There are different types of workplace retirement plans.

• If you have a Defined Benefit Pension Plan, you will be entitled to a guaranteed monthly retirement income based on earnings and years of service. There may be no decisions to make, other than the start-date you want.

  Plans generally default to a "joint-and-last survivor" income if you have a partner, which means that income will continue to your partner if they outlive you. You may have an option to take a "single-life" income instead. Talk to your employer to find out what income you'll get.

• If you have a Defined Contribution Pension Plan or other type of workplace plan, you will have built up a pot of money and will have to make decisions about converting it into income.

  Your choices are generally to convert to a RRIF for a flexible income, or convert to an annuity for a guaranteed income, or some combination of both. Find out what options best meet your needs. Link will open in a new window or tab

Some other things you'll want to find out are:

• When will your payments start? (Note: Pensions are typically paid monthly.)
• If your company offers any retirement courses or access to advice, take advantage of them!
• Will you have pension income coming from previous employers?

If you have health or other benefits, find out what happens to them when you retire. For example:

• Do you have an option to convert your life insurance to a personal plan?

• Will your supplementary health and dental benefits continue into retirement?

  If so, is there a cap on benefits?

  Be aware that if you also have personal coverage (e.g. travel insurance when you go out of country) that your workplace retiree plan may be first payer. This means for any claim, your workplace retiree plan would pay up to the coverage limit, after which your personal plan would consider expenses beyond that.

If you’re 65 or older, your provincial healthcare plan may pay for your prescription drugs. Find out what’s covered in your province.

• In British Columbia, PharmaCare Link will open in a new window or tab helps B.C. residents with the cost of eligible prescription drugs, certain medical supplies and pharmacy services. Eligibility is based on income.
• The Government of Alberta provides premium-free Alberta Blue Cross Coverage for Seniors for health-related services Link will open in a new window or tab not covered by the Alberta Health Care Insurance Plan (AHCIP).
• Under the Saskatchewan Seniors’ Drug Program Link will open in a new window or tab, eligible seniors 65 years and older pay a maximum of $25 for prescription drugs. Eligibility is based on age and income.
• In Manitoba, coverage is based on income. The Pharmacare drug benefit program Link will open in a new window or tab is available to eligible Manitobans whose income is seriously affected by high prescription drug costs.
• The Ontario Drug Benefit (ODB) Program Link will open in a new window or tab covers most of the cost of 4,400 prescription drug products, some nutrition products and some diabetic testing agents.
• In Quebec, those 65 and older are automatically registered in the Public Prescription Drug Insurance Plan Link will open in a new window or tab administered by the Régie de l'assurance maladie du Québec.
• New Brunswick has several plans Link will open in a new window or tab for seniors, depending on income.
• The Nova Scotia Seniors' Pharmacare Program Link will open in a new window or tab pays for drugs and devices. Premiums are based on income.
• In Newfoundland and Labrador, the 65Plus Plan Link will open in a new window or tab covers eligible prescription drugs to residents 65 years of age and older who receive Old Age Security Benefits (OAS) and the Guaranteed Income Supplement (GIS).
• In Prince Edward Island, the Seniors’ Drug Program Link will open in a new window or tab is automatically available to those age 65 or older.
• The Northwest Territories (GNWT) sponsors the Extended Health Benefits for Seniors Program Link will open in a new window or tab to provide non-Native and Métis residents who are 60 years of age and over with coverage for eligible prescription drugs, dental services, vision care, medical supplies and equipment.
• The Yukon’s Pharmacare and Extended Health Benefits programs Link will open in a new window or tab assist those 65 and older with the cost of prescription drugs, dental care, eye care, and medical-surgical supplies and equipment.
• In Nunavut, eligible residents are covered by the Nunavut Health Care Plan. Link will open in a new window or tab
• Health Canada also maintains information on Provincial and Territorial drug coverage programs. Link will open in a new window or tab

You'll find a treasure trove of information on your provider's website or through their customer service call centre, like:

• Detailed plan and account information that's relevant to you;
• Retirement planning tools;
• Investment information;
• Educational material; and
• Access to seminars and webcasts.