retired senior couple

This is sponsored content submitted by Sun Life Financial.


Pre-boomer generations wouldn’t recognize the face of retirement today. It’s even a stranger to many baby boomers nearing retirement or settling into it.

Why? Because the traditional definition of retirement—and retirement age, retirement community, etc.—no longer applies.

Boomers have turned the expectations and opportunities of retirement inside out. They’re more active, adventurous and ambitious than any generation before them.

Many of today’s boomers want a much more engaging retirement agenda than the one that defined their parents’ retirement. Some will want to travel extensively; others will stick closer to home to set up a new business or start a new career. Some will pursue interests that they didn’t have time for during their working days; others may decide to spend this time with family and friends.

Yes, today’s retirees are giving the face of retirement a makeover. Yet with their new vision of retirement comes a big question: Will they have the means to realize and enjoy their “wants”?

Before they can answer that, they need to take a step back and ask themselves some other important questions.

How long can I expect to live? When can I retire and not have to worry about my money lasting my lifetime? Will my current retirement income plan deliver? Do I have the right mix of insurance and investment products to weather an unexpected health issue, protect my income and see me through an uncertain economy?

Providing answers to these questions is a great way for you to start a conversation with your boomer clients about planning for a worry-free retirement.

Our research findings* show that almost half of today’s 65-year-olds will live into their 90s. We also found that 53% of Canadians worry about running out of money in retirement, and 34% worry about being able to afford the healthcare they’ll need in retirement.

These statistics underscore the need for your clients to understand the needs and risks they’ll face in retirement, and how these will affect their goals. Your advice can ease this uncertainty. Our research also revealed that 74% of Canadians are more confident about retirement when working with an advisor. And 91% plan on having an advisor help them when they reach retirement.

Your clients may not have thought about or know enough about the needs (basic, lifestyle, health, legacy) and risks (longevity, inflation, market, health, mortality) retirement can bring. Factor in their goals and it becomes a balancing act for them to meet these needs and protect against these risks.

This is the new face of retirement, courtesy of the boomers that have given it a new look. In turn, they’ve redefined the approach to retirement income planning—one they’ll need to embrace to ensure that their retirement income endures and stretches in many directions.

*All findings from the 2012 Sun Life Canadian Unretirement™ Index.

Rocco Taglioni, Senior Vice-President, Head of Distribution, Individual Insurance and Wealth, is responsible for the overall leadership of Sun Life Financial’s distribution organizations across its Retail business in Canada. His role encompasses the leadership of the distribution company, as President Sun Life Financial Distributors Inc., as well as the Insurance and Wealth wholesaling sales organizations. Through the various leadership teams he oversees the development, direction, and execution of the Distribution strategies centered on wealth management, protection, retirement, and estate and financial planning.

Since joining Sun Life in 2004, Rocco has held various executive leadership roles, including Vice-President Business Development, Group Benefits; Head of Individual Wealth Management; Senior-Vice-President, Client Solutions; and most recently Senior Vice-President, Distribution and Marketing, Individual Insurance and Wealth. Throughout his tenure at Sun Life, Rocco has led various business strategies centered on building, transforming, and evolving organizations and teams to drive higher levels of performance and success.

Rocco has 36 years of experience in strategic leadership in the insurance and investment industries. He has served on and is a member of a number of boards. Rocco is currently President and Chair, Sun Life Financial Distributors (Canada) Inc. and is a member of the Sun Life Financial Investment Services (Canada) Inc. board. He is a member of various industry associations, including Advocis, GAMA Canada, the Canadian Pension and Benefits Institute, and the Association of Canadian Pension Management.

Rocco holds a Bachelor of Arts in Economics from York University.
Originally published on Advisor.ca

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