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.
Choosing a retirement date
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.
Get a retirement estimate
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.
There are a few ways to get an estimate:
Preparing for retirement
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.
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.