Latte Money 101
Retirement 101
How public benefits, pensions and personal savings work together later in life.
10 lessons · about 40 minutesIn this series
Start at the top. Take it one idea at a time.
- 01What Is Retirement Planning?Retirement planning is preparing for a period when employment income may fall or stop and spending must be supported by pensions, benefits and accumulated assets.4 min
- 02CPPThe Canada Pension Plan retirement pension is a monthly taxable benefit based mainly on contributions, earnings and the age you start receiving it.4 min
- 03CPP TimingCPP can generally start from age 60 to 70. Starting earlier means smaller monthly payments, while starting later means larger monthly payments.4 min
- 04OASOld Age Security is a monthly pension for eligible people age 65 or older. Eligibility is based mainly on age, legal status and residence history rather than work contributions.4 min
- 05GISThe Guaranteed Income Supplement is a monthly tax-free benefit for eligible lower-income OAS recipients living in Canada.4 min
- 06Workplace PensionsWorkplace pension plans provide retirement income through employer-sponsored arrangements. Defined benefit and defined contribution plans promise different things.4 min
- 07RRSP and RRIFAn RRSP is mainly used to accumulate registered retirement savings. A RRIF is used to draw registered retirement income and requires minimum withdrawals after it is established.4 min
- 08Retirement IncomeRetirement income can come from several layers, including public pensions, workplace pensions and personal savings.4 min
- 09Retirement WithdrawalsRetirement withdrawals turn accumulated assets into spending money. The amount, account type, taxes and market conditions all affect how long assets may last.4 min
- 10Retirement RisksRetirement planning must manage several risks at once, including longevity, inflation, market losses, sequence risk and changing expenses.4 min