Pre-retirement workshop March Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Pre-retirement workshop March 2014. Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant"

Transcription

1 Pre-retirement workshop March 2014 Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant

2 Key Topics What retirement looks like today What does retirement mean to you? Next steps : how to prepare today for tomorrow

3 my financial future how do I see my retirement?

4 You have four friends who are all retired. How many will still have a mortgage? A. None B. One C. Four One Almost 1 in 4 retirees still have a mortgage

5 What percentage of men say they will still be working at age 66 because they want to? A. 5% B. 32% C. 75% 32% Apparently it s a guy thing

6 In 1981 one in ten people were older than 65. In 2016, how many people will be over 65? About 2 in 10 A. Still 1 in 10 B. About 2 in10 C. 8 in 10

7 what retirement looks like today

8 WHAT DO YOU WANT?

9

10 Converting dreams to reality How much will your retirement lifestyle cost and how will you get there?

11 What s important to me? Dreams Wants Needs

12 Your priorities will change

13 Your retirement has many parts Stay the same (keeping in line with inflation) Expenses Decrease Increase Groceries Property taxes Homeowner s insurance Utility bills Rent Vehicle Life insurance Mortgage Savings for retirement Savings for pension plan No CPP/QPP/EI payment Commute/parking Work-related expenses Taxes Hobbies Entertainment Travel Health care

14 Value of money historical comparison 1980 TODAY A basket of goods and services + $100 $271 $6,715 $18,140 * Cost of a car Cost of a house $110,292 $366,773 ** The rule of 72: 72 divided by the estimated inflation rate that is approximately how many years it will take inflation to double your costs. + Inflation impact of the cost of groceries is measured by the CPI sub-index for food purchased from stores. Data source: Statistics Canada * Canadian MSRP for a 2012 Honda Civic Sedan DX with air conditioning **Average price for a detached bungalow in Canada, as at September 30, 2012.

15 my retirement lifestyle what will it cost?

16 Interesting facts Four in five Canadians do not have a written financial plan. 86% of Canadians with a group savings plan would like more advice. Source: Sun Life Financial 2011 Unretirement Index Report

17 EVERYONE NEEDS A PLAN (you already have one!)

18 Your retirement plan: A long term strategy customized to you and your family designed to identify your future retirement income Matches your risk tolerance Includes all possible sources of income Provides peace of mind Considers changes in lifestyle once retired and the estimated costs

19 Understand where you are today How are you saving Do you contribute regularly Do you leave money on the table Are your investments diversified Are there other saving options you should consider

20 You and your spouse are 65 years old. What are the chances that one of you reach The age of 91?

21 How long should your money last? 65 Retirement 91 50% chance one spouse will live to age % chance one spouse will live to age 95 Source: Canadian Institute of Actuaries 1994 Uninsured Pensioner Mortality Table Projected to 2020.

22 How much pre-retirement income will you need?

23 my money Retirement Planner Determine how much you need to save now to provide you with your desired income level in retirement Adjust a number of variables as they change over time by updating your calculations in the Retirement planner Does not take the place of a real financial planner

24 my retirement lifestyle prepare today for tomorrow

25 Important considerations What will be your retirement income sources? Length of time you will rely on retirement income Inflation / your money losing value Rate of return on your investments Unexpected expenses

26 Getting ready to retire Switching saving to income Income sources Life and health insurance coverage Understand what products are available to you Understand your next steps to make retirement a reality

27 Age Retirement income comes from many sources Earliest company pension may be available Earliest CPP is available Average retirement age Earliest Old Age Security is available Latest registered savings plans must be converted to retirement income plans Your personal savings Work part time Employer pension (defined contribution) RRSP converted to income Savings converted to income for life Reduced CPP Canada Pension Plan (for life) Old Age Security (for life)

28 Government programs CPP Canada Pension Plan OAS GIS Old Age Security Guaranteed Income Supplement

29 Government programs CPP OAS GIS Eligibility Age 60 or older Made a contribution Age 65 or older Lived in Canada for at least 10 years after reaching age 18 Canadian citizen or legal resident Must be receiving OAS and have an income less than $16,367 (single) or $21,647 (couple) Payments Based on how much and how long you contributed Based on how long you lived in Canada as a Canadian citizen or legal resident Only available for low income Canadians Government programs will represent approximately 25% of your retirement income

30 CPP Payments 2014 maximum 2014 average $1,038.33/month $12,460/year $594.19/month $7,130/year

31 CPP Changes Who is impacted? All employees currently contributing to CPP AND All employees between age 60 and 70 who are also receiving CPP payments

32 CPP Changes What is impacted? Changes began in 2012 and are gradually rolling out through 2016 CPP retirement pension reduction = 0.6% per month (2016) CPP retirement pension increase = 0.7% per month (2013) Work Cessation Test no longer applicable

33 CPP - Things to consider Are you still earning income and are you contributing to CPP? How long and how much have you contributed? What is the amount of CPP you will receive? Do you have other retirement income? Your health

34 OAS Payments 2014 maximum 2014 average $551.54/month $6,618/year $515.97/month $6,192/year

35 OAS full payment 100% 40 years of continuous residency since age 18

36 OAS partial payment Partial payment 100% Example If you had 10 years you would be eligible for 25% of the OAS 1/40 for each year of residency since age 18

