What You Need To Know

Retirement involves more than choosing your last day of work. You will need to think about your workplace retirement savings, government pensions, health and prescription drug coverage, taxes and the income you will need. Starting early gives you time to compare your options and complete any required applications.

Review Your Health and Insurance Coverage

Before you retire, confirm when your Republic Services benefits will end and what options may be available for life insurance conversion or continuation. Provincial or territorial health insurance generally continues after retirement, but it does not replace the extended health, dental, prescription drug, travel and insurance coverage you may have through work. Review your needs, any coverage available through a spouse or partner, and private coverage options before your employee benefits end.

Québec residents: Prescription drug insurance is mandatory. If you retire before age 65, confirm whether you remain eligible for private coverage; if not, you may need to register for the RAMQ Public Prescription Drug Insurance Plan. At age 65, you are automatically registered in the public plan, but if private coverage is available, you may have a choice between public coverage, qualifying private coverage, or a combination. Review the cost and coverage before deciding, because some private-plan decisions may be difficult or impossible to reverse.

Québec residents can learn more through RAMQ’s Prescription Drug Insurance and Turning 65 pages.

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Plan Your Retirement Income

Your retirement income may come from several sources, including the Republic Services Defined Contribution Pension Plan (DCPP) or Simplified Pension Plan (SPP), your Group RRSP or TFSA, personal savings, and government pensions. Most employees outside Québec may be eligible for the Canada Pension Plan (CPP); employees who worked in Québec may be eligible for the Québec Pension Plan (QPP). Old Age Security (OAS) is a separate federal benefit based mainly on age and Canadian residence history.

You can start CPP or QPP as early as age 60, but starting before age 65 generally means a permanently lower monthly pension. Delaying can increase your monthly amount. CPP can be delayed to age 70, while QPP can be delayed to age 72. OAS can begin at age 65 or be delayed to age 70. The best timing depends on your income needs, other savings, tax situation and personal circumstances.

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Review Your Republic Services Retirement Accounts

Sign in to your Sun Life account to review your balance, investment selections and beneficiary information. Before making a decision about money in the DCPP or SPP, ask Sun Life about the options available when you retire, including any locking-in rules that apply. Also review any Group RRSP or TFSA balances and consider getting independent financial and tax advice before transferring or withdrawing funds.

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Create a Retirement Budget

Estimate your monthly income and expenses, including housing, food, transportation, health and dental costs, prescription drugs, insurance, travel and taxes. Remember that CPP, QPP and OAS payments are taxable. If your income is low, check whether you may qualify for the Guaranteed Income Supplement or other federal, provincial or territorial programs.

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Before You Retire

  • Discuss your planned retirement date with your manager and HR, and confirm how much notice is required.
  • Confirm your final pay, unused vacation treatment and when payroll deductions will stop.
  • Ask when health, dental, life, disability, spending account and other employee benefits will end, and whether any conversion deadlines apply.
  • Review your DCPP or SPP, Group RRSP and TFSA accounts with Sun Life; update your beneficiaries and contact information.
  • Review your CPP or QPP estimate and decide when to apply. These pensions do not begin automatically.
  • Check your OAS enrolment status around age 64 and apply if Service Canada instructs you to do so.
  • Confirm your provincial or territorial health coverage and arrange replacement extendedhealth, dental, drug and travel coverage if needed.
  • If you live in Québec, confirm your prescription drug insurance arrangements with RAMQ and any private insurer.
  • Update your personal email, mailing address and banking information with the appropriate providers.
  • Consider speaking with a qualified financial or tax advisor about your retirement income and withdrawal strategy.
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Helpful Resources

Government of Canada

Retraite Québec

RAMQ

Sun Life

This information is a general overview and does not provide financial, tax or legal advice. Official plan documents and government program rules govern.

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