pensions and retirement Flashcards
1
Q
how is retirement set up today
A
-rare to retire before the age of 65
-investment income is low and pensions $ is declining
2
Q
the three public pensions
A
OAS - old age security system- follows inflation and not available to high income people
-GIS - Guarantee income supplement - for the lowest of income people
Canada pension plan - benefits fun by contributing by workers and employment
3
Q
2 workplace/employer pensions
A
-Defined benefit pension plan- you know what the benefit will be
-Defined contribution- all you know is your paying into the plan and its based on performance
