Retirement on the horizon? Relax, you've got this!
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If you’ve found yourself checking your investments more often than usual lately, you’re not alone. Market ups and downs can be nerve-wracking, especially if retirement is starting to feel more immediate and less like something far off in the future.
It’s completely normal to feel unsettled when things are uncertain. The key is not to panic. This might be a great time to review your plan and make sure your strategy still matches your current reality and your retirement goals.
It’s easy to get caught up in what friends and colleagues are doing with their money. But their timelines, priorities, and risk tolerance might be completely different from yours. Retirement planning isn’t one-size-fits all. What matters is having a plan that reflects your circumstances.
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4 Things You Can Do to Help
Prepare for Retirement
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As you near retirement, it’s important to take steps to ensure you’re fully prepared.
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Assess your savings and projected retirement income
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Take stock of what you’ve saved so far (including your RRSPs, pensions, and investments) and what you expect to receive in retirement. Use our wealth calculator to get a clearer view of your future income.
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Understand your SPP options and benefits
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Whether you’re part of SPP through work or contributing on your own, make sure you know how it works. The more you understand now, the more prepared you’ll feel when the time comes. If you have questions about SPP our FAQ has answers.
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Pay down high-interest debt
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Focus on clearing any high-interest loans or credit cards so more of your money goes toward the things you care about, and not to interest payments.
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Share your retirement goals and plans
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Do you see yourself travelling? Downsizing? Helping the next generations with college or university? Having open conversations with your partner and famliy about your plans helps you manage expectations and avoid surprises later on.
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When you're ready to start collecting your pension, anytime between the age of 55 and 71, you've got a few solid options. Which is the right one for you, though, really depends on what you want your retirement to look like.
Do you want the security of a guaranteed monthly income? A little more flexibility and control? Either way, with SPP you have choices.
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ANNUITY VS VARIABLE BENEFIT
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Keeping your money with SPP means your retirement savings stay in a plan you already trust, with low MER (Management Expense Ratio), strong returns and ongoing support.
In fact, in 2024 alone, SPP’s Balanced Fund had a return of 10.6%* and the Diversified Income Fund had a return of 3.8%.* Combine that with a low MER of less than 1% and you get more of your money working harder for you.
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Want predictable, monthly income for life? With an SPP Annuity, you'll have guaranteed, fixed payments for the rest of your life. Your income doesn’t change with the markets, so you can plan confidently knowing exactly how much you’ll receive each month.
And just as important, you’ll continue to have access to the same trusted support you know.
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Prefer more control? With Variable Benefit, you choose how much income you take out each year while keeping your money growing with SPP.
You'll continue to have access to the support you’ve counted on, plus the flexibility to adjust as your needs change. And you can still transfer unlocked registered funds into SPP, even after you've begun collecting.
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You also have the option to move your funds to another financial institution. Keep in mind that you’ll be responsible for managing your investments, and you’ll miss out on SPP’s solid average return and low MER of less than 1%.
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*Past performance does not guarantee future results.
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We’re happy to introduce our Senior Member Education Officer, David Musisi.
David has been with SPP for four years, actively engaging with our members at every stage of their investment journey with SPP. From answering pre-retirement and investment questions to educating members on retirement options.
Our goal is to empower each member with the knowledge they need to build a secure and successful financial future. We are expanding our education initiatives to include personalized outreach at key life stages, financial literacy webinars, and resources tailored to help members make confident retirement decisions.
If you’re approaching retirement age, David will be in touch with you to provide helpful information, answer your questions, and guide you through the next steps in your retirement journey with SPP.
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Questions about your pension or want to know more about SPP? We’re here to help!
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