Workplace Pensions: How Defined Pension Plans Work
This is video 6 of 30 for our 2021 Money School Series. For the month of September, we will release a video every single day diving into the money lesson, you wish you learned from school.
Figuring out just how much you need to retire is a series of complex calculations, assumptions and data gathering. But at the heart of all that... are simple factors and here's the good news...
You Can Control a Majority of Them.
In Video 1: we talked about what it takes to retire in Canada and key factors to consider
https://www.youtube.com/watch?v=QIRxT...
In Video 2: we applied those concepts with 2 case studies for couples planning to retire.
https://youtu.be/wryN2cVPvhU
In Video 3: We Talked about the Canada Pension Plan and how the CPP can help Canadians with retirement.
https://youtu.be/LoyiWiUHDfU
In Video 4: We talked about the OAS, and how it can add to your income buckets when you get to retirement.
In Video 5:We talked about the GIS and how the Guaranteed Income Supplement can help lower-income retirees.
In this video, we'll break down the defined benefit pension plan.
0:00 Defined Benefit Pension Plan- Workplace Pensions How Defined benefit Plans Work
0:50 What is a Defined Benefit Pension Plan?
1:56 How does a Defined Benefit Pension work?
2:45 How much do I put into my defined benefit pension?
3:50 Can I increase my contributions to get a bigger pension?
4:45 What happens to my plan If I have an extended absence?
5:30Are defined benefit plans inflation-protected are they indexed to inflation?
6:00 Are my contributions to my defined benefit plan tax-deductible?
6:30 How do I calculate my benefits from a defined benefit plan?
7:45 Pro tip about retiring early and how it can impact your pension
9:00 Can I take my defined benefit pension early?
9:30 how do I make sure I get my full benefits if I want to retire early? 85 Factor
10:05 What is an unreduced pension Vs a full pension?
11:30 Is the defined benefit plans taxable when I start receiving them?
12:00 Is a defined benefit pension guaranteed?
12:40 What happens to my defined benefit pension if I leave my job?
14:00 How is a Defined Benefit Pension Paid Out?
14:50 What happens to my pension if I die?
17:00 5 Key tips I want to leave you with about your pension plans
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DISCLAIMER**
HervinPesa.com
Hervin Pesa is a Practicing Fee-Based Financial Planner from Calgary AB, Canada.
If you are from Canada and would like a second opinion on your financial plan, you can contact us at https://www.hervinpesa.com/
This video is produced for entertainment and educational purposes only. No part of this video should be considered as personalized financial, investment, legal or tax advice. Consult your financial advisor. Hervin Pesa and Aware Financial Inc. cannot be held liable if you act on any information here without consulting your own financial advisor.
Hervin Pesa reserves the right to change any of his opinions in this video and does not reflect anyone's opinions except for his and his alone.
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