37 OAS Changes Eligibility of age changing from 65 to 67 No changes for anyone born on or before March 31, 1958 No changes if you were 54 and older as of March 31, 2012 Anyone born in February 1962 or later will be eligible at age 67 Gradual increase for all other birth years Visit to determine how you are impacted

38 OAS Changes Voluntary deferral Effective July 1, 2013 You can defer your OAS up to 5 years from your eligibility providing you have a higher adjusted amount 7.2% per year or 0.6 per month

39 Your Usask savings plans may include: converts to How I save now converts to Income once retired Defined Contribution Pension Plan (DCPP) Locked-in savings Annuity Prescribed Retirement Income Fund (PRIF)

40 Retirement income options ANNUITY A contract issued by a life insurance company A fixed sum of money paid to someone each year, typically for the rest of their life. PRIF Your pension funds cannot be transferred to a PRIF before the age of 55. Your spouse s consent is required. No annual maximum withdrawal limit. Guaranteed Minimum Withdrawal Benefit (GMWB) Adds insurance coverage to your retirement savings. Provides guaranteed income for life. Your retirement income won t decline due to market fluctuations. YOU CAN USE A COMBINATION OF THESE OPTIONS

41 The University of Saskatchewan Custom PRIF/RIF Competitive rates & management fees Allows for transfers-in No fees to transfer between funds* One-stop for benefits & savings Convenient preauthorized payments Free guidance and support * Short Term Trading Policy: A 2% fee will be charged when a plan member initiates an inter fund transfer into a fund followed by an inter fund transfer out of the same fund within 30 days.

42 The University of Saskatchewan Group Retirement Fund Due to your participation in your group plan, you can join the University of Saskatchewan Group Retirement Fund Investment fees are substantially lower that retail products (like you re used to with your current group plan) Same great investment options Continued access to the Customer Care Centre and Plan Member Website

43 Fee advantages One of the greatest benefits of transferring your retirement savings into the University of Saskatchewan Group Retirement Fund is the low fund management fees you pay for your investment funds You ll pay fund management fees that are significantly lower than those you would pay as an individual investor at a mutual fund company or other financial institution That s the benefit of belonging to a group plan- more bargaining power than you would have on your own. That fee difference can have a large impact on the growth of your retirement income

44 Low management fees matter Money Market Fixed Income Canadian Equity U.S. Equity 0.84% 1.71% 2.42% 2.58% International Equity 2.49%

45

46 Annuity - Overview Series of future payments in exchange for a lump sum today Irrevocable once purchased Sensitive to interest rates at time of purchase Once your beneficiary passes on, payments will cease under most circumstances Does not require active management Is not affected by financial markets

47 Annuity- Features Life annuity - Annuity continues for your entire life Joint life or last survivor - Includes your spouse and only ends once the last person dies Guarantee period - The length of time that the annuity payment is guaranteed to be paid to your estate Inflation protection Increases each year by inflation to protect your purchasing power throughout retirement

48 Savings required to obtain a monthly income of $1,000 Example $237,163 $220,449 $208,676 $192, yrs old 65 yrs old Female Male Source: my money annuity premium calculator Assumptions: Individual Life Annuity with a guaranteed period of 10 years

49 How much monthly income from $100,000? Single Life Annuity and Joint Life Last Survivor Annuity Single Life Joint Life Last Survivor Age 60 $422 $454 Age 60 $393 $404 Age 65 $479 $520 Age 65 $445 $459 Female Male Female Annuitant / Male Spouse Male Annuitant / Female spouse Source: my money annuity premium calculator Assumptions: Single Life Annuity Amount is guaranteed to be paid for a minimum period of 10 years. Joint Life Last Survivor Amount is guaranteed to be paid for a minimum period of 10 years and payable at the rate of 60% of the initial amount to your spouse.

50 Annuity vs. PRIF/RIF FEATURE / RISK LEVEL GUARANTEED INCOME ANNUITY Guaranteed for life PRIF/RIF Not guaranteed for life INVESTMENT CHOICE None Yes MARKET RISK None Some INFLATION RISK Varies Some DEATH BENEFIT Varies Market Value

51 Understanding your insurance needs Working years Retirement years Long term care insurance Critical illness insurance Disability insurance Personal health insurance Income protection Retirement income protection Retirement income protection

52 How to maintain life insurance coverage My LIFE Choice (for members under age 65) Features My LIFE Choice allows you to continue competitive coverage similar to what you have under your group plan, up to $1 million No medical exam, and no appointment is necessary Optional accidental death coverage is also available Eligibility You and/or your spouse must be age 65 or under Within 60 days of leaving your employer s group plan Pass a few simple health questions You must be actively at work the day your employee group coverage ends How to purchase Available over the phone through the Client Solutions Centre You will be asked a few simple health questions to determine eligibility and the level of coverage you qualify for Contact a Retirement Specialist at to discuss conversion of existing insurance to continue coverage.* *To guarantee up to $200,000 of life insurance coverage, application must be done within 31 days of group coverage ending.

53 Maintaining health insurance coverage My Health Choice Features Continue health and dental coverage for you, your spouse and dependent children No appointment is necessary and no medical exam is required Best Doctors allows you to connect with top specialists should you become seriously ill Eligibility Between the ages of You must be actively at work the day your employee group coverage ends Apply within 60 days of the date your employee group coverage ends How to purchase Contact a Retirement Specialist at

54 Next steps

55 Important considerations Making your money last Retirement age vs. government income options Income tax Working part-time vs. full retirement Health and life insurance coverage Ongoing retirement plan management Leaving a legacy

56 Put your plan in to action Talk with your family Use tools available Review your group savings plan Consider your other investment and insurance needs.

