Whether you’re just starting off your career with the IBEW Local 353 or you have a few years under your belt, it’s never too early to think about saving for retirement. As you move through different stages of your career, it’s normal to have questions about saving for retirement. The new year is a great time to review your retirement plan, make any necessary adjustments, and ensure you’re set up savings for the retirement you want. Did you know? In Canada, retirement income planning consists of three main streams, also known as the “three pillars of retirement.”

The three pillars are:

  1. Government based programs (Canada Pension Plan, Old Age Security, etc.),
  2. Employment based programs like your IBEW Local 353 Pension Plan and Group Registered Retirement Savings Plan (RRSP), and
  3. Individual savings like your individual RRSP, Tax Free Savings Account (TFSA), personal savings and property, etc.

These three income streams will make up your retirement income. To learn more about your target benefit IBEW Local 353 Pension Plan watch the Pension Plan video on our YouTube channel @myteibas: https://www.youtube.com/watch?v=vWFrwaxeFqE&pp=ygUGdGVpYmFz

Remember your IBEW Local 353 Pension Plan can become one of the most valuable assets you will ever have, and it’s for life. But you might be thinking of other ways to save for retirement.  Canada Life is offering ongoing “Saving for life” webinars to help you build financial confidence about savings and retirement. These ongoing webinars are on topics like investing, saving for goals, RRSP’s and TFSAs. If you can’t make the webinar, you can still register with Canada Life and they will email you a recording a few days after the webinar takes place. To register visit:  https://www.canadalife.com/resources/saving-for-life/webinars.html.

TEIBAS TIP: Sign up for upcoming TEIBAS webinars or financial wellness webinars. Upcoming webinars are always posted on TEIBAS’ website at teibas.com.

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.).