Toronto, ON (Sept. 26, 2024) \u2013 Five million Canadians will turn 65 this decade and be one step closer to retirement. Today, Sun Life introduced Sun Life MyRetirement Income, an innovative first for Canadians that provides retirees with a reliable source of income, while maintaining flexibility and the potential for continued investment growth. This fully automated solution can help ease the transition from saving to drawing income in retirement.<\/p>\n
\u201cWith 40% of Canadians worried about outliving their savings, providing support and sustainable retirement income is essential,\u201d says Eric Monteiro, Senior Vice-President of Group Retirement Services at Sun Life. \u201cRetirement should be a time of relaxation and enjoyment, not financial stress. We knew we had to find a solution to simplify the process to make Canadians\u2019 money last. Sun Life MyRetirement Income ushers in a new era of decumulation for Canadians.\u201d<\/p>\n
Designed to be simple because retirement is complex<\/b><\/p>\n
This fully automated solution, designed in collaboration with Sun Life Global Investments, is an easy and flexible way to help Clients\u2019 savings last to the age they want (\u2018maturity age\u2019). Currently, no solution in Canada combines all three of the below benefits in one offering.<\/p>\n
\u201cSun Life Global Investments is proud to be leading the industry with this market-first solution that addresses a significant gap in retirement solutions for Canadians,\u201d says Oricia Smith, President, SLGI Asset Management Inc. and Senior Vice-President, Investment Solutions, Sun Life Canada. \u201cThe need for financial advice doesn\u2019t end in retirement. This unique category of target age solutions automates retirement income, and Canadians benefit from built in advice. It takes the guess work out of retirement and helps their money last so they can enjoy life with financial confidence.\u201d<\/p>\n
Clients have one important decision to make \u2013 the maturity age, 85, 90, 95 or 100. Each year, payments will be recalculated based on a Client\u2019s account balance. These payments will also reflect investment performance and any changes a Client made throughout the previous year. In the accumulation phase, target date funds automate the savings journey for plan members, and the complex investment decisions are taken care of by the professionals. The solution allows for a fully automated experience, simplifying retirement income for Clients so they can focus on living their best retirement.<\/p>\n
Sun Life MyRetirement Income is exclusively available through our Client Solutions Centre to Sun Life Group Retirement Services plan members transitioning into retirement.<\/p>\n
Learn more about Sun Life MyRetirement Income<\/a>.<\/p>\n Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2023, Sun Life had total assets under management of CAD$1.34 trillion. For more information, please visit www.sunlife.com<\/a>.<\/p>\n Sun Life Financial Inc. trades on the Toronto (TSX)<\/em>, New York (NYSE)<\/em> and Philippine (PSE)<\/em> stock exchanges under the ticker symbol SLF<\/em>.<\/p>\n SOURCE: Sun Life Financial Inc.<\/em><\/p>\n Tags: industry first<\/a>, launch<\/a>, retirement planning & savings<\/a>, Sun Life<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A first of its kind in Canada \u2013 an \u2018all-in-one\u2019 target age solution that simplifies retirement income Toronto, ON (Sept. 26, 2024) \u2013 Five million Canadians will turn 65 this decade and be one...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22535"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=22535"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22535\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=22535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=22535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=22535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}About Sun Life<\/b><\/h4>\n