Retirement readiness is about more than just whether you’ve saved enough for a financially secure future. It’s important to understand the bigger picture: how to prepare, what steps to take and important things to consider as you begin your journey into retirement.
The Canadian Retirement Preparation Guide can help answer many of your questions.
Here are some highlights:
Canadian Pension Plan (CPP)
To qualify for benefits, you must be at least 60. years old and have made at least one valid contribution to the CPP. To begin receiving your pension, you must apply on the Government of Canada website.
Provincial health care coverage
Retirement does not affect your provincial health care coverage. However, other factors – such as the amount of time you spend outside your province – can affect your coverage. The Government of Canada website provides more information and links to provincial and territorial health care resources.
Old Age Security (OAS)
OAS eligibility is based on your age and the number of years you were a resident of Canada. It's worth noting that OAS eligibility is not related to your employment history, and you may qualify for an OAS pension even if you are still working. There are some differences in eligibility depending on whether you are currently living in Canada or abroad. Visit the Government of Canada website for more information.
Group Registered Retirement Savings Plan (RRSP) Deferred Profit Sharing Plan (DPSP)
When you retire, you will have the following options for both plans:
- Transfer your balance to an individual RRSP at Edward Jones or another investment firm
- Receive the amount as cash (less any applicable taxes)
- Use the money to purchase a retirement income product
You can also keep your RRSP balance in a SunLife RRSP, and you can transfer your DPSP balance to a SunLife RRSP.
Learn more about your Edward Jones Retirement Plans
Sun Life Group Benefits
Your Sun Life health and insurance benefits will end when you retire (and if you transfer to an ineligible status such as part-time or on-call). You may be able to replace some of your group coverage with individual coverage. For questions about continuing Sun Life benefits in retirement, email CANbenefits@edwardjones.com.
