Empire Life announced on March 4 that it has developed a new interactive tool to help Canadians reach their retirement and savings goals.
By asking a series of questions, the tool helps individuals determine if they are on track to meet their retirement income objective, or other savings goals. For retirement goals, the tool projects how savings will accumulate to retirement age, calculates expected monthly retirement income and confirms if the individual’s nest-egg will last a lifetime, says Empire Life.
The tool also shows how Empire Life segregated fund products could meet individuals’ desired level of retirement income, based on their stated risk profile and investment objectives, says the insurer.
Projects how long savings will last
“Retirement continues to be a top financial concern for Canadians, with 50% of pre-retirees not knowing how to plan for their retirement,” says Mike Stocks, Vice-President and Chief Marketing Officer, Retail. “This new tool helps Canadians understand if they are on track to achieve their retirement income goals, including projecting how long retirement savings will last and proposes products that could help them achieve their goals.”
“The tool aims to answer common questions Canadians have such as, 'Will I outlive my retirement savings?' We encourage people to share their results with their advisor to get the conversation started,” says Stocks.