Thinking about retirement fills most of us with glee – followed by a bit of uncertainty when it comes to affording our lifestyle. We think that CPP, OAS and company pensions will be there as income options, but just how much financial support can we expect from them? This week, Travis and Derrick invited Island Savings’ Director of Retail Banking, Lorena Milkert, to talk about relying on and making the most of your pension income. 

1:05 Money Problem:Travis was called to help a member who was left with a big pension decision after changing employers. 

3:00 Expert Examination:Travis, Derrick and Lorena simplify one of the most mysterious financial matters: 

• The purpose and longevity of the Canadian Pension Plan (CPP). 
• Canada’s pension “freebie:”Old Age Security. 
• Common types of company pensions, and how to make them part of your total investment plan. 
• Calculating how much money will your pensions provide. 
• How to decide the best time to draw your pensions. 
• What happens with your Government pensions if you are: self-employed; widowed;new to Canada. 
• Can you live on CPP and OAS alone? 

26:40–Weekly Financial Fix:If you’ve changed employers during your career, Travis has a simple task to make sure your pension savings are working as hard as you are to build retirement wealth. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.