*Based on retirement savings of $500,000. Assumes a return of five per cent net of fees over the entire 24-month period of age 65 to 67, with the maximum annual contribution of 18 per cent of a salary of $50,000, or $9,000 annual contributions.
Preparing for longevity: Mr. Smith
Our fictional group plan member, Mr. Smith, is 65. Lower investment returns and delayed retirement planning have limited the growth of the $500,000 Mr. Smith has set aside for retirement savings. He would like to know if postponing retirement until age 67 will affect his monthly retirement income.
Don’t be like Mr. Smith. Start early so you can increase your savings and avoid outliving your retirement nest egg. Proper planning can benefit you when your retirement savings are transferred to retirement income products, such as life income funds or annuities. If you’re a Canada Life group plan member, use resources like the Plan your retirement tool on GRS Access to see how a little planning can make a big difference to your future.