The Ontario Municipal Employees’ Retirement System recently launched a new hub on its member website dedicated to retirement income sources.
The new webpage is designed to support the OMERS’ members on their retirement savings and planning journey, emphasizing the importance of a secure and stable income foundation in retirement. This includes interactive tools to illustrate the impact collecting Canada Pension Plan and Old Age Security payments earlier or later.
Read: OAS increase an opportunity for employees to consider delaying retirement: expert
In addition, the webpage includes a retirement income sources guide, which provides more in-depth information on retirement income sources with helpful links. The guide is a reference document, providing members with basic knowledge so they can consider the retirement income sources that are relevant to them, choose to learn more about certain topics and make informed decisions throughout their retirement planning journey.
These resources also incorporate relevant research from the National Institute on Ageing, which emphasizes the importance of becoming familiar with resource options and creating a predictable income for life.
“OMERS is committed to being our members’ most trusted partner and empowering them through their pension journey,” said Celine Chiovitti, chief pension officer at the OMERS, in an emailed statement to Benefits Canada. “Choosing when to collect CPP and OAS will have a significant impact on your monthly income in retirement. Our new retirement income sources webpage and guide provide information and links to helpful resources, all easily accessible in one place.”
Read: OMERS pension benefits accounted for 9.3% of Ontario retirement income in 2023: report