The document is a multi-product brochure from Manulife aimed at consumers transitioning to retirement. It provides an overview of retirement products and highlights key things for readers to consider when planning for retirement, such as when to retire, estimating expenses, understanding sources of income, and reviewing insurance needs. The brochure uses a magazine format with different sections to make the large amount of information easier for readers to navigate and find what interests them most. This format was well-received by clients and marketing teams.
Health insurance has a language all its own.
Understanding how your insurance plan works
is something every American needs to master.
These terms are important to know to get the
most out of your health care coverage.
The Secret to Turning Employees into Engaged Healthcare Consumers - Castlight...castlightcontent
This presentation was given at a workshop for HR and benefits leaders at Castlight Health's 2015 Enterprise Healthcare Summit.
Title:
The Secret to Turning Employees into Engaged Healthcare Consumers
Speakers:
- Scott Matthews, Vice President, User Engagement & Growth, Castlight Health
Retirement opens up a seemingly limitless world of possibilities. But all those choices can be a bit intimidating. The good news is with a bit of care, forethought and preparation, you can not only plot out a successful, fulfilling retirement, but also ensure you’ll have the funds on hand to pay for it.
The following tips can help.
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Presentation from IERC 2015 debate on the motion "The internet of energy things will deliver a secure, cheap and sustainable energy future". This presentation takes the "against" side of debate and argues that the Internet of Energy Things is not ready for mainstream use due to the lack of progress on security and data governance frameworks in IoT generally.
Health insurance has a language all its own.
Understanding how your insurance plan works
is something every American needs to master.
These terms are important to know to get the
most out of your health care coverage.
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Title:
The Secret to Turning Employees into Engaged Healthcare Consumers
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Retirement opens up a seemingly limitless world of possibilities. But all those choices can be a bit intimidating. The good news is with a bit of care, forethought and preparation, you can not only plot out a successful, fulfilling retirement, but also ensure you’ll have the funds on hand to pay for it.
The following tips can help.
Your New #1 Priority: What You Need to Know About Tackling Behavioral Health ...castlightcontent
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Title: Your New #1 Priority: What You Need To Know About Tackling Behavioral Health Issues
Speakers:
- Thomas Parry, Ph.D., President, Integrated Benefits Institute
- Dr. Jennifer Schneider, Chief Medical Officer, Castlight Health
Presentation from IERC 2015 debate on the motion "The internet of energy things will deliver a secure, cheap and sustainable energy future". This presentation takes the "against" side of debate and argues that the Internet of Energy Things is not ready for mainstream use due to the lack of progress on security and data governance frameworks in IoT generally.
Retirement: What you need to know to retire successfullyMichael Goodfellow
The financial decisions you make as you ease into retirement will have implications that may be felt, quite literally, for the rest of your life. Retirement is a major life change. Clearly, a fulfilling retirement requires not only financial preparation, but also a clear vision of what kind of life you’d like to lead during retirement.
Women live 5 years longer, on average, than men. Planning your own retirement is crucial to living the life you want to live.... the way you want to live it. Call us, let's talk.
Smart tips to prepare for an active retirement in 2024Connect55+
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6 Retirement Questions Government Employees Should Be AskingBravias Financial
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report addresses some common questions and presents some strategies to help you prepare for a more
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How Do I Create A Retirement Income Plan?Brady Speers
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http://ekinsurance.com/financial/retirement/
If you are near retirement or have retired, listed below are several common mistakes that occur in the arena of financial planning for retirement that you can plan now to avoid.
Whether retirement is many years away or just around the corner we help you plan for the future you want. The earlier you start planning the easier it will be to create the lifestyle you would like.
IBB Wealth has created a guide on planning your retirement.
IBB Wealth are financial advisors who specialise in wealth management for all stages of your life.
We are based in Uxbridge, West London but support clients in Surrey, Buckinghamshire and all surrounding areas.
For advice on retirement planning please visit: http://ibbwealth.co.uk/index.html
IBB Wealth
Capital Court
30 Windsor Street
Uxbridge
UB8 1AB
t: 01895 544 001 / e: info@ibbwealth.co.uk
Download our latest magazine inside, you’ll find an
array of articles about how we can help you further
to plan, grow, protect and preserve your wealth. As
we all know, the ultimate goal money can buy is
financial freedom
1. M U L T I P R O D U C T B R O C H U R E
THE PRODUCT
A brochure aimed at consumers to highlight the various retirement products offered by Manulife for individuals
transitioning to retirement.
