New guaranteed income product
BY Staff | January 31, 2013
Three quarters (75%) of early baby boomers in Canada—that's ages 57-plus—are now looking for guaranteed income to help reduce the impact of market volatility and longevity on their retirement plans, according to Sun Life's 2012 Canadian Unretirement Index.
Market downturns, especially around the time of retirement, can have a negative impact on retirement savings. Canadians are also living longer meaning their savings have to last longer. According to Statistics Canada, the average 65-year-old man can expect to live to 83. A 65-year-old woman can expect to live to 86.
To address this concern, the Sun Life Financial has launched a new retirement solution called SunFlex Retirement Income.
"We are seeing that market volatility and longer lifespans are leaving Canadians concerned about whether they will have enough income to last through their retirement," said Kari Holdsworth, vice-president, individual wealth, insurance and investments, with Sun Life Financial Canada. "SunFlex Retirement Income can help deal with these concerns by offering guaranteed income plus a potential bonus to support their plan to achieve lifetime financial security."