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Are you getting the right retirement advice

June 3rd 2016

I’ve had many occasions to speak to LCBO employees recently who are retiring before the end of the year. I could write a book about the misinformation that is being passed along to these upcoming retirees by friends or relatives.  But instead of a book, I’ve decided to write a blog.

Sometimes the overwhelming amount of paperwork and information can make the path to retirement stressful, especially when people are giving you conflicting advice about your pension, severance pay, CPP and RRSPs.

Here is some quick advice to help you with your retirement preparation:

1)    Find a quiet place, away from distractions.

2)    Take a deep breath and relax.

3)    Sort through and organize your paperwork.

4)    Get a note pad and write down all of your questions and leave space for the answers. 

5)    Attach sticky notes to the areas on your forms with which you need assistance in completing.

6)    Beside each question on your note pad, write down the name and number of whom you should be calling to ask each question (OPTrust, Ontario Pension Board, Human Resources, Credit Union)

7)    Make your phone calls and write down the answers as well as the name of the person with whom you spoke.

Always obtain advice from a professional. The decisions you have to make regarding your retirement income are important financial decisions. Therefore, it is best to verify that any information passed along to you by a friend or co-worker is correct.  Also, don’t assume that what is best for a co-worker is best for you.  Each choice you make about your retirement income should be geared towards your individual needs and wants. 

If you need help sorting through your paperwork, please feel free to call or make an appointment with me. Booking an appointment with a financial advisor at Member Savings is free and there is no pressure to sign up for any products or services. I will advise you on what questions you should be asking and whom you should be contacting and I can assist you in making decisions.  I guarantee that once you have gathered all of the information you need, and you understand how to complete the various paperwork, you will feel much better and less stressed.  And you’ll be well on your way to happily enjoying your retirement.

Written by Betty Anne Flynn