Sun Life helps Clients with planning tools and
strategies for retirement spending
TORONTO, Oct. 19,
2023 /CNW/ - Canadians spend most of their life
saving, hoping for a smooth and relaxing retirement. But with
rising inflation, interest rates, and healthcare costs many
retirees are being forced to dig deeper into their retirement
savings. Approximately 34% of retirees say their cost of living in
retirement is higher than anticipated1.
Canadians need support ensuring their retirement nest egg lasts
a lifetime. Withdrawing and spending your retirement savings can be
a tricky task. A vast majority of Canadians (85%) over the age
of 40 are unsure how to withdraw from their retirement
savings2.
"For many Canadians, 'traditional' ideas of retirement no longer
apply. Retirement isn't only about finances, Canadians need support
navigating this stage of life," said Eric
Monteiro, Senior Vice-President, Group Retirement Services,
Sun Life. "Alongside employers, we play a key role helping
Canadians rethink retirement income. Support, advice, and a
strategy are key to living the retirement you imagined."
Demystifying the savings-to-income puzzle
Transitioning from retirement saving to spending, also known as
decumulation, is complex. A strategy helps optimize hard-earned
savings and account for expected and unexpected costs that arise
during the golden years. Those that access support see the
long-term benefits:
- 80% of Canadians feel more confident in retirement if they have
a financial plan2.
- Canadians with a Sun Life workplace retirement savings plan
retire 1.5 years earlier than the average
Canadian3.
- Canadians with a Sun Life workplace retirement savings plan
that engage with digital financial tools have an average account
balance almost twice as large as those who are not digitally
engaged2.
"When it comes to being retirement ready, there is no
one-size-fits-all approach. Sun Life offers flexible, tailored
advice through various digital channels, phone, video and tools to
best meet individuals' unique needs," said Eric Monteiro. "This personalized support helps
ensure Canadians are set up for lifetime financial security so they
can live the retirement they dreamed of."
Employers bridging the gap between retirement saving and
spending
The majority of employers (70%) want support helping employees
understand decumulation2. As one of the largest group
retirement services providers in Canada, Sun Life has developed a Decumulation
Playbook to help employers support their employees. The playbook
outlines the innovative solutions and resources available to
support employees to and through retirement.
Increasing financial security is one of the ways Sun Life is
bringing its sustainability ambition to life. Read the 2023
Designed for Savings Report to learn more about workplace
savings and retirement income trends in Canada.
About Sun Life
Sun Life is a leading international financial services
organization providing asset management, wealth, insurance and
health solutions to individual and institutional Clients. Sun Life
has operations in a number of markets worldwide, including
Canada, the United States, the United Kingdom, Ireland, Hong
Kong, the Philippines,
Japan, Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30,
2023, Sun Life had total assets under management of
$1.37 trillion. For more information,
please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
Note to editors: All figures in Canadian
dollars
Media Relations Contact:
Megan
Hawkins
Manager
Corporate Communications
T. 647-524-8536
megan.hawkins@sunlife.com
1 Sun
Life Canada. Omnibus Survey, 2023.
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2Sun Life
Canada. Decumulation Playbook, 2023.
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3Sun Life
Canada. Designed for Savings Report, 2023.
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SOURCE Sun Life Financial Canada