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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.

Countdown to retirement

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.

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.

About to retire?

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.

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. 

Join the program. You’ll be glad you did!

Learn more about enrolment