57 Calculating your savings and expenses? Retirement expense calculator:

58

59 Online tools Online mysunlife.ca myretirementcafe.ca Brighterlife.ca Self-service tools available online Educational articles and videos Financial planning tools available at mysunlife.ca including: Retirement Planner Investment Risk Profler OAS clawback calculator Registered Retirement Income Fund (RRIF) calculator Annuity premium calculator

60 Thank you!

Easy Guide to Retirement Income Options

Easy Guide to Retirement Income Options Easy Guide to Retirement Income Options Contents PAGE 1: Your retirement income choices... 2 1. Convert your RSP into an annuity... 2 a. Life Annuity... 2 b. Term Certain Annuity to Age 90... 2 2. Convert

More information

Your Guide to Retirement Income Planning

Your Guide to Retirement Income Planning Your Guide to Retirement Income Planning Your Guide to Retirement Income Planning 3 Your retirement income plan How to create secure income in retirement Your retirement will be as unique as you are. Travel,

More information

Plan at a glance: University of Saskatchewan Group Retirement Fund Prescribed Retirement Income Fund PRIF Registered Retirement Income Fund RRIF

Plan at a glance: University of Saskatchewan Group Retirement Fund Prescribed Retirement Income Fund PRIF Registered Retirement Income Fund RRIF Plan at a glance: Group Retirement Prescribed Retirement Income PRIF Registered Retirement Income RRIF Your plan at a glance We know how hard you have saved for your future. Now it s time for you to make

More information

Life s brighter under the sun (and so is your retirement)

Life s brighter under the sun (and so is your retirement) Life s brighter under the sun (and so is your retirement) Key topics Your retirement options Understanding your plan Choosing your investments Managing your account Take action 2 YOUR RETIREMENT OPTIONS

More information

BEING FINANCIALLY PREPARED FOR RETIREMENT The Scary Facts! $1.00 item in 1972, costs $3.78 today At the average rate of inflation, the price you pay for an item today will be double in 20 years almost

More information

Almost there. Your guide to approaching retirement

Almost there. Your guide to approaching retirement Almost there Your guide to approaching retirement Contents 02 Approaching retirement 03 What can get between you and a financially sound retirement? 04 Develop a solid plan Step 1: Set your goals Step

More information

Retirement Planning Workshop

Retirement Planning Workshop Retirement Planning Workshop Agenda What is Retirement Planning? Why Plan for Retirement? 5 Key Risks to secure income Goal Setting Retirement Income Considerations Asset Accumulation Considerations Tom

More information

4Needs your WHAT S AFTER? ELIMINATE DEBT THE FEWER DEBTS, THE BETTER! Wills and Trusts; Reviewing These Are a Must

4Needs your WHAT S AFTER? ELIMINATE DEBT THE FEWER DEBTS, THE BETTER! Wills and Trusts; Reviewing These Are a Must YOUR SOURCE FOR RETIREMENT PLANNING AND POSSIBILITIES e > N xt WHAT S AFTER? But first, some things to think about before 4Needs your retirement income should meet ELIMINATE DEBT THE FEWER DEBTS, THE BETTER!

More information

Preparing for Retirement. A Guide for Employees. Human Resources

Preparing for Retirement. A Guide for Employees. Human Resources Preparing for Retirement A Guide for Employees 010 Human Resources Contents Introduction... 3 Canada Pension Plan Retirement Benefits... 4 Old Age Security... 6 Employment Insurance Benefits at Retirement...

More information

Your contributory period ends at the earliest of the following:

Your contributory period ends at the earliest of the following: Canada Pension Plan and Old Age Security A. CPP Overview Canada Pension Plan is a contributory, earnings-related insurance program. This means that you must have contributed to the program in order to

More information

Questions and Answers in connection with the Agreement On Retirement Matters Applicable to Faculty and Librarians

Questions and Answers in connection with the Agreement On Retirement Matters Applicable to Faculty and Librarians Questions and Answers in connection with the Agreement On Retirement Matters Applicable to Faculty and Librarians General Questions Pension Basics Postponed Retirement Early Retirement Phased Retirement

More information

Getting Close.Retirement Income Options

Getting Close.Retirement Income Options Getting Close.Retirement Income Options Today s meeting How much do I need to retire? Sources of retirement income Retirement planning tools Countdown to retirement How much do I need to retire? How much

More information

Planning Retirement. Information for BCGEU Pension Plan Members

Planning Retirement. Information for BCGEU Pension Plan Members Planning Retirement Information for BCGEU Pension Plan Members January 2012 PAGE ONE PAGE TWO PAGE THREE PAGE FOUR PAGE FIVE PAGE SIX PAGE SEVEN PAGE EIGHT PAGE NINE PAGE TWELVE TABLE OF CONTENTS Preparing

More information

The Road to Retirement: Reaching your destination

The Road to Retirement: Reaching your destination 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

More information

TABLE OF CONTENTS UNDERSTAND YOUR WESTERN RETIREMENT PLAN...1

TABLE OF CONTENTS UNDERSTAND YOUR WESTERN RETIREMENT PLAN...1 Last Updated: April 2016 TABLE OF CONTENTS UNDERSTAND YOUR WESTERN RETIREMENT PLAN...1 PLANNING FOR RETIREMENT Retirement Counselling... 2 Retirement Workshop and Information Sessions... 3 Online Financial

