It’s important to update your plan for an accurate view of your retirement readiness
Life can bring many exciting changes. A salary increase, parental leave, an inheritance, or finally retirement — all of these events have an impact on your retirement plan.
Your Advantages Retirement Plan™ helps you track your retirement readiness throughout your working years and into retirement. That’s why it’s important to review your plan at least once a year, as well as ensure your personal details, such as your marital status and designated beneficiaries are accurate.
To build the most accurate retirement plan for you, we use your income to help generate the most relevant in-app suggestions, including how much you’ll need to save, government benefit estimates and your recommended savings schedule. We also factor in any savings you have outside of the plan. This includes any TFSA or RRSP you have at another financial institution, a Registered Pension Plan or other savings you have set aside for retirement.
Whether you have a salary increase or your income sources change, be sure to update your income in the “my plan” section of your account.
If your savings outside of the plan change, update the amount in the “my plan” section of your account. Please note that if you have counted any existing RRSPs/TFSAs in the “other savings” field and then transfer them into your Advantages Retirement Plan™, you’ll need to edit your “savings outside of the plan” to ensure transferred funds are no longer counted. Learn how to update your account.
You can make these changes anytime by logging in to your account.
As you update your plan, you may notice adjustments in the following areas.
Any changes to your income or outside savings may adjust the Old Age Security (OAS), Guaranteed Income Supplement (GIS) and Canada Pension Plan (CPP) amounts. Please note that if you have previously customized these amounts, you will not see any changes in your government benefits.
The plan calculates a suggested monthly savings rate to keep you progressing toward your retirement goals. If you are contributing from your bank account, your contribution rate and your saving schedule may adjust based on the update to your income.
Your income determines how much RRSP contribution room you have year to year. Please verify that the amount you are saving falls within your contribution limits, particularly if you’ve lowered it. The government sets general contribution limits.