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in this Padlet you will learn all about retirement and how to save for it as well all about financial security. I hope by the end of this I can help you gain a little bit more knowledge about this topic!

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This Image represents the rules for saving for retirement. It explains the 50/30/20 rule, the savings by age rules, the years x by expenses rule and the 4% rule. I believe it is a very useful and helpful image
I chose this image because as I stated above, I believe it is very useful and helpful because saving and planning for retirement can be very stressful. One thing I found useful in this image that is different from others is the detail it goes into about the rules

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This video represents what it is like to be retired in 2020. You can claim retirement as early as age 60, 65, or 70. This is the target minefield for Canadian retirees. It shows the benefits of taking the Canadian pension plan early but also shows the benefits of taking it later in life.
I chose this video because I feel it is useful for those who would like to know more about the benefits of retiring early (or late). One thing I found useful from this video that is different than others is the fact that the creators are speaking from their own experiences

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RETIREMENT PLANNING CANADA CPP - Claim Early F.I.R.E (2020)

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This video explains the Canadian pension plan (CPP). The CPP is designed tom replace a certain amount of your average work earnings, up to maximum limits each year. It outlines what the CPP is, how it works, and how much it might payout.
I chose this video because I feel it is very useful and helpful in explaining the Canadian pension plan and what it is. One thing I found useful in this video that I found different than others is the amount of detail the creator went into to explain the CPP and make sure the watchers understand it

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This image represents the statistics of Canadian women who agree that being financially secure makes them happy and also the precent of women who have knowledge in planning for retirement
I chose this image because I believe that the statistics are very important for people to see and make them realize that not as many people as we think are knowledgeable about retirement. One thing I found useful about this image that is different from others is the amount of statistics and reports it shows

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This video outlines 6 different ways to measure your financial security. It outlines all the different things you can do, ways to invest and save in order to maintain financial security.
I chose this video because I liked that there were multiple different parts to the video, all being different tips and tricks to maintaining financial security. One thing I found useful from this video that was different than others was the detail he went into with each topic

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This video shows what financial security is and how you get/achieve it. The creators professional focus is on financial planning and investment management, and they leverage their knowledge for the viewers benefit. They help focus on things you can control and manage the things you can’t.
I chose this video because I feel like the way the creators explain things is super helpful and useful for those struggling with the concept of how to maintain financial security. One thing I found useful in this video that is different than others is

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What Is Financial Security, and How Do You Get It?

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1. what did you learn about your topic that surprised you the most? one thing I learn about this topic that surprised me the most was probably the amount of planning and thinking that has to go into retirement, I thought it was a simple thing but in reality it really is not.
2. provide a real-life example of how this topic is relative or interesting for you: a real-life example of this topic would be that my dad is turning 57 this year so he has started looking into retirement which is super interesting
3. if you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on? the most important thing I think I would pass on is all the information about retirement, I feel like most people I know don't know as much about retirement as they probably should

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This website outlines the Canadian pension plan and what it is, how you can apply for it, how much you can receive, how long it will take to process your application, if you also qualify for other CPP benefits, the CPP enhancement, etc.
I chose this website because it is the government of Canada website and I feel like it is one of the most trustworthy sources for all the information people might be seeking about the CPP. One thing I found useful in this website was obviously the amount of detail as it is an official government website

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The Canada Pension Plan (CPP) retirement pension is a monthly, taxable benefit that replaces part of your income when you retire. If you qualify, you'll receive the CPP retirement pension for the rest of your life. To qualify you must:

be at least 60 years old

have made at least one valid contribution to the CPP

Valid contributions can be either from work you did in Canada, or as the result of receiving credits from a former spouse or former common-law partner at the end of the relationship.

You must apply

CPP payments are not automatic. You must apply. You should apply in advance of when you want your pension to start.

Our goal is to pay your CPP retirement pension in the month of the start date you choose.

Pension amount

The amount you receive each month is based on your average earnings throughout your working life, your contributions to the CPP, and the age you decide to start your CPP retirement pension. Your contributions to the CPP are based on your earnings.

The standard age to start the pension is 65. However, you can start receiving it as early as age 60 or as late as age 70.

If you start receiving your pension earlier, the monthly amount you'll receive will be smaller. If you decide to start later, you'll receive a larger monthly amount. There's no benefit to wait after age 70 to start receiving the pension. The maximum monthly amount you can receive is reached when you turn 70.

There are different factors that can affect how much you'll receive, such as time taken off from work to care for young children. Find out more about how much you could receive. You can also work while receiving a CPP retirement pension.

How long will it take to process your application

We begin to process your application once we receive your completed application form. You should receive a notice of our decision by mail:

within 28 days for online applications

within 120 days for applications delivered at a Service Canada Centre or sent by mail

It could take longer to process your application if Service Canada does not have a complete application.

You may also qualify for other CPP benefits

In addition to the CPP retirement pension, you may also quality for other CPP benefits listed below. Like the CPP retirement pension, you will need to apply for these benefits (except for the Post-retirement benefit if you already receive the CPP retirement pension).

