An important way Your Plan Has Value is that it takes a lot of the guesswork away when it comes to planning ahead for your retirement.
Even if you are just starting your career with a LAPP employer, you can estimate the number of years you plan to work and the average highest salary you think you will earn and calculate the monthly pension you will receive when you retire.
In fact, there are pension estimators on this website and on mypensionplan.ca that will help you calculate these estimates in no time. The value of being able to predict your income from LAPP is that you can start planning your retirement today.
Depending how long you have been contributing to your pension and how soon you expect to retire, your LAPP pension and government pension benefits may be all that you need in retirement. But if you start with LAPP later in your career or you plan on an expensive retirement full of travel and luxury living, you will probably need to plan for other retirement savings income.
Whatever your situation, the good news is that your LAPP pension is a predictable base upon which to build your retirement plan. It’s important to know what kind of retirement lifestyle you want so you can estimate how much more you will need to make your retirement dreams come true.