIF/Prescribed RRIF? 14 Let s look at a few sample scenarios on choosing a retirement option: Single with no dependents? A Single Life pension is designed for this situation. Consider it in combination with other options if you want to potentially protect your income from inflation. Are you single, but have dependents? If it s important to you to leave money for children or grandchildren, consider a guarantee period for your pension or a combination of a monthly pension with VB payments or a LIF or Prescribed RRIF. 14

15 Retirement income options: what s best for you? Spouse requires lifetime coverage Prescribed pension designed for this situation Joint and Last Survivor pension with a higher continuing amount? Spouse and dependent children Joint and Last Survivor pension, with guarantee period? Combine with VB payments or LIF/ Prescribed RRIF? Spouse does not require lifetime coverage Single Life pension with a guarantee period and your spouse named as beneficiary? A variable income option? 15 Does your spouse require lifetime coverage? Consider a prescribed pension or another Joint and Last Survivor pension. Also consider supplementing a joint pension with other variable income. Do you also have dependent children? Consider a Joint and Last Survivor pension, with a guarantee period. Also consider supplementing this with a variable income option. What if your spouse does not require lifetime coverage? Consider a Single Life pension with a guarantee period and name your spouse as beneficiary. Or consider taking a variable income option. If you have a spouse, make sure your spouse fully understands the implications of each option in the event that you should die first. 15

16 Pre-retirement investment strategies Should you change how you invest as you near retirement? Up to now: investing for long-term growth Nearer retirement: preserving funds may become more important Discuss with your financial advisor! 16 Now that you know what your retirement income options are let s look at how you might change the investment of your pension funds as you get closer to your retirement destination? In general, when you re saving for retirement, your investment strategy is to provide longterm growth. However, as you get close to retirement you will become more concerned with preserving your capital to generate a regular income. Talk to your financial advisor if you re thinking of changing your investment strategy. 16

17 Pre-retirement investment strategies Depends on the retirement income option you prefer Guaranteed lifetime income Consider moving funds to Money Market and/or Bond Fund or Variable income based on investment returns Consider reducing investment risk Consider building a spending reserve 17 A lot depends on the kind of retirement income you plan to take. If you plan to take a guaranteed lifetime income, such as a monthly pension, you will sell all of your fund units to pay for your pension. To reduce the potential risk of short term losses in the equity market just before you retire, you could consider gradually moving some or all of your pension funds into the Money Market and/or Bond Fund, which are lower risk options. The Bond Fund has another advantage if you re planning to take a monthly pension. If long term interest rates are falling when you convert your funds to a pension, it will cost more and pay you less each month. Bond values tend to increase when long term interest rates fall, which could help offset the higher cost of purchasing a pension. If you re planning on variable income, you ll want to continue to earn income on your funds. Because of that, you may wish to keep a portion of your money in some combination of equities and bonds. That said, you may still want to start moving some funds into the Money Market Fund to create a spending reserve large enough to cover required withdrawals for about three years. 17

18 Example: Karen Age: 50 Investment knowledge: moderate Goal: Stay invested after retirement Investment strategy: Stick with Balanced Fund Reasons: Has about 3 year s income in guaranteed investments outside the Plan Plans to stay in the Plan and take VB payments 18 Here s a couple of examples. Karen is 50 and has moderate investment knowledge. She has been a Plan member for more than 30 years, and has been invested in the Balanced Fund all this time. Because her goal is to stay invested after retirement, she plans to stay in the Balanced Fund. When her financial advisor looked at her entire situation, she saw that she already had about three years of retirement income in guaranteed investments outside the Plan. Because Karen intends to take Variable Benefit payments from the Plan when she retires, it doesn t make sense to make short term changes in her asset mix now. Even after she retires, she ll be a long term investor and she has money to live on when markets drop.

