Quote:
Originally Posted by Sliver
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. |
Source:
https://www.atrf.com/planning-your-r...d-eligibility/
All depends on your years of service. A teacher with 31 years of service and $100k salary for instance would retire with a $49.6k pension so the more service you have, the more that number creeps up toward 50-55%.
And yes, of course, a teacher would get CPP as well. Someone just asked how the pension formula works.