Preparing for Retired Years
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
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.
Apply six months in advance of turning 60 to Canada Pension Plan.
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.