Tips on OPSEU Retirement Planning

OPSEU and ONA members attended an awesome presentation from the OPTrust on May 25, 2016.

All OPSEU members who are FT, PT, or in a contract with more than 1 year of service are eligible to join the pension plans available to employees at CAMH. Both HOOPP and OPTrust are Defined Benefit Pension Plans which means a secure income future for members and these plans are also jointly trusteed which also means members are at the table looking out for your future.

Alexis Morgan is a Benefits Specialist with the OPSEU Pension Trust, and she took potential retirees down the road toward retirement during this particular session.

  • Planning your retirement is difficult for most working people, and financial advisors often estimate you will require between 60% and 80% of our pre-retirement income to maintain your current lifestyle after you retire. If you are within 5 years of retiring, now would be a good time to begin to view your retirement picture to obtain a clear sense of the income you can expect when you retire.
  • *Figure out how much you personally will need in your retirement. Will you have enough to maintain the same standard of living you enjoy today (remember, you will not be purchasing daily coffee, lunch, gas, TTC pass etc., as you are not working anymore)?
  • *When selecting a retirement date you could consider the following OPT early retirement options: (Factor 90; 60/20 or you are age 55 years or more).

About opseulocal500

Union office Unit 1, B-2A, (Basement, room 2A), Queen Street West Site 1001 Queen Street West Toronto, ON M6J 1H4 Tel: 416 535-8501 x32330 Fax: 416-583-1254 Email: OPSEU.Local500@camh.ca
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