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YOUR INTERACTIVE GUIDE TO MONEY FOR LIFEcdn.sunlife.com/static/global/files/digital_media/...an...
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3. A life-stage guide to planning 4. Start planning – It’s never too early or too late 5. Tools and calculators 2. Four inspiring retirement stories 1. Do what YOU want in retirement #RETIREINSPIRED MONEY FOR LIFE YOUR INTERACTIVE GUIDE TO
Transcript of YOUR INTERACTIVE GUIDE TO MONEY FOR LIFEcdn.sunlife.com/static/global/files/digital_media/...an...
3. A life-stage guide to planning
4. Start planning – It’s never too early or too late
5. Tools and calculators
2. Four inspiring retirement stories
1. Do what YOU want in retirement
#RETIREINSPIREDMONEY FOR LIFEYOUR INTERACTIVE GUIDE TO
1. DO WHAT YOU WANT IN RETIREMENT
Trimming the vines at your Tuscan villa. Sitting in a rocking chair on the front porch. Sailing in your white captain’s hat. Is this your retirement dream – or someone else’s?
Retirement stereotypes can make it hard to envision an authentic retirement. They can distract us from the things we really care about and pressure us to set unrealistic goals. And if we can’t see our own retirement clearly, how are we supposed to create a financial plan to get there?
We invite you to reset your view of retirement. Forget the stereotypes and start from the beginning. Think about the people, places and things that matter to you. The things you would most want to be doing if you had the time and money to do them.
At Sun Life, we see Canadians making retirement about family, community, business, art, fitness and spirituality. We see them using retirement as a second life to live, learn, laugh and love in ways they may have never imagined before.
For years, everyone’s been telling you how to retire. Well, I think that decision is better left to you. If you have the courage to dream, I have the know-how to help you create your plan. I can look at your needs and goals, and help you determine the right mix of products to make sure you can meet them.
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2. FOUR INSPIRING RETIREMENT STORIES
Carl and Christina are giving back in ways they never imagined.
Bruce is seeing the world through a different lens.
Mauro has become an important role model for the kids in his community.
Bill is putting his professional driving skills to good use.
MEET REAL CANADIANS WHO ARE LIVING RETIREMENT THEIR WAY
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How will you #retireinspired? Join the conversation on Twitter. @SunLifeCA
Each day, about 1,000 Canadians reach their 65th birthday. But that traditional retirement age is just not as realistic as it used to be. In fact, for most of us, retirement is a lifelong process. You need to build for the future, get ready for the transition to retirement and enjoy what could be decades of retirement – with many changing needs along the way. Use this interactive guide to understand how an advisor using Sun Life Financial’s Money for Life approach can address the risks and opportunities you will face at each stage of your life.
3. A LIFE-STAGE GUIDE TO PLANNING
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CLICK ON YOUR LIFE STAGE:
I’M BUILDING FOR THE FUTUREI’M GETTING READY FOR RETIREMENT I’M IN RETIREMENT
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Quick facts: One in five Canadians is not financially preparedfor bad health as they have no money saved for health expenses and no insurance coverage, according to the 2013 Sun Life Canadian Health Index.Sources: Statistics Canada, Sun Life Unretirement Index and 2013 Sun Life Canadian Health Index
1. Choose investments that can enhance the long-term growth of your savings.2. Take advantage of tax-smart
investments such as RRSPs, TFSAs and RESPs.
3. Consider critical illness insurance that can provide a lump-sum benefit if you become seriously ill.
THREE STRATEGIES THAT CAN MAKE A BIG DIFFERENCE
BASIC LIVING: Budget for the basics such as food, clothing and shelter. To save for a large purchase and see your savings grow tax-free, consider a Tax-Free Savings Account (TFSA).
SAVING: Setting up a plan to regularly contribute a portion of your income to saving for your child’s education with a Registered Education Savings Plan (RESP) and your future retirement with a Registered Retirement Savings Plan (RRSP) can really pay off.
PROTECTION: Your income is your most precious asset. Insurance can help protect your income and pay off your mortgage if you suffer an accident, illness or early death. Find out how health insurance and life insurance can safeguard your earning power.
TOP PRIORITIES AT THIS STAGE
Save early, save often, and make your money work for you.
RETIREMENT WISDOM
In the early to mid-stage of your working life, retirement may seem years away, but if you make the right choices today, you’ll thank yourself tomorrow. Now’s the time to balance your priorities.
BUILDING FOR THE FUTURE
A LIFE-STAGE GUIDE TO PLANNING
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Quick facts: More than half (53%) of 45-to-54-year-olds who have experienced a major health incident are struggling to make ends meet, according to the 2013 Sun Life Canadian Health Index.
GETTING READY FOR RETIREMENT
PROTECTION: As retirement approaches, the ability to earn income and save money becomes even more important. The younger you are, the more affordable it is to use life insurance to protect your earning power.
SAVING: As retirement gets closer and certain expenses, such as your mortgage, may decrease, now is the time to maximize the savings that you’ll ultimately rely upon in retirement. Find out about building your savings through investments.
HEALTH: It’s easy to underestimate the risk of having a health issue and overestimate the support you will receive from government plans. This is a good time to consider health insurance that can prepare yourself and your family for potential health care expenses.
