Innovative Solution for Canadian Retirees to Secure Income
Revolutionizing Retirement Income in Canada
Canadians embarking on their retirement journey now have access to an innovative solution from Sun Life, a pioneer in the financial services sector. With five million Canadians approaching the age of 65 within the next few years, Sun Life has introduced Sun Life MyRetirement Income. This groundbreaking offering provides a seamless way to shift retirement savings into a dependable stream of income, while also allowing for investment growth and flexibility.
A Comprehensive Solution for Retirees
Sun Life MyRetirement Income is a fully automated program that simplifies the financial aspects of retirement. It supports retirees by transforming their savings into regular payments that can be accessed just like a paycheck. Eric Monteiro, Senior Vice-President of Group Retirement Services at Sun Life, points out the pressing concern among many Canadians about outliving their savings. "Retirement should be a time of relaxation and enjoyment, not financial worry," he states, highlighting the necessity for effective retirement solutions.
Key Features of MyRetirement Income
This new offering addresses three significant needs for retirees:
- Reliable income throughout retirement: This ensures that retirees receive consistent payments until their chosen maturity age, providing peace of mind and financial security.
- Flexibility: Participants in the program can adjust their maturity age and payment frequency, maintaining control over their finances. Additionally, clients can withdraw or add funds to their accounts at any time without incurring fees or penalties.
- Opportunity for investment growth: Savings will continue to be invested in a diversified portfolio tailored for retirement, balancing risk and return effectively.
Addressing the Gap in Retirement Solutions
Oricia Smith, President of SLGI Asset Management Inc., emphasizes how this new solution fills a critical gap in the Canadian retirement plan landscape. With financial advice being as important in retirement as during the accumulation phase, this product automates retirement income and integrates advisory support. By removing uncertainty from retirees' financial planning, Sun Life empowers Canadians to enjoy life with confidence.
How It Works
The only decision clients need to make is their desired maturity age, whether it be 85, 90, 95, or 100. Every year, the program recalculates their payments based on their account balance and investment performance, ensuring that income reflects the overall financial picture. An automated experience allows clients to focus more on enjoying retirement rather than managing complex financial decisions.
Food for Thought
As part of Sun Life's commitment to providing leading-edge financial solutions, the MyRetirement Income initiative is currently accessible through their Client Solutions Centre, exclusively for members transitioning into retirement. This product exemplifies how thoughtful financial planning and innovative strategies can lead to sound solutions that benefit retirees greatly.
About Sun Life
Sun Life is an esteemed international financial services organization that delivers a vast array of asset management, insurance, health, and wealth solutions to individuals and institutions. Operating in several markets worldwide and managing more than $1.46 trillion in assets as of mid-2024, Sun Life is dedicated to ensuring the long-term financial well-being of its clients.
Frequently Asked Questions
What is Sun Life MyRetirement Income?
Sun Life MyRetirement Income is an innovative retirement solution that helps retirees convert their savings into a reliable source of income while maintaining flexibility for investment growth.
How does this solution benefit retirees?
The program offers reliable income, flexibility in payment schedules, and ongoing investment growth potential, addressing key concerns for retirees.
What choices do clients have in the program?
Clients can choose their maturity age, adjust payment frequency, and manage their account balances without incurring penalties.
How does the automatic payment recalculation work?
Each year, payments are recalibrated based on the client's account balance and investment performance, ensuring that income matches their financial situation.
Where can I learn more about Sun Life's offerings?
For more information regarding Sun Life MyRetirement Income and other solutions, clients can visit the official Sun Life website.
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