Phil's story

Phil began his career with a credit union a few years ago and has been a member of the Plan for a couple of years now. At 22, he doesn’t want to be bothered thinking about retirement and he never really gave his pension a second thought until he read the article on “Saving in your 20s, 30s, 40s and 50s,” in TimeWise magazine. This prompted Phil to visit the CSS website and to take a closer look at his pension investments, despite his limited investing knowledge and experience.

Phil checklist

For the first time since becoming a member of the Plan, Phil became aware of the tools and educational resources available on the Plan’s website and decided to take advantage of them to improve his understanding of how best to use the Plan to his benefit.

He registered for myCSSPEN so he could review his pension account details online, and he used the online Risk Tolerance Estimator to determine the investment mix that was best suited for him.  Phil’s use of the Risk Tolerance Estimator helped him determine that the growth investor profile best described his current investment objectives and risk tolerance.

“I decided to go with the mix suggested by the Risk Tolerance Estimator. I will invest 80% of my pension funds in the Balanced Fund and 20% in the Equity Fund. I believe this mix will help me achieve strong investment growth over the long-term while keeping my exposure to risk at a level that I can live with.”

Phil plans to start making additional voluntary contributions (AVCs) to take further advantage of the strong investment returns and low fees offered by the Plan. He realizes the importance of the decisions he makes today to achieve a successful retirement income outcome in the future, but also that he may need some help managing his investments as his retirement savings grow. Phil plans to consult with an advisor at his credit union or a CSS Pension Plan Consultant if he needs assistance with his investment choices.

“For now, I’m fine using the tools and fund fact sheets on the Plan’s website to educate myself and track the growth of my investment with the Plan,” he says.

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