Even after retirement, members will continue to reap the benefits of the Common Good Plan. They would still have access to the investment funds as part of the plan, which would automatically be adjusted (more conservative) according to their age and stage. They would continue to pay the same low fees as when they were employed. We’ll also provide support in turning their nest egg into actual retirement income by converting to and managing a RRIF. Members would still receive education on critical topics, such as how to access Canada Pension Plan (CPP), Old Age Security (OAS), and Guaranteed Income Supplement (GIS).
Members will be able to access their Common Good retirement income in a number of different ways. They include setting up a regular withdrawal based on a percentage of assets and/or a fixed pension-like payment. Members also have the option to withdraw funds in a lump sum or through a transfer to another TFSA, RRSP, or RRIF.