Retirement planning is one of the most significant decisions of your life, and as a HOOPP (Healthcare of Ontario Pension Plan) member, you have the tools to craft a financially secure future. Whether you retire early or later, your HOOPP pension provides a predictable monthly income, ensuring peace of mind in your golden years.
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Let’s explore key considerations and milestones to help you make the best decision for your unique circumstances.
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Choosing the Perfect Retirement Age
HOOPP offers flexibility, allowing members to begin their pensions as early as age 55 or as late as age 71. When selecting your retirement date, consider the following:
Key Factors to Consider
- Milestones Matter: The closer you retire to age 60 or 30 years of service, the larger your pension will be.
- Birthday Boost: Retiring after your next birthday or completed year of service can increase your pension amount.
- Health and Family History: Evaluate whether collecting less earlier or more later aligns better with your life expectancy.
- Financial Readiness: Assess if your current savings and income will support your desired lifestyle in retirement.
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Retirement Age Milestones That Impact Your Pension
Retire Early
You can retire as early as 55, but if you haven’t reached age 60 or accumulated 30 years of service, your pension will be adjusted to account for the extended payout period.
- Bridge Benefit: Retiring between ages 55 and 65 entitles you to a monthly bridge benefit until age 65, complementing your lifetime pension.
Pro Tip
If you’re nearing 15 years of eligibility service, consider working until you hit this milestone to unlock better early retirement benefits.
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Retire at 60 or With 30 Years of Service
Reaching age 60 or 30 years of service means no early retirement adjustments. You’ll receive your full pension and the bridge benefit until age 65.
Example: Mary, a respiratory therapist, waited until age 60 to retire, boosting her overall pension.
Retire Later
Working past age 65 increases your pension by 0.5% per month for the portion built before 65. You can continue to grow your pension until December 1 of the year you turn 71, when starting your pension becomes mandatory.
What if You’ve Left Your HOOPP Employer?
Even if you’ve left your employer, your pension is secure. Known as a deferred pension, it continues to grow through cost-of-living adjustments.
- Start at Age 55: You can begin your pension as early as age 55, but the closer you are to 60, the better your benefits.
- Deferred Pension Perks: There’s no advantage to delaying your pension past age 60 if you’re no longer accruing service.
Tools and Resources to Support Your Decision
HOOPP is committed to guiding you every step of the way with these resources:
- Pension Estimator: Get detailed projections based on age, service years, and earnings.
- Online Retirement Tools: Submit retirement options easily through HOOPP Connect.
Your Retirement Journey Starts with HOOPP
Retirement is a deeply personal decision, and HOOPP is here to support you with expert advice and innovative tools. Whether you aim to retire early, hit key milestones, or continue working past 65, HOOPP ensures your financial security every step of the way.
Make the most of your pension—because your future is worth it.
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