You can keep the group advantage when it comes time to turn your group savings into retirement income.
Three to five years before retirement
Revisit your investment strategy and consider shifting to more conservative or lower-risk investments. Learn how plan rules may affect withdrawals of your retirement savings. List possible lifestyle changes you’ll encounter at retirement. Consider things like travel, part-time work or downsizing to a new home. Track your current spending, estimate retirement income needs and develop a realistic budget (don’t forget about inflation). Write down all potential income sources. Remember that personal savings, company retirement plans and government benefits will determine retirement income.
You’ll receive a package from Canada Life with the steps to turn your savings to retirement income. For more information contact your investment and retirement specialist.
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.