Have you thought about how much pension you want to have when retiring in Alberta?
Have you considered getting a retirement plan to help you live comfortably and securely once you reach retirement? Nowadays, it’s imperative that you prepare for your retirement long before you reach 65. Fortunately, you have many choices as far as Alberta pensions are concerned.
Many people, especially those who are approaching retirement, are very concerned of what awaits them by the time they say goodbye to their job. Are their retirement benefits from the company they’re working for sufficient to support their needs? Would they still have enough left after paying their debts? These are just some of the questions that plague the minds of would-be retirees.
You can save yourself the trouble of thinking negatively about retirement by being prepared. Below are Alberta pensions services that offer some of the best retirement and pension plans.
The Alberta Seniors Benefit or ASB program can provide recipients with a monthly income supplement to your federal income sources. It also includes Old Age Security or OAS and Guaranteed Income Supplement or GIS.
Eligibility is based on different factors such as the type of accommodation you’re living in as well as your marital or cohabitation status. You need to be 65 years old or older too. Your income combined with those of your spouse, is another basis. Further, you must have lived in Alberta for three months prior to your application and must have lived for 10 years in Canada.
The Alberta Pensions Services Corporation or APS was incorporated with the Government of Alberta in 1995 under the province’s Business Corporations Act as its sole Shareholder. As such, it is responsible for managing an estimated $5.9 billion in pension plan funds every year. They provide various pension services including contributions management, benefit calculations, member and pensioner and employer information and communications management. They also plan board services and take charge of compliance, regulatory and plan financing reporting among others. Presently, the APS administers seven statutory pension plans.
APS aims to provide clear information and support to clients, deliver quality service and keep promises and make the whole pension experience easier. The company lives by their three common elements namely service, quality, and accountability.
Once you avail of the Local Authorities Pension Plan in Alberta, you are among the 250,000 Albertans covered by the 7th largest pension plan in Canada. Most importantly it offers lifetime security because it’s supported by a competently managed $35 billion pension fund that continues to grow each year at the cost of living rises.
Of course, there is also the option of turning your home into a kind of ‘pension’ by taking out a reverse mortgage – for more on this see our Alberta guide at: http://ift.tt/2wzRmzY
Alberta pensions services and benefits are among the best in the world. If you’re an Albertan, consider yourself lucky to have amazing pension plans to choose from. Before anything else, be sure that you’re in good hands by doing your own research regarding the companies offering these pensions. Try to find out which suits your needs best.
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