Retirement trends:
- Longevity is becoming the norm - people are living longer and healthier lives.
- Government beenfits are a definite uncertainty
- Running out of money is a possibility - retirement money is not enough
- Doing volunteer work
- Learning new things
Retirement Goal:
- Maintaining your current life style
- Travelling
- Working on part-time
- Doing volunteer work
- Learning new things
Three sources of your retirement income:
For most people, there are three main source of retirement income:
- Government benefits: CPP/QPP, OAS
- Employer pensions (Defined Benefit and Defined Contribution)
- Your own personal savings from RRSP, annuities, and non-registered investments etc.
How much you can expect from the government benefits? Here's a brief look at how much in year 2006's money.
year 2006 |
CPP/QPP |
OAS |
Total Monthly income |
Total Annual income |
Max. |
$844.58 |
$484.63 |
$1329.21 |
$15950.52 |
Average |
$463.95 |
$456.66 |
$920.61 |
$11047.32 |