More information

1999 Academic Pension Plan

1999 Academic Pension Plan 1999 Academic Pension Plan TABLE OF CONTENTS Introduction... 3 Eligibility... 3 Enrolling in the Plan... 3 Contributions... 3 Defined Benefit Component:... 3 Defined Contribution Component:... 4 Other

More information

ADVISOR USE ONLY PAYOUT ANNUITY. Overcoming objections. Life s brighter under the sun

ADVISOR USE ONLY PAYOUT ANNUITY. Overcoming objections. Life s brighter under the sun ADVISOR USE ONLY PAYOUT ANNUITY Overcoming objections Life s brighter under the sun Overview Payout annuities are a powerful retirement tool and have been an important product for many years. They re sometimes

More information

The Hartford Income Security SM

The Hartford Income Security SM The Hartford Income Security SM A Fixed Deferred Payout Annuity Prepare To Live SM For Use In All States, Except Florida Start Building Your Future Income Today There s never been a better time to begin

More information

Investor Guide. RRIF Investing. Managing your money in retirement

Investor Guide. RRIF Investing. Managing your money in retirement Investor Guide RRIF Investing Managing your money in retirement 1 What s inside It s almost time to roll over your RRSP...3 RRIFs...4 Frequently asked questions...5 Manage your RRIF...8 Your advisor...10

More information

RETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT

RETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT RETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT This document has been prepared for use by RBC Dominion Securities Inc.* and RBC DS Financial Services Inc., (collectively, the Companies ). The

More information

Lifetime income benefit

Lifetime income benefit London Life segregated policies Lifetime income benefit Guarantee your income for life GUARANTEES PROTECTION STRENGTH Financial strength and stability London Life, together with Great-West Life and Canada

More information

Lifetime income benefit

Lifetime income benefit Canada life segregated Funds Lifetime income benefit Guarantee your income for life Grow income don t allow it to decrease Financial strength and stability Canada Life, founded in 1847, was Canada s first

More information

Pension Plan Benefits on Retirement

Pension Plan Benefits on Retirement Pension Plan Benefits on Retirement MARCH 2014 What is inside How is Your Pension Benefit Determined? Assumptions used in Preparing a Pension Estimate... 2 Formula Pension...............................................................................

More information

Retirement. Income. your way

Retirement. Income. your way Retirement. Income. your way YOUR GUIDE TO SUNFLEX RETIREMENT INCOME Life s brighter under the sun Table of contents Introduction... 3 The five retirement risks... 4 Money for Life... 5 Product Overview

More information

Reuter Benefits Group Plan Member Newsletter September 2009

Reuter Benefits Group Plan Member Newsletter September 2009 Reuter Benefits Group Plan Member Newsletter September 2009 Accessing Your Retirement Savings As you approach retirement, you will need to turn your Pension and RRSP, as well as any nonregistered savings,

More information

Guide to Individual Retirement Accounts. Make a secure retirement yours

Guide to Individual Retirement Accounts. Make a secure retirement yours Guide to Individual Retirement Accounts Make a secure retirement yours Retirement means something different to everyone. Some dream of stopping employment completely and some want to continue working.

More information

Preparing for retirement

Preparing for retirement What s in this fact sheet? This fact sheet explains the basics of retirement planning. For more information, contact the Human Resources Service, Pension Sector: Telephone: (613) 562-5800 ext. 1747 E-mail:

More information

Life insurance. Shedding light on. a practical guide to helping you achieve a lifetime of financial security

Life insurance. Shedding light on. a practical guide to helping you achieve a lifetime of financial security Shedding light on Life insurance a practical guide to helping you achieve a lifetime of financial security Learn more about: Safeguarding your loved ones Protecting your future Ensuring your dreams live

More information

Earning Cash Balance Pay Credits

Earning Cash Balance Pay Credits You Have a Choice New Cash Balance Pension You Have a Choice The important thing to understand is this: If you were hired through December 31, 2012 you don t have to change to the new cash balance pension

More information

Pre-Retirement Seminar. Faculty & Executives

Pre-Retirement Seminar. Faculty & Executives Pre-Retirement Seminar Faculty & Executives Spring 2014 Human Resources, the Retirement Planning Institute and Scotiabank This PowerPoint presentation was designed as the handout for the Pre-retirement

More information

VIA E-MAIL. All Local Union and Retiree Chapter Presidents Representing Legacy Qwest Employees and Retirees

VIA E-MAIL. All Local Union and Retiree Chapter Presidents Representing Legacy Qwest Employees and Retirees Communications 8085 E. Prentice Avenue Workers of America Greenwood Village, CO 80111-2745 AFL-CIO, CLC 303-770-2822-Phone 303-793-7927-Fax R-009 September 2, 2014 VIA E-MAIL TO: FROM: SUBJECT: All Local

More information

TABLE OF CONTENTS UNDERSTAND YOUR WESTERN RETIREMENT PLAN...1

TABLE OF CONTENTS UNDERSTAND YOUR WESTERN RETIREMENT PLAN...1 Last Updated: December 2014 TABLE OF CONTENTS UNDERSTAND YOUR WESTERN RETIREMENT PLAN...1 PLANNING FOR RETIREMENT Retirement Counselling... 2 Retirement Workshop and Information Sessions... 3 Online Financial

More information

MEMBER RETIREMENT INCOME OPTIONS Achieve Your Retirement Dreams

MEMBER RETIREMENT INCOME OPTIONS Achieve Your Retirement Dreams MEMBER RETIREMENT INCOME OPTIONS Achieve Your Retirement Dreams Achieve Your Retirement Dreams With a Registered Retirement Income Fund (RRIF) Wise Ways to Make the Most of Your Money Now that you re getting

More information

Annuities. Introduction 2. What is an Annuity?... 2. How do they work?... 3. Types of Annuities... 4. Fixed vs. Variable annuities...