TOP PRIORITIES AT THIS STAGE
1. We can meet regularly and develop a written financial plan.
2. I can work with you to review your savings and discuss future income options.
3. Let’s talk about potential changes in your insurance needs.
THREE STRATEGIES THAT CAN MAKE A BIG DIFFERENCE
Make sure you’re on track. Let’s meet to revisit your plan 10-15 years before you expect to retire.
RETIREMENT WISDOM
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As retirement draws closer, your financial priorities may change. Your basic living expenses may decline as you pay off your mortgage or have fewer expenses as an empty nester. At the same time, you may need to ramp up your retirement savings.
A LIFE-STAGE GUIDE TO PLANNING
Sources: Statistics Canada, Sun Life Unretirement Index and 2013 Sun Life Canadian Health Index
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Quick facts: 66% of Canadians worry about meeting basic living expenses in retirement. 40% worry about maintaining their lifestyle and almost half worry about health care expenses. That’s why it’s worthwhile for us to talk about Money for Life.
BASIC LIVING: Covering food, utilities, housing and personal health expenses should be the foundation of any plan, since government benefits or pensions may not provide enough income. Find out how a life annuity can guarantee a portion of your retirement income.
HEALTH: Later in retirement, your health will have an impact on your lifestyle. You may need to use some of your savings to cover health-related expenses, since they may not be covered by government plans. Find out how health insurance can help.
LEGACY: Whether you wish to provide financial assistance to your loved ones or a favourite charity, or simply to be remembered for the impact you made during your lifetime, this is the time to think about your estate plan.
LIFESTYLE: As you discover exciting new experiences, meet new friends and spend time travelling, you’ll need savings to cover these expenses and other, less-enjoyable costs like a new roof for your house or maintenance for your car. Find out how you can continue to grow your wealth in retirement.
TOP PRIORITIES AT THIS STAGE
1. Consider guaranteed income options to cover basic living expenses.
2. Explore mutual funds and other non-guaranteed income options to fund lifestyle expenses.
3. Plan for the health needs that may emerge as you grow older.
THREE STRATEGIES THAT CAN MAKE A BIG DIFFERENCE
A guaranteed monthly income can reduce stress and increase joy.
RETIREMENT WISDOM
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Think of how your life changed in the 30 years from your 20s to your 50s. Similarly, your lifestyle and needs will change from your 60s to your 90s. It’s important that your financial plan be flexible enough to cover your evolving needs throughout retirement.
IN RETIREMENTA LIFE-STAGE GUIDE TO PLANNING
Sources: Statistics Canada, Sun Life Unretirement Index and 2013 Sun Life Canadian Health Index
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Working together, we can both build and protect your wealth, by helping you keep an eye on the big picture.
According to the 2013 Sun Life Unretirement Index, people who work with a professional advisor or have a written financial plan have a more positive outlook on retirement than those who don’t.
What can you expect when you work with a financial professional?
I will ask insightful questions that will become the groundwork for your financial plan. This will allow me to recommend the best financial solutions for your life, health and wealth.
And, as planning, saving and protecting your wealth is a process, not a one-time event, I will be there for the long term to help you keep your plan on track – especially when it seems tough.
What can you expect when you work with me?
• If you’re saving for a home, I can work with you to develop a tax-smart savings plan.
• If you’re a new parent, I can help you save for your child’s education and protect your family’s financial future.
• If you’re saving for retirement, I can coach you on what is essentially a marathon and not a sprint.
• If you’re already retired, I can help you establish steady, reliable income for life.
Are you on track to meet your financial and retirement planning goals?
4. START PLANNING
– IT’S NEVER TOO EARLY OR TOO LATE
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5. TOOLS AND CALCULATORS
Canadian Unretirement Index tool Compare your retirement outlook with the average Canadian’s using this quick tool.
Life-stage plannerA fast, fun tool to help you identify the financial issues people at your life stage often face.
Financial habits quizThis quiz will help you find out if your financial choices today will help you achieve your long-term goals.
What is my net worth? This calculator shows you the difference between what you own (your assets) and what you owe (your liabilities). Helps you plan for the future.
RRSP contributions and withdrawals Understand the impact of contributions to and withdrawals from your RRSP savings.
Retirement investments and expenses Will you have enough money set aside at retirement to make ends meet? This tool will give you an idea.
How much life insurance do I need?Get an idea of the amount of insurance you might need to protect and provide for your survivors.
How much do I need for my child’s education?Find out how much money you may need to save to pay for your child’s post-secondary education.
Life expectancy calculator Assess how long you may live, based on recent actuarial data.
Use our tools and calculators to help prepare for a conversation on your retirement savings, education savings, life insurance needs and a full range of financial planning topics.
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It’s never too early and never too late to create a better retirement plan. Money for Life is Sun Life’s customized approach to your financial and retirement planning. It’s working with me to select the right mix of life, health and wealth solutions, so you can build your savings, protect your family and retire with confidence.* You can also get a guaranteed cheque every month for the rest of your life.
Money for Life starts with a conversation with me – the sooner, the better. However, it’s never too late to talk to me about Money for Life.
Contact me today to help you retire your way. Or continue to explore Money for Life.
START MAKING YOUR DREAMS A REALITY
* Only advisors who hold CFP (Certified Financial Planner), CH.F.C (Chartered Financial Consultant), F.Pl. (Financial Planner in Quebec), or equivalent designations are certified as financial planners.
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Life’s brighter under the sunSun Life Assurance Company of Canada is a member of the Sun Life Financial group of companies.© Sun Life Assurance Company of Canada, 2015.A2250-E-Digital-01-15
