Tag Archives: Pensions

Nortel Pension Settlement – Deferred Pension

About one-quarter of the 13,000 Nortel pensioners that are members of the Nortel Managerial and Non-Negotiated Pension Plan (Reg. 0342048) must take a Deferred Pension in the form of a Locked-In Retirement Account (LIRA). Before age 71 the LIRA must be converted to an annuity or to a Life Income Fund (LIF). The references, comments and spreadsheet provided in this post may be of some assistance in making the choice. It is also of use for others who need to compare an annuity against a LIF when converting the LIRA. More

Nortel Pension Settlement Options – Annuity vs LIF

There are some 13,000 Nortel pensioners that are members of the Nortel Managerial and Non-Negotiated Pension Plan (Reg. 0342048). The settlement of this plan provides members in some provinces with the option of either receiving the default of an annuity or taking the commuted value and converting it into a Life Income Fund (LIF). The references, comments and spreadsheet provided in this post may be of some assistance in making the choice. It is also of use for others who need to compare an annuity against a LIF. More

Estimating How Much You Need In Retirement

Estimating How Much You Need In RetirementChart3How much do you really need to retire? Are you one of the majority that either have a large number in mind or do not know? It may not be as bad as you think. What you need is an estimate of your expenses when you retire based on what you spend today, have an understanding of where your retirement income will come from and how you will use your savings. A spreadsheet is provided that will help you and it only takes a few minutes to fill in. You can try different values for capital, interest rates, inflation rate and withdrawal amounts. More

Estimating Capital Totals at Retirement

Estimating Capital Totals at RetirementChart4If you have been putting money into an RRSP, TFSA or other investments over the years, have you ever projected how much you will have when you retire? If you are just starting, what will you have if you save some money each year? This is important because it will determine what is available for a yearly income when you retire. The spreadsheet provided lets you try out different options. The results may surprise you as even a small amount of savings each year combined with compounding can really add up. More

Understanding Your Canadian Sources Of Retirement Income

Understanding Your Canadian Sources Of Retirement Income Chart1When you are retired you will probably have more sources of income than you had when you were working. There will be OAS, GIS, CPP, RRIF, TFSA, Annuity, company pension and investments. You may have all or some of them depending your income and time in Canada during your working life. This post will help you understand how these are obtained and their impact on retirement income and taxes. More