Working in the healthcare sector is demanding; it’s no surprise that many members choose to retire before reaching age 65.
Did you know that as a member of HOOPP you can choose to retire as early as age 55? If you retire between the ages of 55 and 65, you will receive a monthly bridge benefit in addition to your retirement pension. It will be paid until you turn age 65; that’s when you can begin receiving Canada Pension Plan and Old Age Security benefits.
Here’s an example:
Sarah decides to retire at age 60 and has 30 years of contributory service. Her average annualized earnings are $60,000. Based on these numbers, she would receive a pension of $27,950 per year as well as an additional $8,050 per year in bridge benefits from HOOPP until age 65.
It’s important to note that because it’s a supplementary benefit, bridge payments will end when you turn age 65 or pass away, whichever occurs first. To learn more, visit When Can I Retire?.
Remember, if you choose to retire early, your pension will be reduced to reflect the fact that you are likely to receive it for a longer time. But it will not be reduced if you have 30 years of eligibility service. You can learn more about how to choose a retirement date to maximize your pension by visiting hoopp.com or contacting Client Services.