The long awaited pension numbers have arrived and here they are:
Assuming D works till he is 65 years old, he is eligible to receive an annual retirement income of $31078 from his work pension plan.
They estimate his Canada Pension Plan (CPP) annual amount to be $12525. And Old Age Security (OAS) to be $6481.
Total Annual Income: $50084
This is a big deal for us. All I can think about is the amount of money we don't have to save because of this news. Believe me, we are grateful for that. It was strange to see my name on the pension statement because the above totals do not reflect my numbers. I'm just the spouse.
I am not expecting him to work till 65. He wants to consider "retiring" around 55 and doing contract work to allow for more flexibility for travel.
Because contract work will pay more, we will be able to bank let's say half and it will help make up for not having 10 more years of contribution.
In 3 years, D will have completed his financial responsibilities with respect to mortgage equalization. He will be able to start taking a few more weeks a year off without pay. It's all good.