Baby Boomer Generation- Getting Ready to Retire

Retirement – Getting Ready to Retire

Are you getting ready to retire? There are some things you need to know:

  • You need to apply at least six months prior to retirement for most government pensions.
  • You will need original copies of identification documents to apply for pensions and services
  • The retirement income system in Canada has three levels.
  • First level – the Old Age Security Program

The Old Age Security Program is funded through general tax revenues. It provides a basic monthly pension to more than 95% of Canadian seniors.

  • Second level – the Canada Pension Plan

The Canada Pension Plan is funded through contributions by Canadian workers and their employers as well as the earnings on the investment of the Plan’s funds. The Plan provides retirement pensions, disability benefits, survivor benefits and benefits for children.

  • Third level – private savings

Private savings include employer-sponsored pension plans, Registered Retirement Savings Plans (RRSPs) and other private savings.

For additional information regarding:

  • Getting Ready to Retire
  • Financial and Support Services
  • Governments Programs and Services
  • Other Resources
    • Public Health Agency of Canada
    • Ontario Seniors’ Secretariat – Information for Seniors