Retire without running out of money PDF Print E-mail

Retire without running out of money

For generations, financial advisors have told clients to sock away savings for their golden retirement years.

But as millions of Baby Boomers near that precious time, many worry if they can really afford their current lifestyle in retirement, as they face new financial challenges. Inflation, stock market performance and outliving their savings are all top of mind when it comes to life after work.

Since Canadians are living longer than ever before, they need to fund 20, 30 or more retirement years. Even though many of us have put money aside, it's clear that savings alone won't ensure financial security for this new generation of retirees.

As we get ready to retire, we need to switch away from saving money and concentrate on creating income based on our savings. The key is to find a mix of different investment types that could provide secure, ongoing income that will last throughout our after-work years. Your financial advisor can do this by using a new financial planning approach called product allocation. Together you'll focus on dividing your savings into different types of products such as annuities, guaranteed minimum withdrawal benefit products like Manulife Investments' IncomePlus and products such as mutual funds, with systematic withdrawal plans to strike the right retirement balance for your situation.

Product allocation is a new way to look at funding your retirement years because it will better protect retirement income. Make an appointment with your financial advisor to find the right retirement solution for you.

- News Canada

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