The When to Take Your Pension calculator is designed to help you assess the financial implications of taking your pension at different ages.
When to Take Your Pension
As the cost of home ownership continues to rise, knowing how much you can afford is important.
In Canada, many companies offer pension plans that can provide a secure financial foundation for retirement. However, for those considering early retirement, the ability to access these pension funds before the age of 65 can be a game-changer. If your company provides a pension plan, you may have the opportunity to start drawing your pension earlier than expected. But before making this decision, it’s essential to understand how taking your pension early could impact the overall value of your retirement.
When to Take Your Pension Calculator is also available in French
That’s where the When to Take Your Pension calculator comes in. This tool is designed to help you assess the financial implications of taking your pension at different ages. By factoring in elements like your retirement age, monthly pension amounts, inflation, and rates of return, it gives you a comprehensive view of how your choices will affect your long-term financial picture.
What’s especially valuable is the breakeven age provided by the calculator. This is the age at which the total amount of pension you would receive if you started earlier equals what you would have received if you waited. From there, the calculator offers recommendations for the most optimal age to start taking your pension, based on your unique financial situation.
Detailed Table
In addition to providing personalized recommendations, the tool also presents a detailed table that clearly illustrates the advantages of taking your pension at different ages. This helps you visualize how small shifts in timing can make a significant difference in your retirement income over time.
When to Take Your Pension
Calculators are available in English and French.
Considerations
There are other factors to consider when deciding when to take your pension. Health, life expectancy, the need for liquidity, government benefits, and other retirement savings all play a role in making this decision. It’s important to think about how early withdrawals might impact your lifestyle and whether you have other income streams to support you in the meantime.
Sharing the calculator with clients
For financial planners, this tool is a valuable resource to help clients make more informed decisions about their retirement plans. It allows you to offer personalized, data-backed insights into the best strategy for accessing pension funds. By sharing this tool with clients, you empower them to make intentional choices that align with their long-term goals, all while helping them navigate the complexities of retirement planning with confidence.
If you’re advising clients on their pension options, being able to offer personalized, clear, and actionable recommendations is crucial. The When to Take Your Pension calculator is a practical way to deepen your relationship with clients and ensure they feel supported in every step of their retirement journey.
The calculator can be viewed for free up to five (5) times on this site.
To use the full-featured versions of these calculators in FreshPlan, please contact us.
Companion Infographic
This Early Retirement Package infographic is a perfect compliment to the When to Take Your Pension calculator. The value and structure of early retirement packages can vary significantly and while it may be a great opportunity for some, for others, there can be risks. This piece can help navigate your client conversations.
Features
Consumer-facing
These consumer-facing financial calculators can be embedded in your web site quickly and easily and complies with web accessibility standards.
Responsive
Calculators are easy-to-use and fully responsive on any device – phone, tablet, laptop or desktop.
Full Branding
Calculators can be fully branded according to your branding style guide. You’ll be up and running with a quick turnaround.
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