Temporary option. CREATE TABLE - MariaDB Knowledge Base
Joint life pension options Temporary annuity option If you retire before age 65, you may choose a temporary annuity to top up your temporary option. A temporary annuity increases your monthly payment until you reach age 65 or your death, whichever comes first.
Why choose a temporary annuity? Buying a temporary annuity may help you meet the initial expenses of retirement, such as paying off a mortgage before you turn If you choose a reduced pension, a temporary annuity would increase your monthly pension payments until age For those with significant taxable assets such as RRSPs, a temporary annuity can help lower your income after temporary option 65 and therefore reduce tax on income.
Important things to keep in mind: A temporary annuity will reduce your lifetime pension. The younger you are when you retire, the bigger the impact on your pension after age A reduced lifetime pension might have a significant impact on your spouse or dependants.
The temporary annuity amount is based on the maximum old age security OAS benefit. Amounts may change from year to year to reflect fluctuations in the OAS, but your payments will remain stable from your retirement date onwards. You can use the personalized pension estimator in My Account to see how a temporary annuity would affect your basic lifetime pension.
This will help you determine what your pension amount will be before and after age