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Is Early Retirement Right for You?

Cards driving down a curving road alongside a lake and forest area.
A recent study has found that the average retirement age is 62. Yet more than 53% of Canadians are unsure how much they will need to retire. If you’re thinking about retiring, now is the time to start planning.


If you’re coming up to retirement, we recommend that you notify your manager and contact the WISE Trust Pension Contact Centre six to nine months before your desired retirement date to ensure that your pension begins on your desired retirement date.

Here are some pointers to help you plan out your retirement

How much income will I receive?

Ever heard of the term “three-legged stool”? The three-legged stool is made up of your WISE Trust pension, government benefits like the Canada Pension Plan (CPP) and Old Age Security (OAS) and, your personal savings. Look closely at these three sources to understand what your income could be and, keep in mind, like many sources of income, your WISE Trust pension is subject to income tax.

Start by estimating your WISE Trust pension on My Pension Resource. You can estimate your pension at a specific age, date, or a “quick date” – your earliest retirement date, earliest unreduced retirement date, or normal retirement date.

To estimate your CPP and OAS payments, visit

Also on My Pension Resource, check out the Total Retirement Modeler Tool which will allow you to pull together all three legs to give you an estimate of your total income.

How much will I spend?

Your spending habits will change when you retire, you’ll likely spend less on gas but spend more on your hobbies.

Create a budget to ensure you can afford the necessities and have a rainy-day fund when sudden expensive purchases pop up. You should speak to a financial advisor who can help in establishing a long-term plan.

When can I retire?

The normal retirement age is 65. You can choose to retire earlier if you qualify for early unreduced retirement.

You can retire without any reduction to your lifetime pension if you qualify for:

Factor 85: Your age when added to your years of membership or pensionable service equals at least 85 years

60/20 rule: You are at least 60 years old and you have at least 20 years of membership or pensionable service in the plan

Learn more about when you can retire.

Survivor Benefits?

Planning for retirement may involve decisions relating to what you want to leave for your beneficiaries when you pass away.

Your WISE Trust pension has survivor benefits which help protect your loved ones if you pass away before or after retirement. This includes your spouse and any dependents with or without disabilities. Learn more about survivor benefits.

Learn more

These questions are important to consider when planning your retirement. Our website has answers to your retirement questions. If you can’t find the answer you are looking for contact us.


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