Whatever your retirement plans are, here at TEIBAS, we say it’s never too early to start planning for retirement. Retirement planning is more than just contributing to a pension. Retirement planning is ensuring you’ll have enough income to cover your basic expenses and planning for other expenses that will help you live the lifestyle you want in your golden years.

Your IBEW Local 353 pension is for life, but it may not cover all your expenses in retirement. To help you start your retirement planning you might want to ask yourself, what do I want my retirement look like and how much money will I need to achieve it?  Do I want to travel, golf, dine out a lot? How can I make sure I can do those things with my retirement income?

To get you started, read your retirement planning guide here. Watch the retirement and pension video playlist on our YouTube channel that covers topics like “The Three Pillars” and “It’s Never Too Early to Start Planning for Retirement” here.

Thinking of retiring?

As you plan for retirement, remember that in Canada, saving for retirement consists of three main components, also known as the “three pillars of retirement.”

The three pillars are:

  1. Government based programs: Canada Pension Plan (CPP), Old Age Security (OAS) and the Guaranteed Income Supplement;
  2. Employment based programs like your IBEW Local 353 pension and Group Registered Retirement Savings Plan (RRSP); and
  3. Individual savings like real estate, your individual RRSP, Tax Free Savings Account, personal savings, property, etc.

These three pillars will make up your retirement income. To learn more about Canadian government retirement programs available (including OAS and CPP) and how much you can expect to receive, visit the Government of Canada’s Retirement Hub at: https://www.canada.ca/en/services/life-events/retirement.html.

Make sure you learn about the OAS claw back amounts. Claw back refers to how much income you can receive before OAS are “clawed back” (reduced) in any single year. The claw back amount changes on an annual basis. Knowing these amounts can help you plan drawing down your RRSPs and other savings so that you receive as much OAS as possible.

As a member of the IBEW Local 353 you have access to a variety of services and information to help you plan for your retirement. Here’s a short list to get you started:

  • Use our pension estimator on myteibas.com and estimate what you will be eligible for in retirement or review your annual pension statement and track your progress.
  • Review TEIBAS’ retirement checklist and retirement planning guide.
  • Attend an upcoming pre-retirement webinar by signing-up here: https://teibas.com/member-webinars/.
  • Reach out to TEIBAS’ Member Services and book your one-on-one retirement planning session at members@teibas.com.
  • Read your IBEW Local 353 Pension Plan booklet here on teibas.com.
  • Subscribe to the @myteibas.com YouTube channel to learn more about your pension plan.
  • Use the Government of Canada’s Canadian Retirement Income Calculator to estimate how much money you might have when you retire.
  • Estate plan. Ensure you have a Power of Attorney for Personal Care and a Power of Attorney for Property, and a valid Will. Be sure to confirm your beneficiaries for your life insurance, pension benefits, RRSPs, TFSAs and any other assets you can assign a beneficiary to. Take advantage of Canada Life’s partnership with ClearEstate. Through ClearEstate IBEW Local 353 members can create a legal will and power of attorney documents online in less than an hour starting at $60 plus tax. This is an 80% discount from the regular price. Simply visit this page https://www.clearestate.com/partners/canada-life-ws and select “Start your Will now” to sign up for a free account.
  • Seek professional independent financial and legal advice for your retirement plan. Telus Health your Member Assistance Program (MAP) can help you find a financial planner and a lawyer if you are seeking legal advice. Your MAP is available 24/7/365: call the Care Access Centre toll-free at 1-866-289-6749 and indicate that you are a member of the IBEW Local 353. Or visit one.telushealth.com | Username: canadalife | Password: telus1

Want to learn more? Read your Retiree Benefit Plan booklet here to better understand benefit coverage in retirement.

If you’re ready and eligible to retire contact TEIBAS three months before your anticipated retirement date at 416-637-6789 or email members@teibas.com and request your personalized Pension Retirement Option Package.

Questions? We’re here to help! You can email us at members@teibas.com or call us at 416-637-6789 (toll-free 1-800-267-0602) for assistance during our regular office hours (Monday to Friday 7:30 a.m. – 4:30 p.m.).