Annuities. Introduction 2. What is an Annuity?... 2. How do they work?... 3. Types of Annuities... 4. Fixed vs. Variable annuities... An Insider s Guide to Annuities Whatever your picture of retirement, the best way to get there and enjoy it once you ve arrived is with a focused, thoughtful plan. Introduction 2 What is an Annuity?...

More information

MassMutual Single Premium Immediate Annuity

MassMutual Single Premium Immediate Annuity ANNUITIES MassMutual Single Premium Immediate Annuity Retirement Can Be An Exciting Journey INVEST INSURE RETIRE Peter and Gail Doherty will celebrate their 40th wedding anniversary later this year. When

More information

The Road to Retirement: Beginning your journey

The Road to Retirement: Beginning your journey The Road to Retirement: Beginning your journey 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

More information

Employees Retirement Plan University of Windsor Pre-Retirement Seminar

Employees Retirement Plan University of Windsor Pre-Retirement Seminar Employees Retirement Plan University of Windsor Pre-Retirement Seminar Welcome! April 22, 2014 Presentation Overview Preparing for Retirement Sources of Retirement Income Types of Pension Plans Plan Definitions

More information

MEMBERS Future Income Annuity

MEMBERS Future Income Annuity MEMBERS Future Income Annuity GUARANTEED INCOME FOR LIFE Move confidently into the future MFA-875346-034-046 A financial services company serving financial institutions and their clients worldwide. It

More information

Early Retirement Strategies

Early Retirement Strategies If you or a member of your family is facing a permanent lay-off, voluntary early retirement or forced early retirement, there are many important decisions to be made decisions that can have a significant

More information

7 Facts You Need to Know About Reverse Mortgages...

7 Facts You Need to Know About Reverse Mortgages... SPECIAL REPORT 7 Facts You Need to Know About Reverse Mortgages... By Quinn Berry 7 Facts You Need to Know About Reverse Mortgages... to help you enjoy a comfortable, worry-free retirement! Chances are

More information

Old Age Security Benefits and Canada Pension Plan

Old Age Security Benefits and Canada Pension Plan Old Age Security Benefits and Canada Pension Plan Service Canada Service Canada was created in 2005 to improve the delivery of government programs and services to Canadians, by making access to them faster,

More information

Retirement Income Options

Retirement Income Options Retirement Income Options How will you spend your retirement? Table of Contents Introduction...4 Retirement Considerations...5 Other Considerations...8 Entering Retirement...9 Retirement Income Options...10

More information

Lifetime income benefit

Lifetime income benefit Lifetime income benefit Guarantee your income for life Great-West Life segregated fund policies Segregated fund policy information Investments tailored to protect you Table of contents Financial strength

More information

Life Insurance Tutorial & Calculation Worksheet

Life Insurance Tutorial & Calculation Worksheet Life Insurance Tutorial & Calculation Worksheet Provided By NAVY MUTUAL AID ASSOCIATION Henderson Hall, 29 Carpenter Road, Arlington, VA 22212 Telephone 800-628-6011-703-614-1638 - FAX 703-945-1441 E-mail:

More information

WHAT YOU SHOULD KNOW. About Buying Life Insurance. Life insurance is financial protection. It provides the

WHAT YOU SHOULD KNOW. About Buying Life Insurance. Life insurance is financial protection. It provides the Life insurance is financial protection. It provides the resources your family may need to pay immediate and continuing expenses after you die. WHAT YOU SHOULD KNOW About Buying Life Insurance There are

More information

For advisor use only Advisor Guide

For advisor use only Advisor Guide For advisor use only Advisor Guide RBC Payout Annuities 2 RBC Payout Annuities: Advisor guide What you and your clients need to know about payout annuities In an uncertain financial world where guarantees

More information

FINANCIAL ANALYSIS ****** UPDATED FOR 55% BENEFIT ****** ****** FOR ALL SURVIVORS ******

FINANCIAL ANALYSIS ****** UPDATED FOR 55% BENEFIT ****** ****** FOR ALL SURVIVORS ****** FINANCIAL ANALYSIS ****** UPDATED FOR 55% BENEFIT ****** ****** FOR ALL SURVIVORS ****** This fact sheet is designed to supplement the Department of Defense brochure: SBP SURVIVOR BENEFIT PLAN FOR THE

More information

How Can You Reduce Your Taxes?

How Can You Reduce Your Taxes? RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com How Can You Reduce Your Taxes? Tax Brackets.

