Money for Life™ recognizes the new retirement reality

Boomers are redefining retirement. Money for Life™ redefines retirement planning.

Boomers are redefining what retirement means. They’re living longer and are more active than previous generations. Some choose to transition into retirement through flexible work options or by starting a business. Others want to create new life experiences through travel, hobbies or community involvement. In rement, many worked hard to build their savings to achieve these goals. And as they take income from their savings, they need to manage various risks:

    • Fewer clients have defined benefit plans that provide guaranteed lifetime income. And for those who do, the amount of income generated from this plan is likely to be lower and cover a smaller portion of their expenses.
    • Government programs for retirees have changed. This includes more significant consequences for those who draw income from these sources at an earlier age.
  • With market shocks and low interest rates becoming the new norm, clients face a much greater possibility of low or volatile returns.
  • Longer life expectancies bring emerging health-care needs as people age.

The expectations and risks that define today’s retirement mean that clients need their money to last longer and stretch in more directions.

That’s where Money for Life comes in!

Did you know?

Canadians, especially retiring baby boomers, are looking for guaranteed retirement income. They’re also facing many risks in retirement including:

  • low interest rates,
  • inflation,
  • the need for more retirement income to cover a longer retirement,
  • rising health-care costs, and
  • small or non-existent workplace pension plans.

They want ways to help reach their retirement goals and manage risks in retirement.

Money for Life is Sun Life Financial’s approach to retirement planning and is about combining multiple product solutions – life, health and wealth – to address every client’s unique needs. The product mix is different for everyone based on their specific:

  • retirement needs and financial goals,
  • spending patterns and preferences, and
  • attitude towards, and appreciation of, retirement risks.

Total retirement savings including other sources of retirement income (e.g., government programs, pension plans), non-liquid assets (e.g., real estate) and debt can also impact product mix.

Using Money for Life with clients at retirement can help them make sound financial decisions as they enter – and move through – this exciting life stage.

  • Money for Life provides a framework to help clients understand the decisions they need to make to meet their retirement needs.
  • It positions you as clients’ single source of advice, promoting asset consolidation by taking a multi-product approach to retirement solutions.
  • It positions you as an advisor who truly understands the goals and challenges of today’s retirees (because it’s not their parents’ retirement).

Did you know?

According to Statistics Canada, over
1,000 Canadian baby boomers enter the “retirement phase” of life every day. Boomers control 60% of the national wealth, a staggering $1.77 trillion in assets. This new generation of retirees also faces risks as they transition from the working world.

Providing advice and solutions to this market segment represents a huge opportunity for the financial services industry. It also ensures boomers can retire with confidence, knowing they’ve addressed their needs and can manage their risks.

Get the Money for Life conversation started today!
Many Canadians have already heard about Money for Life through Sun Life’s national TV commercial, giving you an ideal opportunity to start the conversation with new and existing clients. During those conversations, use Sun Life’s marketing materials – including these brochures – to make the most of your discussion.

Money for Life™

is Sun Life Financial’s approach to retirement planning: working with an advisor to cover clients’ needs in retirement by selecting the right mix of life, health and wealth solutions, helping them meet their financial goals today, transition into retirement with confidence and live with peace of mind in retirement. In the new retirement reality, it addresses the needs and risks of this new retirement generation and gives you some great opportunities to build your business. To find out more, talk to your Sun Life Sales Director or visit today.

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