THE CHALLENGE
The marketing folks provided my team with an enormous amount of copy covering a variety of products. The
copy was very broad, covering the spectrum of people just starting to think about retiring to the other end, to
people who were about to retire. Unfortunately by hoping to reach everyone, the copy would reach no one
because people aren’t willing to invest the time it takes to wade through information they aren’t interested in.
Our challenge was to find a way to by-pass that concern, and somehow engage the reader.
THE SOLUTION
Our approach was to create the brochure in a magazine format, and break the copy up into digestible chunks of
information. By creating a table of contents, readers could simply go to the specific information they were interested
in, without having to wade through information they don’t care about. Use of images and other copy/design devices,
we created a piece that could appeal to a wide variety of audiences.
OUTCOME
The magazine format was a huge hit both with clients and the marketing team, and became the benchmark for future similar projects.
We also incorporated a reader response card to solicit feedback to incorporate into future issues. `
2. YOUR SOURCE FOR
RETIREMENT PLANNING
AND POSSIBILITIES
N xte >
WHAT’S AFTER?
But first, some things to
think about before
ELIMINATE DEBT
THE FEWER DEBTS, THE BETTER!
Wills and Trusts;
Reviewing These
Are a Must
4
Needs your
retirement
income
should meet
3.
4. CLOSER TO A NEW BEGINNING
Key elements to consider in your
retirement transition
7 WHEN TO RETIRE
7 HOW MUCH WILL IT COST?
8 YOUR INSURANCE NEEDS
9 SOURCES OF INCOME
11 CONSOLIDATE YOUR ASSETS
12 ELIMINATE DEBT
13 ESTATE DOCUMENTS
15 PLAN AHEAD FOR THE UNEXPECTED
4
contents
5. Together with
your advisor,
we’re here to help
When moving from your working years
into retirement, you know there’s a lot to
think about, such as ensuring that your
savings can cover your expenses, deciding
how best to turn your savings into income,
and choosing what’s right for you in terms of
healthcare coverage.
Here, we outline some of the key points you
should consider in making the transition into
retirement. Many of the decisions you make
at this stage will play a key role in shaping
the success of your retirement plans.
Knowing the options available to you, having
all the information you need, and working
closely with your advisor every step of the
way can help you make the right choices.
16
20
RETIREMENT
I N C O M E
O P T I O N S
Transitioning to retirement
HEALTHCARE
COVERAGE
O P T I O N S
Transitioning to retirement
N xte
7. 5
Key elements to consider in your
retirement transition
As you near retirement, you’ve
probably already considered your
lifestyle goals – things like how
much you plan to travel, the types
of entertainment and activities
you want to enjoy, and where you
wish to live. Now it’s time to make
important decisions that will help
support that lifestyle; for example,
the investments that will turn your
retirement savings into income
and the choices related to your
healthcare coverage.
9. 7
When you
retire matters
Many Canadians approaching
retirement want to retire as soon
as they can, to start enjoying the
leisure benefits of being out of the
workforce. Others have no desire to
retire and wish to continue working
full or part-time.
Regardless of which group you
fall into, there are financial
implications. For instance, if you
decide to start drawing your
Canada Pension Plan (CPP) or
Quebec Pension Plan (QPP) benefit
before you reach age 65, you’ll
receive a reduced payout rate.
Alternatively, you’ll receive a
higher payout rate the longer you
wait to draw income past age 65.
There are several other types of
retirement income generating
investments that work under this
principal as well.
Depending on your current income
level, long-term health outlook,
and your retirement goals, there
are advantages and disadvantages
to starting to receive retirement
income earlier or later.
It’s recommended that you seek
counsel from your advisor who can
help you determine when best to
start your retirement based
on your unique situation.
Determine
your monthly
expenses and
create a budget
It’s important to know what your
retirement lifestyle will cost, along
with your basic monthly expenses,
and develop an appropriate
budget. Your advisor can help you
put together a complete picture of
the monthly expenses you’ll have
in retirement. To get you thinking
about this ahead of the discussion
with your advisor, Manulife has
a simple, easy-to-use online
retirement expense calculator.
Here’s what you need to
think about when preparing
for retirement.
Visit manulife.ca/retirementexpenses
10. 8
Assess your insurance coverage
Your insurance needs could change
in retirement, just as your financial
priorities and responsibilities
change. Make sure to review
your life, homeowners, and auto
insurance policies to ensure your
coverage is appropriate for your
new lifestyle.