More information

CHAPTER 10 ANNUITIES

CHAPTER 10 ANNUITIES CHAPTER 10 ANNUITIES are contracts sold by life insurance companies that pay monthly, quarterly, semiannual, or annual income benefits for the life of a person (the annuitant), for the lives of two or

More information

Palladium Single Premium Immediate Annuity With

Palladium Single Premium Immediate Annuity With Palladium Single Premium Immediate Annuity With Cost Of Living Adjustment Income For Now... Guaranteed Income For Life! A Single Premium Immediate Annuity Issued By Income for Your Needs Now and in the

More information

Sample retirement plan prepared with. The Canadian Retirement Planner s Software. For information visit http://www.gobeil.ca/

Sample retirement plan prepared with. The Canadian Retirement Planner s Software. For information visit http://www.gobeil.ca/ RETIREMENT PLAN PROVINCE OF ONTARIO AS AT JANUARY 1, 2012 PREPARED BY DAVID GOBEIL, CA, CFP NOVEMBER 14, 2011 VERSION DRAFT Sample retirement plan prepared with The Canadian Retirement Planner s Software

More information

Sample retirement plan prepared with. The Canadian Retirement Planner s Software. For information visit http://www.gobeil.ca/

Sample retirement plan prepared with. The Canadian Retirement Planner s Software. For information visit http://www.gobeil.ca/ RETIREMENT PLAN KAREN AND BILL SWIRE PROVINCE OF ONTARIO AS AT JANUARY 1, 2012 PREPARED BY DAVID GOBEIL, CA, CFP NOVEMBER 4, 2011 VERSION DRAFT Sample retirement plan prepared with The Canadian Retirement

More information

Retirement Planning Information Session. March 2012

Retirement Planning Information Session. March 2012 Retirement Planning Information Session March 2012 Today s meeting The Retirement Savings Program Why Save for retirement Benefits of a group plan Investment Options Managing investment risk Retirement

More information

retirement income solutions *Advisor Design guide for Life s brighter under the sun What s inside Retirement income solutions advisor guide USE ONLY

retirement income solutions *Advisor Design guide for Life s brighter under the sun What s inside Retirement income solutions advisor guide USE ONLY Retirement income solutions advisor guide *Advisor USE ONLY Design guide for retirement income solutions What s inside Discussing retirement needs with clients Retirement income product comparison Creating

More information

The Truth About INSURANCE

The Truth About INSURANCE INSURANCE The Truth About Annuities are one of the least known, least understood and most underutilized financial instruments. Yet as Paul Goldstein explains, in certain circumstances annuities should

More information

DEATH BENEFITS. Department of Employee Trust Funds P. O. Box 7931 Madison, WI 53707-7931 etf.wi.gov ET-6101 (REV 5/13)

DEATH BENEFITS. Department of Employee Trust Funds P. O. Box 7931 Madison, WI 53707-7931 etf.wi.gov ET-6101 (REV 5/13) DEATH BENEFITS Department of Employee Trust Funds P. O. Box 7931 Madison, WI 53707-7931 etf.wi.gov ET-6101 (REV 5/13) 4 The Department of Employee Trust Funds (ETF) administers three programs that provide

More information

UBC FACULTY PENSION PLAN RETIREMENT OPTIONS

UBC FACULTY PENSION PLAN RETIREMENT OPTIONS UBC FACULTY PENSION PLAN RETIREMENT OPTIONS This brochure will provide you with general information about the options available to you upon your retirement. These options fall into two categories: I. Those

More information

Lifetime Income Benefit Rider

Lifetime Income Benefit Rider for a secure Retirement Lifetime Income Benefit Rider (LIBR-2010)* Included automatically on most Fixed Indexed Annuities** for use with Fixed Indexed Annuities *May vary by state. Not available in all

More information

Resource Guide. Creating a plan for lifetime income in retirement

Resource Guide. Creating a plan for lifetime income in retirement Resource Guide Creating a plan for lifetime income in retirement Freedom in retirement starts with income in retirement When it comes to planning for your future, nothing should be left to chance. That

More information

What You should Know. About Buying Life Insurance. Life insurance protects your financial future. It provides

What You should Know. About Buying Life Insurance. Life insurance protects your financial future. It provides Life insurance protects your financial future. It provides the resources your family or business may need to pay immediate and continuing expenses when you die. What You should Know About Buying Life Insurance

More information

INVESTMENT AND PLANNING SOLUTIONS. Redefine your means in retirement. Member FINRA/SIPC

INVESTMENT AND PLANNING SOLUTIONS. Redefine your means in retirement. Member FINRA/SIPC INVESTMENT AND PLANNING SOLUTIONS Redefine your means in retirement Member FINRA/SIPC INVESTMENT AND PLANNING SOLUTIONS More guaranteed income to count on when you need it to count. It s taking that second

More information

The financial advisor and the insurance industry yesterday, today and tomorrow

The financial advisor and the insurance industry yesterday, today and tomorrow The financial advisor and the insurance industry yesterday, today and tomorrow Canadian Institute of Financial Planners 8 th Annual National Conference Kevin Strain SVP, Individual Insurance and Investments

More information

Should I Buy an Income Annuity?

Should I Buy an Income Annuity? Prepared For: Fred & Wilma FLINT Prepared By: Don Maycock The purchase of any financial product involves a trade off. For example when saving for retirement, you are often faced with making a trade off

More information

Retirement Income Investment Strategy by Andrew J. Krosnowski

Retirement Income Investment Strategy by Andrew J. Krosnowski Retirement Income Investment Strategy by Andrew J. Krosnowski Step 1- Income Needs-When formulating a successful strategy to generate income during retirement we feel that it is important to start by identifying

More information

Retirement income. Disbursement products Annuities, RRIFs and LIFs

Retirement income. Disbursement products Annuities, RRIFs and LIFs Retirement income Disbursement products Annuities, RRIFs and LIFs Disbursement products Make the most of your new lifestyle without financial worries For years now, you have been saving to build retirement

More information

Income annuities. Retirement income guaranteed. Are you looking for stable and guaranteed income you can count on throughout your retirement?

