According to Sun Life’s 2012 Canadian Unretirement Index, 75% of early baby boomers in Canada (age 57-plus) are now looking for guaranteed income to help reduce the impact of market volatility and longevity on their retirement plans.
Market downturns, especially around the time of retirement, can have a negative impact on retirement savings. Longevity is also having an impact as Canadians are living longer. According to Statistics Canada, the average 65-year-old man can expect to live to 83; a 65-year-old woman can expect to live to 86.
To address this concern, the company has launched a new retirement solution called SunFlex Retirement Income.
“We are seeing that market volatility and longer lifespans are leaving Canadians concerned about whether they will have enough income to last through their retirement,” said Kari Holdsworth, vice-president, individual wealth, insurance and investments, with Sun Life Financial Canada. “SunFlex Retirement Income can help deal with these concerns by offering guaranteed income plus a potential bonus to support their plan to achieve lifetime financial security.”