It’s also possible that life insurance
isn’t necessary if you no longer
have dependants relying on you to
look after them. Your advisor can
help determine whether you’re
insured at an appropriate level and
factor in any plans you may have
to leave money to loved ones or
charities when you pass away.
Have you thought about these expenses?
Healthcare costs can significantly
increase your expenses. This is
especially true of those who don’t
replace their workplace group
benefits coverage with an individual
plan after they’ve retired.
For information on the individual
plans Manulife offers, please
refer to “Transitioning to
retirement – Your healthcare
coverage options” on page 18
of this guide.
Caring for an elderly parent could
also be a factor in your monthly
expenses. People are living longer
than ever before, so it’s possible for
some retirees to have a parent living
with them or have to help support
a parent financially.
Needs vary from person to
person, so it’s a good idea to
review every expense, from
charitable contributions and gifts
to basic necessities, to get a clear
understanding of what your
retirement will actually cost.
If you would like to know more
about the life insurance options
available from Manulife, visit
manulife.ca/insurance
11. Understand where the money will come from
Understanding what are considered guaranteed and non-guaranteed sources
of retirement income and how each can address specific needs of retirees is
an important part of making the transition into retirement.
GUARANTEED income
sources can include:
■■ The Canada Pension Plan (CPP)
■■ The Quebec Pension Plan in (QPP)
■■ Old Age Security (OAS)
■■ The Guaranteed Income
Supplement (GIS) for low
income retirees
■■ Defined benefit pension plan
savings from an employer
(not everyone has this type of
workplace pension plan)
■■ Individual (personal) investments
that offer a guaranteed income
benefit, such as various types of
annuities and segregated funds
Income from these sources is
“guaranteed” because you will
receive it for the rest of your life.
CPP or QPP combined with OAS can
provide you with an average of up
to $11,500 a year if you’ve worked
in Canada your entire life and retire
at 65. The maximum you could
qualify for is about $16,600 a year.
The amount of OAS and the GIS
you receive is determined by your
annual income. This means that the
Government of Canada will “claw
back” or recover a percentage of
these benefits if your annual earnings
are beyond the maximum allowed.
NON-GUARANTEED income
sources are, by their nature,
variable and can include:
■■ Defined contribution pension plan
savings from an employer
■■ Employment earnings, should you
continue to work in retirement
■■ Rental earnings
■■ Investment income
■■ Other personal savings
Defined benefit and defined
contribution pension plans
There are two main types of
workplace pension plans, although
some companies may offer a blend
of the two under one plan.
■■ A “defined benefit pension
plan” is a retirement plan in
which an employer promises to
provide guaranteed, lifetime,
regular income at retirement
that is predetermined by a
formula based on the employee’s
earnings history, tenure of service,
and age. The income is not
directly dependent on individual
investment returns.
■■ A “defined contribution
pension plan” is a retirement
plan in which the employer,
employee, or both make
contributions on a regular
basis. The exact amount of
the future income benefit is
not guaranteed and will
fluctuate on the basis of
investment earnings.
To help
you analyze your
potential sources of retirement
income, speak to your advisor. You
can also try Manulife’s Retirement
Income Calculator at
manulife.ca/incomecalculator
12. 10
1
Annuity 2000 Mortality Table, Society of Actuaries.
2
Statistics Canada, Consumer Price Indexes for Canada, Monthly, 1914-2006 (V41690973 series).
Lasting as long as you live
Canadians are living longer than
previous generations. In fact, the
probability of one spouse or partner
of a healthy couple living into their
nineties is 63 percent1
. This means you
should consider placing a portion of
your savings in investments that will
provide guaranteed income, so that
the income can last for your lifetime.
Decreasing the effect of
market downturns
An investment portfolio experiencing
poor market returns early in your
retirement – when income is also
being withdrawn – can more quickly
run out of money. A portfolio
experiencing strong returns early
on may provide income much
longer, even if a market downturn
is experienced later on. When close
to or in retirement, a portion of
your investments need to be able to
mitigate the effects of volatile markets
and poor early returns because there
is less or no time left to recover the
losses, the way you could when
you were many years away from
retirement. Again, income that is
guaranteed can help protect you in
these situations.
