Are You Saving Enough for Retirement?

October 28, 2022

We’re lucky to live in a country that has a high ranking public and private pension system for our retired workforce. In fact, the Canadian system ranks fourth out of 11 leading countries. Despite this, research found that 90% of Canadians fear retirement and 20% depend on CPP (restricted income), lottery wins, or inheritances for retirement income.

With the IBEW, you can be part of the 10% of Canadians who don’t fear retirement and the 80% that have more than CPP. We believe low-voltage industry workers deserve to have a pension/RRSP that provides a comfortable, enjoyable retirement.

How much is enough?

Statistics Canada reports that the typical pre-tax retirement income for seniors is only $65,300. Everyone has various incomes, costs, and objectives for retirement so there is no one-size-fits-all retirement savings strategy. But having a pension can mean you have a bit extra to pursue your retirement dreams – like taking that vacation you’ve always wanted to take but didn’t have the time, or buying that new car you’ve had your eye on.

How does the IBEW pension work?

As you work, your employer pays into your retirement fund on top of your regular salary, ensuring that your pension grows over time. As an IBEW Network Cabling Specialist, the retirement savings contributions from your employer will range between $2.95 and $4.33 per hour. This compensation is in addition to your hourly wage. More than 2,500 retired IBEW members currently receive a monthly payment from their employee benefit retirement plan.

Perks beyond financial security

There are also other perks to being part of the IBEW when it comes time to retire. There is an IBEW retiree community that you can join. It’s a great way to keep in touch with other members of the brotherhood (you’ll always have golf buddies if that’s your thing) and even have opportunities to volunteer and help mentor and give back to the next generation of members.

When you join the IBEW, you’re protecting your financial future.

Interested in learning more about what IBEW’s pension can mean for your retirement? Talk to a member of the IBEW team – we’d be happy to answer any questions you may have.

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