Will my pension be enough? Bridge employment intentions of Canadian Armed Forces members

Abstract

Introduction: Although retirement planning in the general public has been well studied, there is little such research regarding Canadian Armed Forces (CAF) members. Prior research indicates that despite a strong pension plan, CAF Veterans often continue to work upon retiring but experience a drop in earnings compared with their military salaries. Methods: This study used a sub-sample from the Military Member/Family Finances Survey, conducted in spring 2017, including only CAF members with 16 or more years of experience and who would be eligible for their full pensions in the next 5 years or less ( n = 873). Results: It was found that approximately one-third of the CAF members surveyed were not certain of what their pension was worth at the time of the survey or would be worth upon retirement. Furthermore, over half the respondents indicated intentions to work after retirement from the CAF. Significant differences were found by sex and rank regarding both pension planning and intentions to work after retirement: female members and junior non-commissioned members appeared less knowledgeable of their pensions. Discussion: More targeted information sessions may be required for women and members of lower ranks in the CAF to support better post-release outcomes. Of the personnel intending to work after retirement, many showed no interest in earning as much money as they had with the CAF. This indicates that the previously identified drop in income for CAF Veterans may be intentional, as members may prefer less responsibility upon leaving the CAF.