Keeping up with the increasing
cost of living
A 40 cent cup of coffee in 1976
now costs well over $1.502
. Based
on a three per cent inflation rate,
the price of a bag of groceries that
costs $100 today will cost $180 in
20 years. This means that a portion
of your retirement savings should be
in investments that have the ability
Your advisor may place your savings into
different types of investment products, each
with specific features, to help you meet
the financial challenges that are unique to
retirees. Some of your retirement income
sources should meet your needs by:
13. 11
Consolidate
your assets
Consider consolidating your assets as you
near retirement. Leaving funds at different
financial institutions can make it more
difficult to manage the income from your
investments because you’re juggling multiple
statements and putting more time into
keeping track of them.
In addition, you may qualify for lower fees
if you consolidate with a single institution.
Keep in mind that fees may apply when
closing and consolidating accounts.
to grow in order to keep up with
inflation, otherwise your buying power
will erode over time. Examples include
mutual funds and segregated funds.
Providing easy access
to your money
It’s possible to encounter
unforeseen, large-scale
emergencies in retirement that
require you to dip into savings
earmarked strictly for
retirement income.
However, it can be difficult to access
the money within some types of
retirement income investments. While
these investments are necessary to
provide guaranteed lifetime income,
you’ll also need some savings in
non-guaranteed investments (such as
mutual or segregated funds) that you
can more easily access the cash from
in case of emergencies, even though
there may be a fee for doing so.
Speak to your advisor to learn more
about retirement income sources
and the importance of meeting the
financial challenges unique to retirees.
14. 12
3
“High credit card rates costing Canadians a fortune”, National Post, March 30, 2013.
Eliminate
DEBT
The fewer debts you have going into retirement, the better. If possible, you should
consider paying off any lingering debt, but you also don’t want to drain your retirement
savings just to enter retirement debt-free. In this order, think about tackling:
Credit card debt
This is especially important if you
are paying a high rate of interest
on the balance (the average is
over 14 per cent for a fixed-rate
credit card3
).
Your mortgage
Making extra mortgage payments
is a good first step. You may also
consider switching to an all-in-one
account, such as the Manulife
One. This type of account can
significantly accelerate your debt
repayment and provide financial
flexibility when your debt is gone
because you’ll have access to credit.
If you’ve paid off your
mortgage, but still have
other debts remaining, one
of the best ways to get rid
of non-mortgage debt is to
consolidate it at one low rate.
This could reduce interest costs
and make it easier to keep track
of how much debt you still have
outstanding. Again, an all-in-one
account such as Manulife One or
a secured line of credit are good
solutions for consolidating your
debt at a low rate.
For more information on
Manulife One, visit manulifeone.ca
or speak with your advisor.
15. 13
Review wills, trusts, powers of
attorney and beneficiaries
Even if you already have these estate documents,
sometimes the provisions made at previous life stages
need to be adjusted to be more appropriate for your
situation at retirement. Perhaps your marital status has
changed or your estate size is now different than when
you originally drew up your documents.
Take time to reconsider the relevance and effectiveness of your will, trust,
power of attorney, and designated beneficiaries as you near retirement. Have
your lawyer and/or advisor review these documents in conjunction with your
investments to make sure that you, your wishes, and your beneficiaries are
appropriately protected.
Wills
While everyone should have a will,
not everyone does. Death can be a
difficult subject and not one most
people want to seriously consider
in terms of themselves or a spouse,
but a will is an important instrument
to help ensure your wishes are
carried out after you’ve passed
away. If you’re planning to retire
soon and don’t already have a will,
creating one now is a good idea.
Trusts
A will by itself may not be enough
to protect your assets and reduce
estate taxes and other costs, so
you may want to look into setting
up a trust. Generally speaking, a
trust can be established during your
lifetime whereby you transfer some
of your assets, such as real estate,
stocks, bonds, mutual funds, bank
accounts and private businesses to
your spouse or partner, children or
other named beneficiaries.
16. 14
Powers of attorney
Establishing power(s) of attorney
can help with the control of your
assets, addressing your obligations,
and decisions related to healthcare
should you or your spouse or
partner become incapacitated.
In the event that something
unfortunate happens, a
power of attorney will ensure
your affairs are handled in
the manner you desire.
A designated power of attorney
can, on your behalf, make medical
decisions, pay your bills, file your
tax returns, open your mail, vote,
conduct banking, and speak with
professionals such as accountants
and lawyers. Technically, without a
power of attorney, your spouse or
partner has no legal authority to do
any of these things on your behalf
if you become disabled.
