HOOPP pension
Learn how it helps you save for tomorrow, without fear of missing out on today
Your HOOPP pension gives you a head start
Learn how it helps you save for tomorrow, without fear of missing out on today
Let’s face it: with competing (and demanding) financial priorities, who is thinking of retirement? It’s tricky ensuring you’ve got enough for rent, food, entertainment, and of course, savings – for a house, a vacation, and emergencies. So where does saving for retirement fit in when it’s so far away?
Nick Carr, Senior Member Services Specialist at HOOPP, is a millennial who understands the financial pressures of today.
“It’s not only the daily expenses that I must take into consideration, but there are also the expenses that come with social obligations to friends and the desire to travel,” said Nick.
“Additionally, millennials have the added financial pressures of being first-time home owners in today’s housing market. With all of these expenses, I doubt most of us are thinking as far ahead as retirement at this stage in our lives.”
Being a member of HOOPP helps alleviate some of the financial stress, now and in the future. Here’s how:
- Your money is automatically contributed to HOOPP from your pay, so you don’t even notice that you are saving for your retirement.
- Your HOOPP pension is based on a formula, so it’s predictable. You can decide when to retire knowing exactly how much your monthly payments will be.
- HOOPP’s investment professionals make the decisions, so you don’t have to figure out the financial markets on your own.
- For every dollar you put in, your employer contributes $1.26. (Two-thirds of Ontarians don’t have a registered pension plan at their workplace)
- Best of all – your pension is paid for as long as you live. With the way life expectancy is increasing, it’s a relief to know that you will receive a monthly pension for the rest of your life.
So your HOOPP pension gives you a good foundation for retirement, but how do you budget for your personal savings?
“When it comes to budgeting, I always try to put away some money each paycheque. Even if some months I can’t save as much as I want because of an upcoming vacation, saving at least something helps,” Nick added.
It’s never too early to start planning for your retirement. It may be far in the future, but if you can get a head start on it now, you’ll thank yourself later.
If you have any questions about your pension, call Member Services.
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Your HOOPP pension gives you a head start
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This document provides a simplified overview of HOOPP's benefits based on the terms of the HOOPP Plan Text at the time of publication. From time to time, HOOPP may amend the HOOPP Plan Text. In cases where the information provided in this document differs from that contained in the HOOPP Plan Text, the HOOPP Plan Text will govern. More details, including the full HOOPP Plan Text and a complete description of the Plan and its benefits, can be found on hoopp.com.
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