Changes to your career can happen, whether you’re looking to make them or not. Sometimes an opportunity comes your way that you can’t possibly refuse. And other times, your company has offered you an early retirement package or unfortunately downsized, leaving you without an income.

Regardless of why you leave your current job, there are many things you need to consider. If your pension benefits vested before your employment ended, you may be able to collect a reduced pension now or a full pension later. You may also be able to transfer the value to another retirement plan or the pension plan of a new employer. If your pension benefits haven’t vested, you’re entitled to a refund of your contributions. You will need help understanding the tax and other financial implications of each option before making decisions.

You could lose some or all of your benefits when your employment ends. You will have to decide which benefits to replace. If you have dependants, you may need to update your insurance plan to replace group insurance coverage.

If you were laid off and received a severance, keep in mind that the full amount is usually fully taxable in the year you received it. We will help you understand your severance payout and discuss ways to defer tax on some or all of it.

If it takes you a while to find regular employment income again, you could find yourself living on less – possibly a lot less. If you’re taking early retirement, you may have less pension and other retirement income than you had expected – and it will have to last longer. Managing on less isn’t easy. We can help you develop a plan for your new circumstances, helping you manage your day-to-day expenses and save for the future.