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Manulife Investments has launched Manulife RetirementPlus, a savings plan designed for people who are between five and 15 years from retirement.

The plan includes equity participation, the potential to benefit from rising interest rates, and the option to choose a future guaranteed lifetime income.

Read: Defined contribution pensions struggling

It works in three phases: savings, preservation and income.

  • When saving, clients participate in the markets and have a range of investment options with up to 100% equity. They can also benefit from rising interest rates.
  • Clients then choose to secure a future guaranteed income rate. They can move some or all of their assets into the preservation phase or they can still save a part.
  • In the income phase, clients can elect to draw a partial or full retirement income when needed, starting as early as age 50.

Read: Manulife gets PRPP licence

The plan can adapt to changing market conditions and offers clients the flexibility to design retirement plans that suit their needs and timing. Clients choose how long to participate in the markets and when to draw a guaranteed income to meet their full or partial retirement needs.

Manulife RetirementPlus will be available October 28.

Read: Manulife offers simple-issue insurance plan

Originally published on Advisor.ca

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