RETIREMENT PLANNING
Thinking of Retiring? Here are some tips:
- Maintain a personal pension file of Teachers’ Pension Plan and Canada Pension Plan statements and information. Include any collective agreement provisions for retirement gratuities. Ask CPP to send you a current pension statement.
- Familiarize yourself with the Teachers’ Pension Plan (TPP) and attend a pension seminar. (one in your 40s, 50s and in the year of retirement).
- Visit the TPP web site (click on Teachers’ Pension Plan). Use the personalized pension estimator in the “My Account” area to estimate your pension benefit at the date of retirement.
- Keep the TPP informed of any changes in your life (i.e. marriage, separation, divorce, death of spouse, beneficiary if no spouse, etc.).
- Consider purchasing service from a leave of absence taken in the past 5 years.
- If you have service in a teachers’ pension plan in another Canadian province/territory and did not take a refund, check with that plan as to your accrued benefits and options, including transfer to the TPP.
- Take some time to consider your probable “lifestyle” in retirement
- Update your Will and Power of Attorney and/or Representation Agreement.
- Decide where you want to live and the type of accommodation you may need.
- Make a budget for your interests as well as the regular day to day expenses.
- Start to clean out your classroom. Give away materials and units as you complete them. Do not take them home to clutter your basement.
- Contact the Teachers’ Pension Plan for a Retirement Application Package. Send the completed application form to the TPP no later than the end of the month in which the pension is to start (preferably at least two months earlier) to ensure prompt pension payment.
- Find out from us at the CDTA when the annual retirement celebration is and plan to attend! It’s time to celebrate your career.
- At least thirty days before the date of retirement send in your letter of resignation to your school board, with a copy to the CDTA.
- Check with the School Board Office to see when your current health benefits end to ensure continuous coverage.
- Invite newer teachers to a resources day and have them take away units and materials that you will not need in your new life.
- Join the local Retired Teachers' Association and plan to attend the “To Hell with the Bell” breakfast on the first day of school in September. The RTA will contact you when you retire.
- Join the BC Retired Teachers’ Association 1-877-683-2243 or go to the web site at www.bcrta.ca. This will give you updated pensions and other information on retirement.
- Contact the BCRTA re starting/continuing medical travel health insurance. They also have home, medical and Long Term Care Insurance.
- Apply to the BCTF for Associate Membership. The BCTF will send a copy of TEACHER to your home.
- Maintain membership in the BC Regulation Branch as practicing member if you intend to teach or work as a teacher on call after retirement. See www.bcteacherregulation.ca.
- Register with Fair Pharmacare for healthcare benefits. This may help with your extended health needs. See: www.health.gov.bc.ca/pharmacare or call: 1 (800) 663-7100
- Enjoy being able to:
- Not have bells run your day. (Turn off your alarm!)
- Learn new things for your own pleasure.
- Volunteer time to your favorite organizations.
- Take vacations at off season times and rates.
- Read the whole paper everyday
- Six months before age 60, if you are not working, consider applying for your Canada Pension Plan pension. For an application kit, visit the CPP web site at www.servicecanada.gc.ca or visit a Canada Access Centre.
- Six months before age 65, apply for Old Age Security. For an application kit, visit the OAS web site at www.servicecanada.gc.ca or visit a Canada Access Centre.
- BCTF 1 (800) 663-9163 www.bctf.ca
- Teachers’ Pension Plan 1 (800) 665-6770 www.pensionsbc.ca
- BC Retired Teachers’ Association 1 (877) 683-2243 www.bcrta.ca
- BC Teacher Regulation Branch 1 (800) 555-3684 www.bcteacherregulation.ca
- Pacific Blue Cross 1 (877) 722-2583 www.pac.bluecross.ca
- GreenShield 1 (888) 711-1119 www.greenshield.ca
- Medical Services Plan 1 (800) 663-7100 www.health.gov.bc.ca/msp
- Pharmacare 1 (800) 663-7100 www.health.gov.bc.ca/pharmacare
- OAP & CPP 1 (800) 277-9914 www.servicecanada.gc.ca