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The Edmonton region, also known as the Province of Alberta, has a comprehensive set of statutes and regulations that protect the rights and stipulate the obligations of people in their retirement years. The laws outline detailed provision on pension plans, retirement savings plans and old-age security. They also encompass different types of retirement such as early, late and phased retirement. Understanding these laws can help you make informed decisions and plan effectively for your retirement.
While planning for retirement, you may find yourself in complex situations that require a clear understanding of the law. These situations might include issues with your pension plan, retirement savings plan or any other retirement benefits. Discrepancies or disputes could arise between you and your employer regarding these plans. In such cases, handling legal matters on your own can be intimidating. A lawyer specializing in retirement law can offer you the expertise needed to navigate these situations, ensuring your rights are upheld.
In Edmonton, the Alberta Employment Pension Plans Act governs the administration of pension plans, and the Canada Pension Plan sets out the rules for National Pension scheme. Further, the Income Tax Act provides rules on retirement savings plans such as Registered Retirement Savings Plan (RRSP) and Registered Retirement Income Fund (RRIF). The Old Age Security Act details out the criteria for old-age security benefits including the guaranteed income supplement. Familiarizing yourself with these laws can empower you to make more informed decisions about your retirement planning.
The standard retirement age in Edmonton, like the rest of Canada, is 65 years. However, with the right planning and circumstances, individuals can opt for early or late retirement.
As per Alberta’s pension laws, in most cases, you are not allowed to access your pension before retirement age. There are certain exceptions, such as cases of financial hardship or debilitating illness.
All sources of retirement income, including pensions, RRSPs and government benefits are considered taxable income.
You can continue to contribute to your pension plan and it will keep growing, but you must start taking out retirement income from your plan before the end of the year you turn 71.
If you believe that your employer is not providing the pension benefits as described in your employment contract, getting in touch with a retirement lawyer would be beneficial. A lawyer can guide you through the process of understanding your legal rights and asserting them.
The government of Alberta’s website provides useful information about the Alberta Employment Pension Plans Act. The Canada Revenue Agency's webpage offers extensive information on retirement income. Further, organizations like the Edmonton Senior Coordinating Council and Alberta Elder Abuse Awareness Council can also provide valuable resources and support for retirees.
If you believe that you require legal advice regarding your retirement, you should consider gathering all relevant documents such as pension plan summaries, employment contracts, and any correspondence related to your retirement benefits. Afterward, seek out a lawyer who specializes in retirement law. Having clear communication about your circumstances and concerns will ensure that your lawyer can provide the most accurate and beneficial advice for your situation.
