Getting Retirement Ready

Transcript

(A Service Canada employee appears onscreen. She is situated at a Service Canada office. A Service Canada departmental identifier is on the bottom right of the screen. Onscreen item title appears – "Getting Retirement Ready".)

The Canada Pension Plan is changing and that may affect your retirement planning.

("Selena" – name of the Service Canada employee – appears on screen. She speaks to the audience.)

You can still receive your full CPP retirement pension at 65.

If you plan to take your CPP retirement pension and keep working, you may have to make contributions to the new Post-Retirement Benefit, which adds to your retirement income.

Should you delay taking your CPP retirement pension until after age 65, you may increase what you receive.

If you take it before age 65, you'll receive less.

It's a sliding scale.

How will you know what's best for you?

(A web page appears on screen titled "Welcome to the Canadian Retirement Income Calculator")

You need an estimate of the income you can expect to receive in retirement.

We have an online tool to help with that.

It's called the Canadian Retirement Income Calculator or CRIC.

(A cursor moves on the Retirement Calculator web page and enters the year of birth 1947.)

The CRIC will let you explore options and estimate retirement income, including your CPP retirement pension and the new Post-Retirement Benefit.

(A web page appears titled "Introducing the Canada Pension Plan.")

(A web page appears titled "Post Retirement Benefit Plan." A cursor moves on the Retirement Calculator web page and enters sample numbers under age categories.)

You enter your Canada or Quebec Pension plan information and you can also add RRSPs and employer pension amounts.

(A web page appears titled "Registered Retirement Savings Plan." A cursor enters numbers in the Retirement Calculator for age and value of RRSPs.)

(A web page titled "Other Income" appears with a summary of sample amounts.)

At the end, you'll get a rough estimate of your retirement pension income, to help you plan your future.

(A web page appears titled "Canadian Retirement Income Calculator Summary" appears with suggested totals for retirement income.)

(Service Canada employee Selena appears on screen)

You might also wish to talk to a financial planner or retirement expert.

(Service Canada URL destination appears on screen: servicecanada.gc.ca/cric.)

To use the calculator, visit servicecanada.gc.ca - slash - CRIC.

(Canada Word Mark appears)

(Fade to black.)