Do You Need Savings in Addition to a Government Pension Like OMERS?

♦Do You Need Savings in Addition to a Government Pension Like OMERS?♦

When planning for retirement, many Canadians rely on a government pension like OMERS (Ontario Municipal Employees Retirement System) as their foundation.

Do you need savings in addition to your government pension to maintain the lifestyle you want?

A buddy called me from his car and said, “I’m driving. Will I get to my destination on time?” I asked, “Where are you going and where are you now?”

It’s the same with the question of whether retiring with just your pension is enough.

Well it depends on your lifestyle, your goals, and whether you want the freedom to enjoy big-ticket items, like vacations or regular nice dinners.

The answer depends on your vision of retirement.

If your goal is to replace 70-80% of your working income, you’ll need to fill the gap between your pension and that target with personal investments like RRSPs, TFSAs, or non-registered savings.

In my latest video, you’ll see examples of people with different investment setups to help you discover what’s right for you.

You’ll learn:

What is the formula to know how much your government pension will be?
What is the rule of thumb for your pension with 30 years service?
How much do you need to retire with the lifestyle you want?
10 examples of a retirement plan with a full pension.
Do you need to invest more conservatively after you retire?
How does a Financial Plan become the GPS for your life?

Enjoy!
Ed

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⏰ TIMESTAMPS

00:00 | Introduction to the Pension Question
00:31 | Understanding the Pension Formula
00:58 | The Rule of Thumb for Pension and Retirement Needs
02:51 | Factors Affecting Retirement Plans
06:00 | Examples of Retirement Plans with and without a Pension
14:02 | Why You Need Additional Investments
18:01 | Investing More Conservatively in Retirement
20:04 | Risk Tolerance and Investment Returns
21:22 | The Financial Plan as Your Life's GPS
23:37 | Conclusion and Final Thoughts
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Please like, share and comment if this video has been helpful to you!

Thanks so much!
Ed Rempel
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Ed Rempel CPA, CMA, CFP is a financial blogger, fee-for-service financial planner and tax accountant with a ton of real life financial planning experience. He was awarded “Best Canadian Personal Finance Blog” by Expertido, and is the #1 financial blog in Canada for a financial planner on Hardbacon and Feedspot.

For the past 28 years, he has assisted thousands of Canadians with creating real, professional, “interactive” financial plans that earn results. Ed is known for his financial strategies, such as the Smith Manoeuvre and Lifecycle Investing strategies. He is also particularly skilled with the 8-Year GIS Strategy, a strategy to help seniors qualify for larger government pensions using effective planning & investing.