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Future, future

test1test2test3(life is an exam)
本文发表在 rolia.net 枫下论坛Have you ever wondered what your future looks like? I am not talking about your bonus, your promotion or other fabulous things; I am talking about your retirement. Do you still need to work as an old man?

Let’s see what income you can expect after your retirement. There are four sources of income for most Canadians after retirement:

a) work-related pension plan

There are mainly two types of pension plans: Defined-Benefit plan and Defined contribution plan. Defined-Benefit plan is the Cadillac option for employees as the employer “guarantees” a fixed pension payment to the employees for their life. Most people in public sector have very good “defined-benefit” pension plan along with other benefits which ensure a pretty comfortable retirement. If you do not have a defined benefit plan, you might be part of the increasingly common “defined contribution” plan. There are many different plans but a typical arrangement might be that the employee contributes 5% of their salary to the plan and the employer matches that with another 5% -- so a total 10% gets deposited into the plan. The money is invested similarly as how money is invested in an RRSP.. If the investments perform well over time, you will end up having a comfortable retirement; otherwise you will require other sources of income to supplement your retirement.

(To Be Continued)更多精彩文章及讨论，请光临枫下论坛 rolia.net
(#8214838@0)
Last Updated: 2013-5-27
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  • 工作学习 / 外语学习 / Future, future -test1test2test3(life is an exam); 2013-5-27 {1371} (#8214838@0)
    本文发表在 rolia.net 枫下论坛Have you ever wondered what your future looks like? I am not talking about your bonus, your promotion or other fabulous things; I am talking about your retirement. Do you still need to work as an old man?

    Let’s see what income you can expect after your retirement. There are four sources of income for most Canadians after retirement:

    a) work-related pension plan

    There are mainly two types of pension plans: Defined-Benefit plan and Defined contribution plan. Defined-Benefit plan is the Cadillac option for employees as the employer “guarantees” a fixed pension payment to the employees for their life. Most people in public sector have very good “defined-benefit” pension plan along with other benefits which ensure a pretty comfortable retirement. If you do not have a defined benefit plan, you might be part of the increasingly common “defined contribution” plan. There are many different plans but a typical arrangement might be that the employee contributes 5% of their salary to the plan and the employer matches that with another 5% -- so a total 10% gets deposited into the plan. The money is invested similarly as how money is invested in an RRSP.. If the investments perform well over time, you will end up having a comfortable retirement; otherwise you will require other sources of income to supplement your retirement.

    (To Be Continued)更多精彩文章及讨论，请光临枫下论坛 rolia.net
    • Future, future -test1test2test3(life is an exam); 2013-5-27 {1369} (#8218727@0)
      本文发表在 rolia.net 枫下论坛b) CPP, OAS and GIS (Government Pensions)

      CPP benefits are greatly impacted by your working history. Basically if you contributed to CPP, you will be entitled to benefits. And the higher your income is, the higher your CPP benefit is. But there is a maximum amount for CPP benefits. The maximum benefit is based on an income level of $51,100 (2013) or more. The CPP benefits calculation is impacted by many factors and the calculation is very complex. Simply call 1-800-277-9914 and ask for an estimate of how much you can expect to receive based on your historical contributions.

      The OAS benefit is a monthly benefit available to most Canadians and the maximum benefit is about $546.07 per month (2013). The criteria required to receive OAS is that you have been a resident in Canada for at least 10 years and have reached the age of 65. The working history is irrelevant, but the years of residence in Canada will slightly impact the monthly benefit. If you are eligible for OAS, you might also be eligible for GIS. This is based on very low income levels and must be applied for every year. The GIS and the allowances provide additional income to low-income pensioners and their spouses.

      The good point is that both CPP and OAS are indexed to CPI. So the amount you will receive does increase every year with inflation to some degree.

      (To be continued)更多精彩文章及讨论，请光临枫下论坛 rolia.net

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