Let’s break down retirement income forecasting.
First, let’s explore government benefits – the core of your retirement income:
- Canada Pension Plan (CPP)
- Old Age Security (OAS)
- Guaranteed Income Supplement (GIS, for lower-income individuals)
Your Common Wealth plan will help calculate your expected benefits by considering:
- Your current age
- Your income
- Projected retirement income
- Planned start date for CPP and OAS
Next, we’ll review your existing savings:
- Previous workplace retirement plans
- Personal savings designated for retirement
The last step in projecting your retirement income is to forecast how much you can expect from the savings in your Common Wealth plan.
Unlike other savings, this includes future contributions from you and/or your employer, assuming your current rate stays the same.
This video explores the foundations of your retirement income, including:
- An overview of government benefits (CPP, OAS, GIS)
- The role of personal and workplace savings in your retirement
- How your future contributions significantly boost your retirement plan
