Planning for retirement is easier than ever with the improved Retirement Income Estimator, a retirement planning tool for members available on myOMERS - our secure member site.
"We encourage our members to sign up on myOMERS and use the Retirement Income Estimator for their retirement planning," says Ivana Zanardo, Senior Vice President, Pension Operations. "This is an excellent service that allows members to take charge of their financial future."
The original Retirement Income Estimator in the Members section on the website will no longer be available after July 31.
About the new Retirement Income Estimator
Features of the new Retirement Income Estimator include:
- Instant estimates - OMERS pension estimate is produced in minutes and saved on the member's account for future reference.
- No data entry - the estimator uses information pulled from our database - and members can add their latest salary and information if they wish.
- Selecting a retirement date is easy and flexible - milestone dates (e.g., the earliest retirement date) are provided or members can pick other date(s) they have in mind.
- Confidential - estimates are confidential and cannot be viewed by employers.
- Add in government benefits - once the members gets an OMERS estimate, they can take it a step further and see how much they can expect to receive from CPP and Old Age Security.
- After tax income comparison - for each retirement date, a snapshot of estimated net income before retirement compared to estimated net income after retirement is provided.
In the future, members will have the ability to also add in personal savings to their estimates. This includes the ability to add AVCs (additional voluntary contributions), a new savings opportunity being launched Jan.1, 2011.
What members are saying about the new Retirement Income Estimator
The response to the new Estimator has been positive. One member wrote, "This is a great product for employees. It is nice for a member to have the ability to get a pension estimate any time at the click of a few buttons."
- Fast - already has my info so I do not have to take the time to enter it.
- Love the calculator - ease of use - ability to see government pension information - ability to drill down - ability to print and save.
- This is an excellent tool. I appreciate being able to do things myself.
- Excellent way to access my own information.
- What a great addition to the OMERS client information portal.
- Nice to try different options with Retirement Income Estimator.
- It is tailored to me with my pension details readily available.