One of the most important steps for clients to take as they approach retirement is to figure out how they’re going to pay for basic needs after they retire and stop receiving a paycheque.
It can be an intimidating process. Many Canadians aren’t confident that they can cover their essential expenses in retirement:
- 65.5% of Canadians age 57 to 66 are either somewhat or not at all confident about meeting basic living expenses in retirement.1
- 75.8% of Canadians age 57 to 66 are somewhat or not at all confident they’ll be able to pay for medical expenses in retirement.2
You can help by talking to clients about their retirement dreams and concerns, as well as providing retirement income solutions to pay for their basic needs. Sun Life Financial has created a Let’s talk basic needs – sound bites document containing statistics, questions, explanations, and things to think about that can help you get the conversation started with clients. Visit basic needs on the Sun Life Financial advisor website for more resources.
1 2013 Sun Life Canadian Unretirement™ Index
2 2013 Sun Life Canadian Unretirement™ Index