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While retirement means different things to different people, it’s a time of change for everyone. One of the key aspects of this change is financial as you switch from receiving a pay cheque to receiving monthly payments from your Healthcare of Ontario Pension Plan (HOOPP) pension – and from other sources of retirement savings you may have.A lot of decisions go into retirement planning and there are many factors to consider. Whatever you decide, HOOPP is here to help you through the pension planning process.
One of the biggest decisions you may ever make is when to retire so it’s important that you choose a retirement date that’s right for you. Learn more about how your desired retirement date can impact the pension you’ll receive.
Unlike savings that you may have in an RRSP or other savings account, one of the key advantages of your HOOPP pension is that you can predict what your regular monthly pension will be before you retire. As your HOOPP pension is paid for life, you can retire with the certainty of knowing that you’ll never outlive your HOOPP pension. Before you retire we recommend getting a pension estimate so you have an idea of what your retirement income will be.
Use the online HOOPP pension calculator – for a general estimate of your pension benefits.
Complete a Request for Pension Estimate Form – for a more accurate estimate based on verified data.
Review your annual statement.
There a number of other things to consider as you plan for your retirement, such as gathering necessary documentation, notifying HOOPP and more. Get a detailed list of what you need to do to get ready to enjoy your retirement.
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