It’s no surprise that 94% of Canadians aged 55 to 75 would like to have guaranteed income for life when they retire, finds an RBC Insurance survey. However, 58% are worried about outliving their retirement savings.
“Outliving retirement savings and having enough income in retirement are real concerns as Canadian retirees are living longer and are more active in their retirement years,” says Parul Vora, head of Wealth Products, RBC Insurance.
One idea is to educate clients about annuities, especially since 61% don’t understand what an annuity is. Annuities can form a component of a retirement plan because they may provide guaranteed income for life that’s protected from stock market volatility.
Canadians have other investments to consider as they plan for retirement, including personal savings, company pension plans and Canada’s public pension plans.
Here are some articles to help clients plan for retirement.