Retirement Planning

When to retire is an important decision. As you begin to consider your retirement date, there are a number of factors to take into account, including other sources of retirement income you may have in addition to your MEPP pension benefit.

Sources of Retirement Income

The money you receive once you retire will likely come from different sources. The Canada Pension Plan (CPP) and Old Age Security (OAS) are the two retirement incomes most Canadians will collect. You may also qualify for a Guaranteed Income Supplement (GIS).

You may have Registered Retirement Savings Plans (RRSPs) or other investments, or perhaps you have a pension from another employer.

Retirement Planning Advice

We recommend that you seek advice from an independent financial professional before making any retirement decisions. To help you choose the right financial professional, the Government of Canada has some helpful guidelines.

Other Sources of Retirement Income

Government-Sponsored Pensions

  • Canada Pension Plan (CPP)
  • Old Age Security (OAS)
  • Guaranteed Income Supplement (GIS)

Employer-Sponsored Pensions

  • Your MEPP defined benefit pension
  • Other defined benefit pensions
  • Defined contribution pensions
  • Deferred profit sharing plans
  • Group RRSPs

Registered Investments

  • RRSPs
  • Locked-In Retirement Accounts (LIRAs)
  • Locked-In Retirement Income Funds (LRIFs)
  • Annuities

Non-Registered Savings and Investments

  • Personal savings
  • Guaranteed Investment Certificates (GICs)
  • Tax-Free Savings Accounts (TFSAs)
  • Dividends from or sale of stocks
  • Interest from or maturing of bonds
  • Dividends from or redemption of mutual funds
  • Conversion of home equity
  • Income from business assets
  • Income from real estate
  • Sale of personal assets