relaxed-retirement

Nearly half of Canadians don’t have a spending plan for retirement, finds a survey by Vision Critical, commissioned by Great-West Life, London Life and Canada Life.

That’s one of the reasons why Great-West Life, London Life and Canada Life are introducing HelloLife, a retirement income program to support advisors and help their clients.

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“We found Canadians are looking for guidance in making the transition into retirement,” says Rob Ritchie, executive vice-president of Wealth Management for Great-West Life, London Life and Canada Life. “Specifically, they’re looking for help on how to turn their retirement savings into a steady income stream that lasts throughout their lifetime.”

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The program includes an online planner, which enables conversations between advisor and client to jointly develop a plan. It takes into account a client’s basic needs and lifestyle spending, and provides him or her with regular, guaranteed income for life (through income annuities) and growth and flexibility (from segregated funds). The guaranteed and growth portions of the program can be scaled up or down, depending on the client’s needs and appetite for risk.

For advisors, the HelloLife program also incorporates a needs analysis tool, live annuity quoting engine, a portfolio allocator and a program illustrator.

Originally published on Advisor.ca

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