Retirement is an exciting milestone for many Canadians, but it’s important to have a solid understanding of pension payment options in order to ensure financial security during this stage of life. In Canada, there are three main types of pension plans: Canada Pension Plan (CPP), Old Age Security (OAS), and employer-sponsored pension plans. Each of these plans have different eligibility requirements and payout amounts, so it’s important to do your research and determine which plans you are eligible for and how much you can expect to receive.
The Canadian government provides the Canada Pension Plan (CPP) and Old Age Security (OAS) as two of the main sources of retirement income. The CPP is a mandatory contribution program for working Canadians, while the OAS is a universal program available to all Canadians aged 65 and older. Both plans are funded through taxes and have specific criteria for eligibility and payment amounts. Additionally, many employers offer workplace pension plans, which can provide an additional source of retirement income. It’s important to carefully review the details of these plans and consider your overall financial goals and needs before making any decisions about your pension payment options.