Pay attention to your Defined Benefit pension plan!!

In this video, I dive into the essentials of Defined Benefit (DB) plans in Canada, using a real client's DB plan as a case study. Learn how to carefully analyze your own plan, with a focus on understanding penalty calculations. Avoid costly mistakes that could potentially reduce your retirement income by thousands of dollars each month. Whether you’re planning for retirement or simply want to understand your DB plan better, this video will guide you through the key points to watch for.

#pension #canada #financialplanning

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[colind]

I am 4 years away from collecting my defined benefit pension at rhe age of 55. My wife and I also get to keep my health benefit plan for life. Thanks to my my labour union for negotiating for my retirement. I will be set to make around the same amount with my bridege benefit after working for 30 years in my trade.

[johnnyv]

Defined Benefit pension, everyone's dream. No matter which of these 3 plans you may have, consider yourself VERY lucky to have it.

[andreasmall]

Timing the start of retirement is very important. I am a teacher with a summer birthday. Delaying my retirement by a month will make a difference of hundreds of dollars/month in my pension.

[BenzGL]

My company's flat DB (which they contributed 100% of) was based on an average of the best 5 years total earnings over the last 10 year period. Once I had reached that ''golden target'' (which was boosted by very high annual earnings over a 4-5 year period pre-covid), I knew that the time had come. I could also count on a bridge benefit that was equal to my projected QPP. In the end, it represented a 45% annual increase over the projected amount in my annual report only 5 years earlier. This was more than enough to counter the flat program's ''depreciation'' over a +/- 25 year period.

[jgalt]

Bridge benefit ? If this is offered Is it an automatic or do you need to be at the company a certain amount of years ?

[sholbech]

@JackyKuk for the federal plan after 2013. If an Individual retires after 55, but doesn't start (defers) pension to 65!... would there be a loss of 50% on the annual amount??. Also, do you use any software application to look holistically at a client/couples tax rates (snap?)

[FeydHarkon]

Military is still formula 1 I think also what about deferrals? I hear it wont be reduced for every year of service

[gaila.]

Thank you for this great video 😊
I have a question if you have an answer: I did work for a company and participated in a defined contribution plan
I'm not in that company any longer and was offered to transfer it to RRSP account or leave it there
Wanted to know: can I use this money to buy a house if taken by RRSP?
I already have a house 10 years in
So I was wondering if I can buy another asset this way?
Thanks 👍😊

[mtrest]

Delete the "financial advisor" spam messages all over the message section.