Planning Income

Customize and update your Target Retirement Income Plan (TRIP)​.

When you enroll in CLIP, you select a Target Retirement Income Plan (TRIP) customized for your needs. Your TRIP will allow you to select the payment dates and amounts for the income you will receive during retirement.

You can use one of the default TRIP options, for example, receiving a fixed monthly amount, or you can customize your TRIP. You can update your TRIP until the day before you retire. Once you retire, the TRIP cannot be changed.

Example of updating your TRIP:
When you joined CLIP at age 40, you set your TRIP at $5,000 of income per month. Fortunately, you were able to save more and now can plan for more retirement income. Just before retiring at 63, you update your TRIP to be $6,250 per month, growing by 2% each year.

During your retirement, on any payment date, you can choose to receive less than what is specified in your TRIP, leaving the rest invested, to be withdrawn at any time in the future. You can also choose to receive more income than your TRIP, but if you choose this option, you will have to make a contribution to the Community Fund for using more credits than planned.

As with other investment funds, you will have options to take out loans or opt out of CLIP before or after retirement, but taking these actions may change how much or when you need to contribute to the Community Fund.