19 Example: Brian Age: 57 Investment knowledge: moderate Goal: monthly pension Investment strategy: Gradual shift to Bond Fund and/or Money Market Fund Reasons: Reached savings goal Wants to protect those savings Doesn t want to manage investments after retiring 19 Now let s look at Brian. He is 57, with moderate investment knowledge. He plans to retire in three years he s already requested a pension projection from the Plan office at age 60. He s been a Plan member for almost 35 years. Given what he will receive as CPP and OAS benefits and from personal savings, Brian s reached his retirement savings goal; now he needs to protect those savings. He s not interested in managing his investments after retiring. As he s almost at his retirement date, he would be more comfortable if his pension funds were less exposed to the ups and downs of the markets. He considered moving pension funds into the Plan s lower risk options over the next three years and spoke with his advisor, who suggested two strategies. He could move his pension funds to the Money Market Fund and minimize the risk of short term losses. Or he could shift money to the Bond Fund, which he d suggested might be a better strategy, since Brian is planning to take a monthly pension. Although bond prices can go up and down, they tend to go up when interest rates fall, and that could provide some protection against an increase in the cost of his pension if longterm interest rates go down.

20 After retiring: protecting your income Priorities: preserve capital receive regular income with some inflation protection Shorter time horizons and different needs No more contributions 20 After you retire, you need to think about how you invest any pension funds you choose to use for variable income. This is not a problem if you plan to buy a fixed income, since any funds you use to buy a pension or annuity will already be spent. At this time your goals will likely shift to preserving capital and drawing a regular income with some protection from inflation. Your financial landscape will change in some important ways as retirement nears. You ll have less time to weather the ups and downs of the markets, and may have to take minimum withdrawals. You also won t be able to make more contributions. 20

21 Protecting your retirement income Discuss your asset mix with your financial advisor! Consider Balanced Fund or Bond/Equity Funds combo, plus funds in Money Market Fund Consider 3 years worth of income or spending in Money Market Fund and the remainder in Balanced Fund Consider matching your withdrawals to your returns 21 Again, discuss with your financial advisor how you might want to rebalance your pension funds. If you plan to choose Variable Benefit Payments, and are invested in the Balanced Fund you will be holding 60% equities and 40% bonds. In retirement, this type of mix may be too aggressive given the shift in your priorities. Adjusting your asset mix could help you reduce your risk. A different mix of Balanced, Equity and Bond Funds in combination with Money Market Funds could help you meet your goals. You might decide you want to continue to have the opportunity to earn higher long term average returns, yet shelter some money from potential short term losses. The mix you choose will depend on how comfortable you are with risk, and whether you have other investments, savings or other sources of income. You may also want to consider setting up a spending reserve for your retirement years that you replenish periodically while continuing to invest. You would do this by setting aside up to three year s worth of money in a low risk investment, such as a Money Market Fund. Then you can make your withdrawals from this fund while the rest remains invested. Finally another strategy to discuss with your advisor is to adjust your withdrawals each year based on your investment returns, assuming you take at least the minimum withdrawal amount in a year. This way you may be able to extend how long your money lasts. 21

22 Example: Edward Age: 60 Investment knowledge: moderate Goal: Collect monthly pension Investment strategy: Gradual shift to Bond Fund Reasons: Reached savings goal Wants to protect those savings Doesn t want to manage investments after retiring 22 Let s look at a few more examples: Edward is 60 years old with moderate investment knowledge. He retired earlier this year and chose a monthly joint and last survivor pension with 75% continuing to his spouse when he dies. Edward reached his retirement savings goal and needed to protect these savings. He was not interested in managing his investments further and he and his wife wanted to receive income that was guaranteed for both their lifetimes. A few years before retiring, Edward considered moving his pension funds into the Plan s lower risk options. So, he spoke to his financial advisor who suggested the Bond Fund since this might protect the expected value of his pension from falling interest rates. As Edward was reasonably comfortable as an investor, he went with his advisor s suggestion. While no one can predict what will happen, in his case interest rates fell the last couple of months before retirement so Edward was very happy with the choice he d made.

