Retirement

The Canada Pension Plan (CPP) is a retirement benefit available to most working residents of Canada. With the exception of Quebec residents, who have the Quebec Pension Plan instead, Canadians make mandatory contributions to the CPP on a pay-as-you-go basis throughout their working careers. To qualify for CPP payments, you must be over the age of 60 and must have made at least one valid contribution.

Retirement can invoke a mix of conflicting emotions from anticipation to fear, excitement to anxiety. It’s one of the biggest life changes we experience in our adult lives. Most of us anticipate and save for it for decades. But, going from receiving a paycheck for most of your adult life to living off the wealth you have amassed is no doubt an unnerving transition. 

Have I saved enough to live off of? How will I spend my time? Will I have a successful retirement?

Until recently, many retirees have been able to rely upon the three-legged stool of retirement income sources: a defined benefit pension plan that guarantees a lifetime income, their own savings, and the Canada Pension Plan.

Time certainly goes by fast. One day you’re interviewing for your first job and the next thing you know you’re a few short years from applying for Canada Pension.