Planning Your Retirement
Net retirement income
Take into account the expenses you will no longer have when retired such as contributions to public programs and group insurance:
- The Quebec Pension Plan or Canada Pension Plan: 5.7% or 5.25% of income between $3,500 and $58,700 (2020 maximum: $3,146.40 or $2,898).
- Employment Insurance: 1.58% of income up to a maximum insurable amount of $54,200 (2020 maximum: $856.36). For Quebec residents, the rate is 1.20% because they also contribute to the Quebec Parental Insurance Plan (2020 maximum: $650.40).
- The Quebec Parental Insurance Plan (for Quebec residents only): 0.494% of income up to a maximum insurable income of $78,500 (2020 maximum: $387.79).
- Your pension plan: Your contribution is determined based on a contribution rate multiplied by your pensionable salary. The numbers are specific to your pension plan and other conditions may apply. For the RREGOP, for example, in 2020 the contribution rate is 10.63%. You contribute only on the portion of your pensionable salary that exceeds the exemption under the plan. In 2020, the exemption is $14,675, but is subject to a minimum of $20,545 before contribution and a maximum of $175,156.
- Your group Insurance: Life insurance, disability, health, etc.
- Your dues: Professional associations, unions, etc.
Check which coverage can be maintained and determine if you and your loved ones have adequate coverage in the event of death or illness.
- Our permanent life insurance products are designed for individuals age 50 and over.
- Our health, accident and long term care insurance products will allow you to be independent and maintain your quality of life.