The new era of decumulation

For retirees. And the industry.

Sun Life MyRetirement Income

Sun Life Group Retirement Services and Sun Life Global Investments have designed a new retirement solution. Designed to be simple because we know retirement is so complex. This solution requires one important decision: desired maturity age.

Canadians are looking for new retirement solutions -  38% said their primary retirement planning concern is having their money last through retirement.1

Sun Life MyRetirement Income turns savings into a sustainable stream of variable income designed to last to maturity.​

3 key features of Sun Life MyRetirement Income:

A sustainable stream of variable income designed to last to maturity

Forty-three percent of Canadians don’t know how much they should withdraw each year for retirement income.2 Sun Life MyRetirement Income solves for this concern by providing sustainable stream of variable income designed to last to a selected maturity age.

For payments to last to the selected maturity age, income payments are recalculated annually. The income amount will vary each year based on the remaining account balance, investment returns and changes you made the previous year. Income can also vary depending on regulatory minimum and maximum payment requirements.

This automated process eliminates the need for repeated reassessment or account modifications throughout retirement.

Flexibility

Plan members have a choice of maturity ages - 85, 90, 95 & 100 - payment frequency, account type (RRIF/LIF, TFSA and non-registered accounts). They can change their maturity age and payment frequency at any time without cost or tax event. And they maintain access to their asset balances, which can be moved or withdrawn, subject to pension legislation. 

Helps retirees live within their means

Retirees are afraid of running out of money and therefore consistently underspend in retirement—at an increasing rate as they age.3 This solution helps retirees to finally live the retirement they can afford, giving them a budget they know they can spend each year.​

It minimizes the risk of:

  • Withdrawing too much early in retirement or during market volatility, running out of money (overspending).
  • Limiting their spending (and lifestyle) for fear of running out too soon.

Check out this video to learn more

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Sun Life – My Retirement Income

Retirement is one of life’s most exciting and challenging milestones. Like other retirees, you may ask yourself: when I retire, will I have enough money to last as long as I need it to?

You worked hard to build your savings. Now you need to turn your savings into income for a secure and comfortable retirement. We have a simple solution that can provide a sustainable stream of variable income designed to last. While offering flexibility in your retirement years.

Sun Life MyRetirement Income is a unique solution that turns your savings into income deposited directly into your bank account. You simply choose the age you want your money to last until, called the “maturity age” and we take care of the rest.

There are also several benefits to this solution. Your money isn’t locked in, so you can withdraw or add more without fees or penalties.

Your savings can continue to grow when you retire because they will be invested in a well-diversified portfolio. And if you pass away before the age you selected, your money is easily transferred to your designated beneficiary without any barriers or waiting periods.

So how does it work? We take care of the math. Your payments are based on your total investment amount, the number of years until your selected maturity age, and an estimated annual rate of return.

At the start of each year, your payments are recalculated based on your account balance, and reflecting investment performance and any changes you made throughout the previous year. This means that your annual income can vary.

Income can also vary depending on regulatory minimum and maximum payment requirements. But it also gives you a budget so you know how much you can spend, and you know you can continue to receive income until your maturity age. Everything is automated for you, and you don’t need to make any adjustments—unless you want to.

And the best part is that you don’t have to do anything on your own. Our Retirement Consultants are here to help you consider options for your maturity age, enroll in the solution, answer your questions, and ensure you live your best retirement.

Contact your Group Retirement Representative or our Business Development offices to learn more about this new, first-of-its-kind, decumulation solution in Canada.

1Sun Life and CARP Survey

2Blanchett, D., & Finke, M. (2024). Guaranteed Income: A License to Spend. Retirement Income Institute. Alliance for Lifetime Income.

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