Quote:
Originally Posted by malcolmk14
I haven't read the thread so someone might've answered this already but essentially it's 1.4% of the YMPE * # of years worked + 2% above the YMPE * # of years worked.
If you retired today at 55 with 30 years of experience and your 5-year average highest salary was $100k you would receive about $48,000 a year as a pension.
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Do you have a source for that $48k? The
Alberta Retired Teachers' Association (ARTA) says it's between 50% - 55% of your five highest earning years, not 48%. When you include CPP and OAS, you will actually get over 70% of your salary. That's 46% more annual income than you suggested, so I just want to put any teachers' minds at ease that - in fact - their pension will offer them a much more comfortable retirement than that $48k you quoted would.
Additionally, teachers receive outstanding benefits through retirement that people in the private sector obviously do not. That is a valuable package that includes medical, dental and vision care, amongst other benefits like accidental death & dismemberment, etc. Check it out in the link above...it's pretty awesome.
Do you know if you can access CPP at 55 retirement?
CPP doesn't usually kick in until 65, but I know you can take it earlier if you're okay with 36% less/year in perpetuity.