The Money Mustache Community

Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: max9505672 on January 02, 2021, 09:24:39 AM

Title: Canadian Federal Government Pension - How much is it worth?
Post by: max9505672 on January 02, 2021, 09:24:39 AM

Hi all,

I’ve been in a relationship for about two years with someone working for the Canadian Federal Government. I am trying to explain to this person the concept of “Networth” and I’d like to include the worth of the pension in 2 different scenarios:

1. If she keeps working until she reaches the 30 years of pensionable services.
2. If she plans differently and decide to stop working before that 30 years of pensionable service mark.

Does anyone have experience with this?
Any simple way to calculate this?

Thank you

Title: Re: Canadian Federal Government Pension - How much is it worth?
Post by: Endersmom on January 02, 2021, 05:33:05 PM

There is a formula you use to figure it out, your partner should have access to the details,  if you need help calculating it I would post in Canadian tax section. It is more diverse than just taxes.

Title: Re: Canadian Federal Government Pension - How much is it worth?
Post by: SunnyDays on January 02, 2021, 07:43:40 PM

Does she not get an annual statement with these figures on it?  I worked for a provincial government and got yearly pension statements with expected monthly income at ages 55, 60 and 65, plus total amount contributed in the event of termination.  We got these in June.  If she’s new to the job, it might take a couple of years for this data to be available, but she could check with her superannuation dept now.