As you start the transition into retirement, you'll want to include your pension benefits to the forefront of planning.

This section and our accompanying Retirement Benefits Checklist is designed to help you organize your benefits and sort out changes in your benefits that will take place when you leave the workforce.

Here are some ideas and considerations to help you make the most of your retiree benefits;

Find out all the current benefits your employer offers.
The first step to figuring out your possible retirement benefits your employer offers. Your IPF consultant will be happy to give you a guide to your occupational pension.

Determine which benefits you can bring with you.
Determine which benefits you want to continue in retirement and which benefits your employer will allow you to carry into your retirement.

Often you can convert group insurance policies into individual policies. Examples include life insurance, disability income insurance & Long Term Care insurance, though you will want to compare costs with products you can purchase in the marketplace.

Discover any rules that impact your retirement benefits.
Sometimes companies and benefits providers set eligibility criteria for qualifying for retirement benefits.
For example, you may have to be enrolled in a benefit now, as a current employee, or complete a certain number of years of service in order to be able to carry that benefit with you into retirement. Certain benefits, for example your spouses and children's benefits follow you into retirement while others like your death in service do not.

Mark your calendar with key review deadlines.
Be sure to review your potential retirement benefits at least every 5 years (annually within 10 years of retirement)

Find out the Costs for Post-Retirement Coverage.
Over time, the cost of certain benefits increase. Accordingly, it is very important for you to figure out the cost of the benefits you will have to purchase and factor that into your budget. e.g. life/health insurance

Figure out the Gaps & Overlaps in Coverage
Sometimes, you may have different policies and benefit plans that cover the same condition. Income continuance and early retirement pension for example. Eliminate overlaps and unnecessary coverage. You may find that you are paying premiums for coverage you no longer need. For example, when you stop working, you may no longer need long-term disability coverage. Most disability income insurance coverage terminates when you turn 65. But, suppose you retire at age 63. If you have a disability income insurance policy, you may no longer need this coverage and can use the money you spend on that cover (premiums) elsewhere. And you may find that there is a hole in your cover and you face risks that you don't want to face. For example, you may have had dental insurance when you were employed and in retirement you may find that you want retiree dental insurance.

Find out your options and how you can obtain care once you retire. Estimate the cost to fill in the gaps in coverage and factor the premiums into your budget.