Life can bring many exciting changes! A salary raise, parental leave, a job change, an inheritance, or finally retirement – all of these events have an impact on your retirement plan.
Your Common Good Plan is yours for life and helps you track your retirement readiness throughout your working years and into retirement. That’s why it’s important to review your plan at least once a year, as well as ensure your personal details, such as your marital status and designated beneficiaries are accurate.
Changing your income and savings
To build the most accurate retirement plan for you, we use your income to help generate the most relevant in-app suggestions, including how much you’ll need to save, government benefit estimates, and your recommending savings schedule. We also factor in any savings you have outside of the plan. This includes any TFSA or RRSP you have at another financial institution, a Registered Pension Plan, or other savings you have set aside for retirement.
- My current income
Whether you get a pay raise, a new job, or your income sources change, be sure to update your income in the “My Plan” section of your account. >> Learn how
- Other savings
If your savings outside of the plan change, update the amount in the “My Plan” section of your account. Please note that if you have counted any existing RRSPs/TFSAs in the “Other savings” field and then transfer them into your Common Wealth plan, you’ll need to edit your “savings outside of the plan” to ensure transferred funds are no longer counted. >> Learn how
You can make these changes anytime by logging in to your account.
Reviewing other areas of your retirement plan
As you update your plan, you may notice adjustments in the following areas, such as:
- Government benefits
Any changes to your income or outside savings may adjust the Old Age Security (OAS), Guaranteed Income Supplement (GIS), and Canada Pension Plan (CPP) amounts. Please note that if you have previously customized these amounts, you will not see any changes in your government benefits. >> Learn how
- Monthly contribution rate and saving schedule (auto-escalation)
The plan calculates a suggested monthly savings rate to keep you progressing towards your retirement goals. If you are contributing from your bank account, your contribution rate and your saving schedule may adjust based on the update to your income. >> Learn how
- RRSP contribution room
Your income determines how much RRSP contribution room you have year to year. Please verify that the amount you are saving falls within your contribution limits, particularly if you’ve lowered it. General contribution limits are set by the government and can be found here.
We’re dedicated to help you get the most out of every dollar in retirement. If you would like to consolidate your retirement savings or go over your plan with one of our retirement specialists, feel free to book an appointment.