Income annuities. Retirement income guaranteed. Are you looking for stable and guaranteed income you can count on throughout your retirement? Income annuities Retirement income guaranteed Are you looking for stable and guaranteed income you can count on throughout your retirement? A lifetime income annuity can become the cornerstone of your

More information

SecureLiving Income Provider

SecureLiving Income Provider Single Premium Immediate Annuity I SecureLiving Series SecureLiving Income Provider Do what you love. Issued by Genworth Life Insurance Company & Genworth Life and Annuity Insurance Company 130800 08/22/13

More information

my plan Simplified Pension Plan for Employees of Bishop s University Member Booklet

my plan Simplified Pension Plan for Employees of Bishop s University Member Booklet my plan Simplified Pension Plan for Employees of Bishop s University Member Booklet Client ID 2RT-01 May 2015 Table of Contents Introduction... 1 What type of plan do I have?... 1 What are my responsibilities?...

More information

pensions backgrounder #4

pensions backgrounder #4 pensions backgrounder #4 Private Retirement Savings Part 4 in a Series The full series of pension backgrounders are contained in the National Union s Pensions Manual, Fourth Edition available from the

More information

McGill University Pension Plan

McGill University Pension Plan The presentation can be accessed in online at: www.mcgill.ca/hr/bp/pensions/infosessions. McGill University Pension Plan PENSION PLAN SETTLEMENT OPTIONS INFORMATION SESSION Human Resources This presentation

More information

Medicare for Women and Men

Medicare for Women and Men Allsup Medicare Advisor Report Medicare for Women and Men October 2013 Concerns in retirement 2-3 Primary source of income in retirement 4 Financial planner and Medicare discussion 5 Health insurance coverage

More information

This strategy gives a person the ability to take advantage of the tax-sheltering ability of a life insurance policy.

This strategy gives a person the ability to take advantage of the tax-sheltering ability of a life insurance policy. Insuring the Future In this Newsletter: Supplementing Retirement Income Who should be looking at this strategy? The Registered Savings Problem John Jordan, CFP CERTIFIED FINANCIAL PLANNER Phone: (519)

More information

Sacramento Metropolitan Fire District Retirement Benefit Options

Sacramento Metropolitan Fire District Retirement Benefit Options Personal Information Sacramento Metropolitan Fire District Retirement Benefit Options If this is an initial request, and not a change in a current distribution, remember to have your former employer complete

More information

LEAVING YOUR EMPLOYER SHOULD YOU COMMUTE YOUR PENSION PLAN?

LEAVING YOUR EMPLOYER SHOULD YOU COMMUTE YOUR PENSION PLAN? LEAVING YOUR EMPLOYER SHOULD YOU COMMUTE YOUR PENSION PLAN? Mackenzie Tax & Estate Planning In past years when an individual changed employers, it was pretty much an accepted practice to leave their defined

More information

Strategies For Dealing With An Early Retirement Package

Strategies For Dealing With An Early Retirement Package If you or a member of your family is facing a permanent lay-off, voluntary early retirement or forced early retirement, there are many important decisions to be made decisions that can have a significant

More information

UNLIKE ANYTHING ELSE on the market

UNLIKE ANYTHING ELSE on the market Retirement income LifeAnew A deferred life annuity that s 100% guaranteed for life UNLIKE ANYTHING ELSE on the market Overview of factors influencing retirement WHAT KIND OF RETIREMENT INCOME IS AVAILABLE?

More information

The Revised Pension Plan of

The Revised Pension Plan of The Revised Pension Plan of A Guide to the Pension Plan for Queen s Staff and Faculty Prepared by Pension Services, Department of Human Resources Fleming Hall, Stewart-Pollock Wing 78 Fifth Field Company

More information

Your guide to participating life insurance SUN PAR PROTECTOR SUN PAR ACCUMULATOR

Your guide to participating life insurance SUN PAR PROTECTOR SUN PAR ACCUMULATOR Your guide to participating life insurance SUN PAR PROTECTOR SUN PAR ACCUMULATOR Participate in your brighter future with Sun Life Financial. Participating life insurance is a powerful tool that protects

More information

getting you ready / retirement planning For members within five years of retiring

getting you ready / retirement planning For members within five years of retiring getting you ready / retirement planning For members within five years of retiring Contents 2 / Introduction 3 / HOOPP: More for your money 4 / The pension you ll receive 6 / When you can retire 12 / Survivor

More information

Your Master Retirement Plan Handbook...

Your Master Retirement Plan Handbook... annuity options. Master Retirement Plan Your Master Retirement Plan Handbook... Key points in understanding this generous benefit: Remember, if you re married, you can select any of the payment options.

More information

Preparing for Retirement

Preparing for Retirement Preparing for Retirement Preparing for Retirement Your UC Pension Lump Sum Cashout Retirement payment vs. paycheck Additional UC sources of retirement income Other sources of retirement income To your

More information

Accessing and Optimizing Pensions and Public Benefits

Accessing and Optimizing Pensions and Public Benefits financial literacy series for older adults Federal Public Benefits for Seniors Accessing and Optimizing Pensions and Public Benefits Ontario edition Both Canada and Ontario have several programs in place

More information

Table of Contents. Preface... i. I. Leaving Your Money in the TSP... 1. II. Withdrawing Your TSP Account... 2. III. TSP Annuities...

