Manulife Financial has created new program to help group plan members make the transition into retirement.
Manulife's Retirement Redefined, which launched today, is designed to get people thinking about the life they want in retirement and help them build a roadmap to achieve it. There are more than 500,000 Canadians over the age of 50 enrolled in Manulife group retirement plans, but according to the insurer's 2015 Financial Wellness survey, just 22% of Canadians between the ages of 55 and 65 are regularly saving and feel they are on track to reach their retirement goals.
In response to this need, Manulife has created an "interactive digital retirement platform" which allows group members to build a personalized retirement plan, use calculators to set and track their goals, and access account information. The website can be used at anytime via desktop, tablet, or mobile phone and the program will also offer consultations with licensed and certified financial planners who can provide advice and help set realistic goals.
How our customers think
“Too many people are leaving the security of their workplace without knowing how they will spend their time, pay for health costs or how to generate income in retirement,” says Sue Reibel, Executive Vice President, Institutional Markets, Manulife. “Retirement Redefined truly redefines how our customers think about and plan for retirement. It provides an engaging experience along with tools and resources, such as a team of professional retirement counselors and financial planners to ensure that future retirees are aware of what insurance and income they will need to have a long and healthy retirement.”
Manulife has already tested the Retirement Redefined program with the employees of seven companies that have workplace savings plans in Canada. The program comes at no additional cost to plan sponsors.