|So You've decided to Retire||LTDI termination Form
||Ont.Teachers Pension Plan
Control your Finances
||Preparing for Retirement
||OTIP Retirement Guide
||Sample Retirement Letter
|Active Retired Members
||ARM - Health Plan
||ARM - Insurance Plan
||ARM - Dental Plan
||ARM - Travel Plans
|Retirement 101 Investing||Important Documentation||RTO Guide Retirement|
Many members ask if they should retire at the end of June, or part way through August; after all you will be covered for medical and dental for that extra time. However, If you retire June 30th, you will get pension cheques for July and August as well as your summer deferral cheques, (yes you get both) whereas if you retire in August you won't get your first pension cheque until September.
Granted, if you retire June 30, you will have to start paying premiums for your new benefits plan in July. But the amount you get from your pension will far outweigh the amount of the premium for those two months.
It does not make financial sense to retire in August as opposed to June. The numbers are not huge, but you are forsaking a couple of thousand dollars in pension payments.
= Retired Teachers Insurance Plan |
OTIP = Ontario Teacher's Insurance Plan | LTDI
= Long Term Disability Insurance