I'm not close to retirement age, but I admit that I think about it. I want to be sure to have thought of everything so that I can get the most out of good planning. Sometimes it's all in the timing.
The Quebec Pension Plan and the Canada Pension plan, or QPP and CPP, both set 65 as the normal retirement age. It's also the normal retirement age for the Desjardins Group Pension Plan, or DGPP.
However, under the DGPP, members can retire and start receiving their pension at age 55. When an individual retires between age 55 and 65, we say that this individual has opted for early retirement.
Because the pension is starting earlier than expected, an adjustment percentage may apply to the pension amount. This makes sense because I will be receiving my pension earlier than expected and for a longer period. My personalized annual statement, posted to "My file" every year, presents projections for different early retirement ages and indicates the pension amount that I would receive.
There is also the postponed retirement option if I decide to retire after age 65.
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