Help to prepare for a financially healthy retirement
You can keep the group advantage when it comes time to turn your group savings into retirement income.
One year before retiring
Think about estate planning. Review your will, powers of attorney and any succession and investment plans. You may designate a beneficiary for your RRIF. For a beneficiary other than your spouse, the value of your RRIF will be added to your income for the year of your death and taxed accordingly. If your spouse is your designated beneficiary, your RRIF’s lump sum value is passed to your spouse and remains tax-deferred. It may be reinvested in an RRSP (if your spouse is under age 69), annuity or a RRIF.
Six months before retiring
Sign into the program to check your designated beneficiary information for the financial security program. Verify your eligibility for Canada Pension Plan (CPP) and Old Age Security (OAS) benefits.
Need more retirement guidance?
Ready to control your future?
Participants of the Engineers Canada - sponsored Financial Security Program use Canada Life’s GRS Access website to manage their plans. Create a retirement plan, check your balance, make account changes and manage your investments.