Basic Retirement Planner at a glance
All members of the Co-operative Superannuation Society Pension Plan (CSS) should have at least a basic retirement income plan to estimate how much savings are needed to afford the retirement they envision. As a member of the CSS Pension Plan, you have access to a number of resources such as our Pension Plan Consultants, as well as several online tools to assist with your retirement planning. This guide provides an overview of our most recently released online tool, the Basic Retirement Planner. The tool can be accessed on myCSSPEN under the
Tools and Calculators section (below your account details). If you are not registered for myCSSPEN,
register now.
STEP 1: DATA INPUT
A. Start here…My Personal Information
Enter your age, gender and annual current earnings. Your Member ID and name will be auto-populated when you access the Basic Retirement Planner.
B. My Risk Tolerance
Select your investor profile (hint: use the
Risk Tolerance Estimator if you need assistance). Also provided on this tab is a link to
How to Implement, which provides information on how to use the CSS investment funds to achieve a portfolio that matches your risk tolerance
C. My Assets
Enter current savings balances, monthly savings and any future lump sums you anticipate receiving.
D. Future Income Sources
Enter CPP, OAS and other pension (non-CSS pension, if applicable) information, along with any future sources of income you anticipate receiving (example: rental income).
E. Retirement Lifestyle
Input your annual retirement income goal, your anticipated retirement age and life expectancy.
This concludes the data input step. You can now move to the
Action Plan tab. Click
Update Results at the top of the page to ensure all of your updated data has been factored into your results.
STEP 2: ASSESS AND TAKE ACTION (IF NECESSARY)
There are two possible outcomes:
1. Based on your data input and future market projections and assumptions, you are estimated to be on track to achieve your
retirement income goals; or
2. Based on your data input and future market projections and assumptions, you are estimated to not be on track to meet your retirement income goals.
The following sample output from the Basic Retirement Planner estimates that the member is on track to reach their retirement income goals.
F. My Action Plan
Displays an estimate as to whether you are on track to meet your retirement income goals. At the bottom of the My Action Plan tab are links to more detailed information that you may wish to review (especially if you are estimated to not be on track to meet your retirement income goals).
a. Implementing Your Action Plan
Provides actions that you may wish to consider if you are estimated to not be on track to reach your retirement income goals.
b. More on Assets at Retirement
Provides a definition of “Required Assets” in the graph above, as well as information on how “Expected Result” and “Below Average Result” are determined. It also provides an estimate of the additional savings required to meet your retirement income goals if you are currently not on track.
c. Retirement Income Goal vs. Projected Income
Provides a graphical view of your retirement income goals versus your projected income in your retirement years.
d. Projected Retirement Assets
Provides an illustration of your assets between now and the end of the projection period based on estimated future expected returns.
Note: It is very important to appreciate that the results provided by the Basic Retirement Planner are estimates based on the data you’ve provided, as well as our best current estimates and forecasts of future investment returns and other variables which are subject to change over time. Please click the link on the My Action Plan tab to read our full disclaimer outlining all terms and limitations associated with use of the Basic Retirement Planner.
Article from the fall 2018 issue of TimeWise