Table of Contents. Preface... i. I. Leaving Your Money in the TSP... 1. II. Withdrawing Your TSP Account... 2. III. TSP Annuities... Table of Contents Preface............................................... i Life Expectancy for a 65-Year-Old Person............................ i Questions to Ask before Withdrawing Your Account....................

More information

Table of Contents. cope378 G:\Users\Pension Assistant\Pensions\Pension Retirement Brochure\Retirement Brochure_February 2013.Doc

Table of Contents. cope378 G:\Users\Pension Assistant\Pensions\Pension Retirement Brochure\Retirement Brochure_February 2013.Doc Table of Contents Your Pension Plan... 4 Your Member Benefit Statement: an important information source... 7 Planning for Retirement... 15 Government Plans... 21 Life After Retirement... 22 cope378 G:\Users\Pension

More information

SCHEDULE 2 (section 116) PENSION BENEFITS STANDARDS REGULATION LIFE INCOME FUND ADDENDUM

SCHEDULE 2 (section 116) PENSION BENEFITS STANDARDS REGULATION LIFE INCOME FUND ADDENDUM SCHEDULE 2 (section 116) PENSION BENEFITS STANDARDS REGULATION LIFE INCOME FUND ADDENDUM PART 1 - DEFINITIONS AND INTERPRETATION Definitions and interpretation 1 (1) Subject to subsection (3), the following

More information

Understanding RSPs. Your Guide to Retirement Savings Plans

Understanding RSPs. Your Guide to Retirement Savings Plans Understanding RSPs Your Guide to Retirement Savings Plans Getting Started Some retirement basics Getting Ahead Setting your retirement savings goals Getting the Most Maximizing your RSP growth Getting

More information

Local 804 Pension Plan

Local 804 Pension Plan Local 804 Pension Plan A guide to your pension plan benefits Union Benefit Plans Services Contact Contact us If you have any questions about the plan, please contact the plan administrator: Union Benefit

More information

Planning for Retirement

Planning for Retirement Planning for Retirement PLANNING FOR RETIREMENT Retirement. It s a period of one s life that most people look forward to, anticipating more time to spend with family and friends, and a welcome end to the

More information

Nurses Retirement Decision-Making Guide

Nurses Retirement Decision-Making Guide Nurses Retirement Decision-Making Guide A Joint Project of the Center for American Nurses and WISER, the Women's Institute for a Secure Retirement WISER THE WOMEN S INSTITUTE FOR A SECURE RETIREMENT The

More information

LATEST EDITION JUNE 2011. Your Pension and Planning Your Retirement. A guide for getting started on your retirement plans

LATEST EDITION JUNE 2011. Your Pension and Planning Your Retirement. A guide for getting started on your retirement plans LATEST EDITION JUNE 2011 Your Pension and Planning Your Retirement A guide for getting started on your retirement plans How to contact us Member and Pensioner Services: (416) 681-6100 in the Toronto calling

More information

Help Protect Your Most Valuable Asset Your Income

Help Protect Your Most Valuable Asset Your Income Help Protect Your Most Valuable Asset Your Income NJEA Endorsed Disability Insurance Program For enrollments on and after October 1, 2012 The Prudential Insurance Company of America 02046-00002-00 Think

More information

The Individual Annuity

The Individual Annuity The Individual Annuity a resource in your retirement an age of Decision Retirement today requires more planning than for previous generations. Americans are living longer many will live 20 to 30 years

More information

Frequently Asked Questions: Lump Sum Reminder

Frequently Asked Questions: Lump Sum Reminder Frequently Asked Questions: Lump Sum Reminder IMPORTANT NOTE: In these Frequently Asked Questions (FAQs), the terms you, I, or my refer to someone who is a former employee of HP or one of its acquired

More information

plaintalk about life insurance

plaintalk about life insurance plaintalk about life insurance The right life insurance protection can have an enormous effect on your life and the lives of those you love. It can mean the difference between leaving your loved ones well

More information

Excerpts from IRI Annuity Fact Book Variable Annuity 101 An annuity is often viewed as life insurance in reverse. Whereas life insurance protects an individual against premature death, an annuity protects

More information

The Individual Annuity

The Individual Annuity The Individual Annuity a re s o u rc e i n yo u r r e t i r e m e n t an age of Decision Retirement today requires more planning than for previous generations. Americans are living longer many will live

More information

YOUR PENSION PLAN GUIDE

YOUR PENSION PLAN GUIDE YOUR PENSION PLAN GUIDE YOUR PLAN Your rights and obligations 2 Understanding your annual pension 3 Plan management 4 How we serve you 5 THE BASICS Automatic membership 7 Contributing to your pension 7

More information

QUICK NOTES SUPPLEMENTAL STUDY GUIDE NEW JERSEY

QUICK NOTES SUPPLEMENTAL STUDY GUIDE NEW JERSEY QUICK NOTES SUPPLEMENTAL STUDY GUIDE NEW JERSEY A REVIEW SUPPLEMENT FOR THE NEW JERSEY LIFE, ACCIDENT & HEALTH STATE LICENSING EXAM (April 2016 Edition) What is Insurance Schools Quick Notes Supplemental

More information