Having a pension may sound simple, but they can be very confusing. It’s important to know which type of pension you have, as they are very different. There are two main types of pensions: a Defined Contribution Plan, and a Defined Benefit Plan.
A Defined Contribution Plan will provide you with pension income in retirement based on the number of contributions made to the pension on your behalf, and how much it has grown over the years.
A Defined Benefit Program will provide you with a specified monthly income in retirement, no matter how much has been contributed to the plan on your behalf.
When you know which type of plan your company offers, you can discuss your options with your financial advisor prior to retirement and find the best way to complement it during your working years.
If you have any questions about your pension or would like us to help you create the long-term retirement plan you need for a secure and happy retirement, reach out to us today.
– Spire Advisors of Assante Capital Management Ltd.
www.spireadvisors.ca
Office locations: Huntsville, Powassan, Parry Sound, Orillia, and North Bay
Well, well, well now. Mr. Holland took the opportunity to voice his personal political beliefs on this forum. Blame Trump…
Non-emitting batteries are now cheaper than dirty gas plants Ford wants to build. Cities are stopping him. Search “Giant batteries…
Storage of power, energy conservation, maintaining existing nuclear and adding solar and wind is the way forward. Not dirty gas…
"Is Christie right?" It is wrong to include this quote in any column that purports to show the truth. Trump…
Isn’t it a shame that Bracebridge doesn’t have an archive to be able to preserve our history? So much information…