CPP enhancement

As of 2019, the Canada Pension Plan (CPP) is gradually being enhanced. This means that today's workers, the seniors of tomorrow, will have higher benefits and greater financial stability through a small increase in the amount they contribute to the CPP.

The CPP enhancement only affects those who work and contribute to the CPP in 2019 or after.

The enhancement adds 2 additional components to the CPP. These components are not a separate benefit, but a 'top-up' to the base CPP.

The CPP now consists of:

the base (or original CPP)

the first additional component, which was phased in between 2019 and 2023, and

the second additional component, which will be phased in between 2024 and 2025

The CPP enhancement will increase the amount working Canadians receive in the:

CPP retirement pension

Post-retirement benefit

Disability pension

Survivor's pension

It will not affect eligibility for CPP benefits. Learn more about the CPP enhancement.

Frequently asked questions

Document navigation

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Employment and Social Development Canada

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The Canada Pension Plan (CPP) provides contributors and their families with partial replacement of earnings in the case of retirement, disability or death.

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This website shows the results of the financial wellbeing in Canada survey. To assess Canadians overall financial well-being, they calculated a score out of 100 for every survey respondent. The average score was 66. It shows that 74% of Canadians had a score of greater than 50.
I chose this website because I feel a survey is a good way to obtain knowledge and gain information that can be helpful for those who may need or want it. One thing I found useful about this website that was different than the others was definitely the survey results and what they displayed

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Financial well-being in Canada: Survey results - Canada.ca

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Report on a survey commissioned by FCAC, to understand and describe the realities of Canadians across the financial well-being spectrum and help policy-makers, practitioners and Canadians themselves achieve better financial well-being.

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This website represents many different things. It includes the difference between a TFSA and RRSP, if you should start OAS while still working, how much you should have in your RRSP, what the RRSP contribution limit for 2021 is, whether or not you should apply for OAS if you have a high income, etc.
I chose this website because I feel that with all the different things it outlines, it is extremely useful and would be helpful for people looking for information about these topics. One thing I found useful in this website that is different than others is the many different topics that others tend to not include

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Retirement planning advice and articles from MoneySense.

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This website represents the widespread issue in Canada that is financial insecurity. It shows that 44% of Canadians are living paycheque to paycheque, that 23% of Canadian adults delayed buying groceries because they were worried that they could not afford them, and also that almost 50% of households lack the savings to live for 3 months above the poverty threshold.
I chose this website because I feel it did a good job of representing financial insecurity and the issue it is in Canada. The statistics and reports it includes are very important. One thing I found useful about this website is the detail it shows

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In 2019 Maytree began working with Prosper Canada and Common Good to promote three policy-ready ideas on financial security.
The evidence shows that financial insecurity is a widespread issue in Canada.

Estimates from the Canadian Payroll Association show that 44 per cent of Canadians are living paycheque to paycheque.

A 2017 survey by Ipsos Reid showed that 23 per cent of Canadian adults delayed buying groceries because they did not think they could afford them.

Almost 50 per cent of households lack savings to live for three months above the poverty threshold.

Financial insecurity puts individuals and families at greater risk of poverty. It leaves them struggling to respond to unexpected life challenges and inadequately prepared for more predictable life events such as retirement. This why Maytree is working with Prosper Canada and Common Good to promote three policy ready ideas on financial security that governments at all levels should consider.
Read a summary of each of the policy ideas:
Related

The Canada Saver's Credit: A proposal to build financial security for lower- and modest-income Canadians
This report, released by Maytree and Common Wealth, proposes a targeted policy intervention to help boost savings and build assets among lower- and modest-income Canadians.

Policy Options: How policy-makers can help Canadians build financial security
A look at three practical policy solutions to help Canadians buffer financial risks and build a secure financial foundation for today and the future.

Maytree Opinion: Let's make retirement planning and saving a reality for non-profit sector workers
There is a solution for non-profit sector workers and their employers who want to ensure that their staff can plan for retirement: the Common Good retirement plan.

TVO - The Agenda: The Reality of Retiring on Low Income
Elizabeth Mulholland, CEO of Prosper Canada and Common Good Steering Committee member, was on the Agenda to discuss the reality of retirement for Ontario's low-income earners.

Charity Village: An uncommonly good idea? A national retirement income plan for the nonprofit sector comes closer to fruition
Saving for retirement is one of the most important actions those in the workforce can take. The security of knowing a stable, monthly income awaits once one is into this new phase of life is worth every penny for one's peace of mind.

Flexforce workers serve business well, but how do they retire?
Globe and Mail article about how more Canadians work on contract and frequently change jobs and a significant portion of these "flexforce workers" face insecure retirement prospects. Common Wealth's Alex Mazer and Prosper Canada's Elizabeth Mulholland are quoted.

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In 2019 Maytree began working with Prosper Canada and Common Good to promote three policy-ready ideas on financial security. The evidence shows that financial insecurity is a widespread issue in Canada. Estimates from the Canadian Payroll Association show that 44 per cent of Canadians are living paycheque to paycheque.