Canadian consumers are most concerned about having enough money to live comfortably throughout retirement. So, as a new survey finds, a high proportion of consumers who have at least $100,000 in investable assets (and who are between the ages of 55 to 75) are looking to guaranteed income products.
The study was jointly conducted by CANNEX and Greenwald & Associates. Also, it was sponsored by Sun Life Financial, Great-West Life, Canada Life and London Life.
The main problem, says the survey, is most of the respondents say they’re unfamiliar with current, guaranteed income product options. They also haven’t discussed how to boost their incomes with their advisors.
“This [knowledge] gap represents a significant opportunity for financial institutions and advisors, as consumers move into retirement,” says Doug Kincaid, senior research associate at Greenwald & Associates.
- 1 in 3 retirees only draw income from guaranteed sources
- 1 in 3 would also choose income annuities over lump sum payments
- 6 in 10 pre-retirees expect to work in retirement, while 1 in 4 retirees are actually doing so