Canadians are living longer than ever. Stats show that people retiring at age 65 have an average life expectancy of 85 years, and 50 per cent of those people will live beyond age 85! Which begs the question, “Will you have enough money to last your lifetime?”

These stats drive home the need for proper financial planning. Today’s retirees expect their financial plan to support a longer lifespan – and many want their pension plan to help with this concern, including PEPP retirees. 

Retirement is thought of as a carefree time—endless vacations, leisurely afternoons, and no more work stress. While this may be true for some, the reality of retirement is often more complex. The transition into this phase comes with both opportunities and challenges. Understanding what retirement means to you can help you better prepare for it.

Your fifties are a crucial time for financial planning. Retirement is near, and the decisions you make will play a big role in ensuring financial security in your later years. Whether you're catching up on savings or fine-tuning your plans, here are the top five financial moves to make in your fifties.

When planning for retirement, a key step is designating your beneficiaries. Completing the Designation of Beneficiary form allows you to state where your assets will go after your death helping the process go smoothly for your family. 

Saving for retirement can feel overwhelming, especially in your 20s and 30s. So, when should you start saving for retirement? The short answer: as soon as possible! Here’s why.

An ideal retirement finds the right balance between enjoying life and making sure your money lasts your lifetime. And, as Canadians live longer, we’re hearing more about longevity risk. It's a way of asking, “Will you have enough money to last for your lifetime?"

Why longevity risk may impact your retirement. 

It’s simple: We are living longer than ever. And while this is a positive, without proper planning, we may outlive our savings. 

Are you over 50 and unsure what to do with your PEPP account once you retire? Here are three reasons why it pays to stay in PEPP. 

PEPP is a non-profit pension plan 

Unlike the big banks or wealth management firms, we don’t exist to create a profit nor do we have shareholders. PEPP operates on a cost recovery basis. The fees incurred are the actual costs for operating the Plan and investing the Plan’s assets. 

It makes sense for you, a PEPP member, to tap into an invaluable resource: PEPP’s retirement planning workshops and individual consultations.

Did you know that PEPP’s low investment fees are a key benefit to you?

The reason: the less you pay in fees, the more money you’ll have in your PEPP account to retire. 

Here’s a snapshot of what you need to know about investment fees. 

What is a management expense ratio or MER? 

A MER measures the total cost to manage the assets of an investment fund for the year. The ratio, shown as a percentage, is a standard financial services fee. 

An inside look at one couple’s retirement planning journey and how they created a retirement plan that works for them.

We recently spoke to PEPP members, Kelly and Denise Nelson, about their retirement journey, which has taken them on many adventures since retiring in 2021. Here are some of the PEPP member services they used and what they learned along the way.