Preparing for Retired Years

BEFORE RETIRING:

1.  Obtain a print-out from the Teachers' Pension Plan (TPP) re: retirement income at least six months in advance of planned departure.

2.  Discuss the pros and cons of retirement with your spouse:
                           - personal/family considerations
                           - financial considerations
                           - lifestyle eg. homebody, travel, another job

3.  Have a conversation with your principal re: retiring.

4.  Board Consultation:
              - establish retirement date: final payment, end of benefits coverage etc.
              - life insurance coverage with the Board or personal; term, whole or ???
              - retirement gratuity: cash?, RRSP investment?, investment counsellor?

5.  Consider current personal/family and unknown future health factors.
     Take into account the cost of health insurance relative to retirement income.

6.  Establish firm retirement date with TPP.

7.  Insurance Options:
                          - continue in School Board's plan until 65 only
                          - continue in a spouse's plan
                          - choose an available group plan; eg. RTO
                          - purchase private coverage
                          - have no coverage (not recommended)
                          - consider needs; single, couple, family

  IMPORTANT: you must remember that any change from one plan to
                          another has to be made within 60 days to avoid a medical
                          and possible denial of health insurance coverage.

AGE 60:
         Apply six months in advance of turning 60 to Canada Pension Plan.

AGE 65:
        Apply six months in advance for Old Age Security.
        Check with druggist re: Ontario Drug Plan
        Check health insurance coverage to make sure that you and your spouse
        are still covered after 65.