23 Example: Peter Age: 68 Investment knowledge: high Goal:Convert savings into retirement income Investment strategy: Maintain spending reserve and shift to Bond Fund in next 10 to15 years Reasons: Receiving VB payments since 2006 Spending reserves saw him through 2008 market declines Gradually reduce investment risk as his investment horizon shortens 23 Peter is 68 years old and has also already retired. His long term plan was to maintain a spending reserve and gradually shift his remaining investments to the Bond Fund. By being prepared and constantly monitoring his situation, he weathered a down market. Peter retired in 2006 and had been taking Variable Benefit payments. He has a high level of investment knowledge. When he first planned his investment strategy, his financial advisor suggested he start with three years of retirement income in the Money Market Fund for a spending reserve. Every year he transferred another year s worth of retirement income from the Balanced Fund to the Money Market Fund to replace what he had spent. When the Balanced Fund had its big loss in 2008, he still had three years of income in the Money Market Fund. At the end of 2008, he asked his advisor if he should lower his annual transfer amount because of the loss in the Balanced Fund. On her advice, he didn t make a fund transfer at all that year. And she said that since he still had two years of spending left in his reserve, he could continue to take the same Variable Benefit payments for one more year. In 2009, the Balanced Fund made large gains, and he decided with his advisor that he could afford to take the same payments in He also resumed his annual transfer to the Money Market Fund, but doubled the amount to replace what had been spent over the previous two years. After his experience in 2008, he wanted to make sure his spending reserve was topped right back up. Now he s gradually shifting holdings from the Balanced Fund to the Bond Fund over the next 10 to 15 years. He still has a fairly long investment horizon, but as he ages, he ll have less time to make up any losses so he wants to gradually reduce his risk of short term losses.

24 Accessing your CSS Pension Plan funds Three months prior to retiring, contact the CSS Pension Plan office for: Projections/illustrations Forms For non-locked in funds: Combine with locked-in funds for retirement income If transferring funds out of the Plan, must do so all at once For locked-in funds: Set up a retirement income on all or portion, or transfer all or portion out 24 Now, let s look at the process to access your funds when you are ready to retire. Before you can draw your retirement income, you have a little paperwork to do. Three months before starting a monthly pension or Variable Benefit payments, you ll need to contact the Plan office for pension projections or VB illustrations and the required application forms. If you re going to transfer funds outside the Plan, contact the CSS Pension Plan office for the required forms once you ve made your arrangements with a financial institution. When the Plan office receives the properly completed documents, it will send your pension funds to the financial institution by regular mail. Any non locked in funds need to be transferred all at once. Your locked in funds, however, can be used in portions, but additional administration fees may apply. If you decide you would like to start receiving retirement income as soon as you finish working, remember that payments will not be able to start until the CSS Pension Plan office receives your final contributions and a termination notice from your employer. 24

25 Guides, resources and experts Publications Website: In person Retirement Income Options workshops 25 Service Canada Services for Seniors Retirement planning seminars for members aged 50+ Individual consultation or pension projections or illustrations from the staff at the Plan office There are a number of resources available to help you as you get close to your retirement destination. On the Co operative Superannuation Society web site at you will find lots of information. Select the link here ( note you may want to pause this presentation first ) to see the daily unit prices of each of the investment funds and year to date returns. Go to the Funds tab for information on each of the funds or to get the Investment Instructions form. Also check out these publications: Future Financial Freedom, a workbook that takes you through the key elements of financial planning I m Ready to Retire guides for those nearing retirement, with up to date information for each province and territory TimeWise, the Plan's newsmagazine, which contains articles and information about the Plan and related topics Pension calculators and estimators to see what your retirement income amount could look like. You may also wish to take advantage of the Plan s Retirement Income Options workshops and Retirement Planning seminars for members nearing retirement. Contact the CSS Pension Plan office or check out the web site to find out when these seminars are available in your area. You can also ask for an individual consultation or pension projections or illustrations from the staff at the Pension Plan office. Finally, when you get closer to retirement, the Service Canada site also offers useful information about your CPP and OAS benefits. 25

26 Reaching your destination Enjoy your retirement! Tell us what you think! 26 Well, here we are at the end of our Road to Retirement series and there s only one thing left to say: When you finally reach your destination, be sure to make it all worthwhile, and Enjoy your retirement! 26