Money Matters: Your Financial Know-How
Be in the know.
Improving your financial know-how can equip you to more confidently make important financial decisions.
By knowing what day-to-day and long-term financial decisions are best for you, you can reduce your stress and better support your overall well-being. Below are a series of resources to help you no matter your current knowledge level.
Please note that while Vestcor and your pension plan do not provide specific financial education or advice on an individual basis, we are pleased to provide the following collection of Vestcor and third-party sourced reference material.
FINANCIAL LITERACY: Start here.
1. This short self-assessment quiz identifies what information may be most useful to you. Keeping track of your budget? Making ends meet from pay-cheque to pay-cheque? Planning ahead for big expenses? Trying to choose which financial products are best for you? Access information tailored to your needs.
2. From bank accounts to credit cards, mortgages to vehicle financing: how to choose options that best support your needs and goals.
3. Additional financial information specific to New Brunswickers.
LIFE EVENTS AND YOUR FINANCES: Changing employment, marriage, children, and more.
Impact to your pension and retirement
Did you know that life events, such as marriage or parental leave, can impact your pension? Select the options below to learn more.
Impact to your finances in general
Visit the following link for more information on how life events, including buying or selling a home, living as a couple, caring for someone ill, and so much more, can impact your financial well-being.
RETIREMENT: It’s never too early.
Whether your retirement is near or far, understanding how you will support yourself financially when retired is very important at any stage of your life. The sooner you begin planning for your retirement, the more prepared you’ll be – and the less you’ll need to save per month.
Your retirement income will consist of several sources, which could include for example your employer pension plan, Canada Pension Plan, Old Age Security, Guaranteed Investment Certificates, personal savings, etc. These are often referred to as the Three Pillars of Retirement. The video below provides a brief description of this.
The financial security provided by being prepared well in advance contributes directly to lower stress and better health. The resources below are a great starting point.
The Basics: Retirement Income Sources
CPP, OAS, GIS, Personal Savings and More
NBPSPP, NBTPP, CBE SRP, CUPE Hospitals SRP, CUPE 2745 Pension Plan, GLT&S Pension Plan, PT&S Pension Plan, Plans for Judges, MLA Plans
How to Save for Retirement?
Calculating your Pension from your Employer
If you have an employer pension that is administered by Vestcor, use the Pension Estimate Calculator to get an estimate of what your retirement income from that pension plan could look like. You’ll need a copy of your Employee Statement of Pension Benefits, which is sent to active members annually. If you can’t find your most recent copy, contact Vestcor to obtain one.
The Retirement Planning checklist and video will guide you through the process of applying for your employer pension, if you’re a member of one (or more) of the following pension plans:
- New Brunswick Public Service Pension Plan (NBPSPP)
- New Brunswick Teachers’ Pension Plan (NBTPP)
- Shared Risk Plan for Certain Bargaining Employees of NB Hospitals (CBE SRP)
- Shared Risk Plan for CUPE Employees of NB Hospitals (CUPE Hospitals SRP)
- Pension Plan for Full-Time CUPE 2745 Employees of NB School Districts (CUPE 2745 Pension Plan)
- Pension Plan for GLT&S (Custodians, Bus Drivers and Maintenance Workers) of NB School Districts (GLT&S Pension Plan)
- Part-Time and Seasonal Employees of NB Pension Plan (PT&S Pension Plan)
We’ve developed a financial glossary to help better understand key financial terms.
Visit the Investment Glossary via the button below.