Countdown to retirement

Everyone is different, and there are many ways to choose the retirement date that is right for you. Of course, many choose to retire at 65, but some people simply choose a date based on their ideal retirement age. Others may set a retirement savings goal, then retire when they approach their target retirement income.

Planning your retirement should take place well before you want to retire. The steps to retirement are easy, but it is important that they are completed months in advance.

Our website is an excellent place to find out as much as possible about your pension options before it’s time to retire. You can also look at your most recent Annual Pension Statement to see what your pension was at the end of last year and to review your esti-mated early retirement dates.

While you’re thinking about the best time to retire, this 5-Step countdown will guide you in the right direction to prepare for retirement.

your retirementPlanning

Estimate55 Estimate●●●●●●●

Finances are a key factor in determining your retirement plans, but it’s more than just your retirement income.

The 3-Step Pension Estimator on our website will give you an estimate of your pension at different retirement dates. The estimator is secure and always available. And it’s easy to use: all you need to know is your earnings, birth date and how long you’ve been a mem-ber of the Plan. You can also use the amount listed on your most recent annual statement.

Are you retiring in the next 5 years? If you would like an estimate of

what your pension will be at various potential retirement dates, you can also contact us directly for an estimate. Complete the Pen-sion Estimate Request form available on our website, and we can provide estimates for three different scenarios to help you choose the right time for you.

5. EstimateTips:

On our website:

Try our easy 3-step pension estimator.

Click Here

Purchase44 Purchase●●●●●●●

Purchasing past service and leaves of absence can increase your pension and may lower your early retirement reduction rate. If you previous-ly worked for an employer with a pension plan, you may be able to complete a transfer.

Purchases and transfers take time so it’s important to get start-

ed well in advance (at least 9 months to a year prior to retirement). Check your most recent annual statement to make sure any eligible purchases (such as pregnancy/pa-rental leaves or unpaid leaves of absence) or transfers are complete. Your pension is based on your earnings and years of service – as a result, you can increase your pension by increasing your service through these types of service purchases.

4. Purchase

Tips:

On our website:

Learn how a purchase or transfer can increase your service.

Click Here

Review33 Review●●●●●●●

Your pension is a family asset. Although choosing a time to retire is a personal de-cision, it affects your spouse and family. It is important to make sure that your entire financial and estate plan is up-to-date. Think about whether or not your spouse is retired or close to retirement or if he or she has a retirement plan. Ensure that your beneficiary designation and spousal informa-tion is up to date, and review your insurance needs and your will.

Review your spouse and marital status information on page 6 of

your most recent annual statement. Please use the forms available on our website or contact the Plan if you need to update any information. As well, make sure to discuss your health insurance options with your HR department prior to retirement.

3. Review

On our website:

The Plan is a valuable financial re-source for your family. Learn more about survivor benefits.

Click Here

Tips:

Paperwork22 Paperwork●●●●●●●

You’re almost there – it’s easy, but there is paperwork to be done before you can collect your pension.

Once you’ve notified your HR department and completed your Pension Application form, we will send you an “Option Document” outlining your payment options. You select the one you want, send it back to the CAAT Plan, and we’ll get your pension started.

Your paperwork is not complete until you have submitted a void cheque, proof of age, spousal proof of age and Federal and Provin-cial TD1 forms (we can’t start your pension payments without proof of age).

Proof of age includes any govern-ment-issued ID that clearly shows

the card holder’s date of birth, excluding health cards (e.g. passport, birth certificate, citizenship card, driver’s license).

Don’t forget to apply for your government pensions separately. Visit Service Canada’s website for information and application forms for your CPP and Old Age Security (OAS) benefits, and to find out the amount you are eligible to receive.

2. Paperwork

On our website:

Visit our online retirement planning module for more. The video will guide you in the right direction while you plan for retirement.

Click Here

Tips:

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Collect11 Collect

Collecting your pension is effortless.

Your pension is paid on the first day of the month directly into your bank account. Your lifetime pension and bridge benefit (if you re-tired early) are combined into one payment.

Inflation protection increases will be added to your pension in years when it is granted. Remember if you retire before age 65, your bridge benefit and any inflation protection added to it will stop when you turn 65.

Once you retire you will receive retired member statements ev-

ery year. We will notify you of any inflation protection increase in your pension in the following year.

1. CollectTips:

On our website:

Visit our Retired Member web module.

Click Here

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Contact UsPhone: 416-673-9000Toll-free: 1-866-350-2228Email: member@caatpension.on.caWebsite: www.caatpension.on.ca

Enjoy your retirement!