The Empire Life Insurance Co. has developed an interactive tool to help Canadians move towards achieving their retirement and savings goals.
The tool, which plan sponsors can offer to their members, aims to help people determine whether they’re on track to meet their desired income in retirement or savings goals by asking a series of questions. It uses the information to project how savings will accumulate and calculates the individual’s expected monthly retirement income, confirming whether the nest egg will last through the person’s lifetime.
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“Retirement continues to be a top financial concern for Canadians, with 50 per cent of pre-retirees not knowing how to plan for their retirement,” said Mike Stocks, vice-president and chief marketing officer of retail at Empire Life, in a press release.
The retirement and savings tool also demonstrates how different products can meet people’s desired level of retirement income based on stated risk profile and investment objectives.