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Retirement Years

Making the most of your

Retirement Years

Find out more about the various resources we’re offering our members in their retirement years.

Below are useful tools you can utilize to help the next 20+ years of your life.

BENEFITS AND DISCOUNTS

Drug Benefits

When you retire, you may need to consider buying insurance that was perhaps previously  provided by your employer. Remember, however, that all provinces and territories have a version of a drug benefit program that will help cover the cost of prescription drugs. It is worthwhile talking to your pharmacist about the coverage you will get under your province or territory’s program. You may need to complete an application form which you may receive in the mail prior to your 65th birthday. Once your application is processed, you will know what your deductible and any other costs will be.

 

Even if you have not yet retired, it is worthwhile to research what might be covered by your jurisdiction’s benefit plan because the beneficiary group you are in will have a bearing on when you can start to receive coverage under the drug benefit program. For instance, eligibility for the Ontario Drug Benefit Program is as follows:

  • You will qualify for the Ontario Drug Benefit (ODB) when you turn 65 years old.

  • Some people may qualify before they reach that age because they are:

    • living in a long-term care home or a home for special care, or

    • enrolled in one of these programs:

      • Home Care

      • Ontario Works

      • Ontario Disability Support Program

      • Trillium Drug Program

 

The ministry will send seniors a letter three months before their 65th birthday.

The Ontario Drug Benefit covers most of the cost of more than 4,300 prescription drugs. 

Additionally, it will help you pay for:

 
 

Leading an active retirement

When we are working and subject to a daily routine, the idea of retiring sounds good. It will offer the chance to get a few extra minutes when the alarm goes off or eliminate it all together. It may sound great but in actual fact, for most people, it is a good idea to consider what they might do with the free time. Here are a few things you may want to consider:

Drop-In Facilities

Check out your community for recreation centers that offer senior programs or if your community is large enough you may have access to Senior Centres for people 55 or over. Senior Centres provide all kinds of recreational and cultural activities. They may include fitness programs, educational programs, special interest and dance programs, and arts and crafts. Additionally they may offer special events and bus trips.

 

Options on Plan Maturity

In Canada, retirement plans including Defined Contribution Pension Plans (DCPP), Registered Retirement Savings Plans (RRSP), and Deferred Profit Sharing Plans (DPSP) must be converted on maturity. Navigate through the following slides to learn about typical defined contribution retirement programs and the options that are available once the plan has matured.