Managing Risk
CLIP reduces your risk of running out of money during retirement.
CLIP enables you to reduce the risk of outliving your money in 5 ways:
- You add more money to your savings with help from the Community.
- You start earning credits as soon as you join so there is time to build up extra savings by starting early, well before retirement.
- You do not pay up front for joining CLIP, so all of your money is working for you through retirement. You only pay by making a contribution on passing, when you no longer need the money.
- Your Target Retirement Income Plan, TRIP, helps you customize your payment schedule during retirement so that your income matches your specific needs.
- You control your Personal Account at all times, so you have access to money if you need it in an emergency.
CLIP allows you to manage your risk by enabling you to select your level of Participation. You pick the level that balances the amount you need for retirement income and the amount that you would like to leave your beneficiaries.