17. 15
Plan for the unexpected
For unexpected expenses,
such as car and home repairs,
you should not deplete your
retirement income funds.
Many financial planning
experts suggest saving three
to six months’ worth of living
expenses for these types
of costs. You’ll be able to
determine this amount when
developing your monthly
expense budget. Make sure
these savings are in an interest-
bearing account so that they’re
making some sort of return.
If you use these savings, it’s
important to replace what you’ve
withdrawn so that you’re prepared
the next time you need them.
19. 17
When you’re ready to turn your savings into retirement income, it’s
highly recommended that you meet with your advisor who can develop
a retirement income plan for you. The following are the options that
your advisor may discuss with you.
To save for retirement, you’ve likely placed your
savings in various investment products, in addition
to a workplace pension plan if you had one. These
products could include mutual funds, segregated
funds, and GICs4
. Some of them may be held in
“registered” accounts, such as Registered Retirement
Savings Plans (RRSPs), which are tax deductible at the
time of deposit – meaning the taxes are deferred until
you withdraw the money. When you’re ready to start
drawing retirement income, your tax-sheltered RRSP
savings will need to be transferred to a Registered
Retirement Income Fund (RRIF).
In order to start drawing retirement income, your
workplace locked-in pension plan assets can be
transferred to one of the following, depending
on your unique situation:
■■ a Life Income Fund (LIF), which is for locked-in
pension plan assets; or
■■ a Locked-in Retirement Income Fund (LRIF), which
is only provided in Newfoundland for locked-in
pension plan assets
■■ a Prescribed Retirement Income Fund (PRIF) which
is only provided in Saskatchewan for locked-in
pension plan assets
You will need to place your retirement savings into all
of these types of accounts by the end of the year in
which you reach age 71, as required by the Canada
Revenue Agency (CRA).
4
GICs refer to Guaranteed Interest Contracts offered by insurance companies or Guaranteed Investment Certificates offered by other financial institutions.
20. 18
RRIFs
A RRIF is a registered income fund that you transfer
your RRSP assets into on a tax-sheltered basis and
that pays you an income for as long as you choose
or as long as the money is available. Many different
types of investments can be held in a RRIF, including
mutual funds, segregated funds, and GICs. RRIFs
require that a minimum amount be withdrawn on
an annual basis after the first year. Your minimum
amount is unique to you and based on a formula.
LIFs
If you have workplace pension plan savings, which
are considered locked-in assets, and depending on
your province of residence, you have the option
to move them into a LIF, a type of registered
retirement income fund used specifically to hold
Pension plan savings are called
“locked-in” because, generally, they
are not assets that you can withdraw
prior to retirement. With RRSPs,
alternatively, you can withdraw
the assets prior to retirement, but
withdrawals are taxable at your
personal rate based on your income.
21. 19
For those with a Manulife pension
plan, you have access to Manulife
Transition Specialists who can
answer any questions you may have.
These specialists are available from
Monday to Friday, between 9 a.m.
and 5 p.m. ET at 1 866 991 3056.
pension funds and eventually pay you retirement
income. Except in special circumstances, LIF assets
cannot be withdrawn in a lump sum; rather, owners
must use the fund to support retirement income for
their lifetime. Each year provincial regulators specify
the minimum and maximum withdrawal amounts
for LIF owners. There are different LIF rules between
provinces and additional options, depending on
your province of residence.
The decision about what to do with your pension
plan assets as well as your non-registered individual
investments when you retire can have significant
and long lasting financial implications. Work with
your advisor to learn what the best options are for
your situation and understand that some of these
decisions may be final and irreversible.
You can also visit manulife.ca for information..
23. 21
If you’ve participated in a workplace group benefits plan, you’ve been
fortunate to receive coverage to help meet healthcare needs that are not
covered by provincial health insurance plans. Services and treatments,
which may not be covered by provincial plans include:
■■ Prescription drugs
■■ Dental services
■■ Vision care
■■ Additional hospital benefits, such
as preferred accommodation
■■ Registered therapies, such as
massage and chiropractic care
■■ Homecare and nursing
■■ Prosthetic appliances and
equipment
■■ Hearing aids
■■ Ambulance services
However, when you retire and leave
your workplace group benefits
plan, you may no longer have
coverage for these products and
services, unless you replace your
group plan with an individual plan.
Manulife offers two individual plan
options under its CoverMeTM
Health
and Dental Insurance to those
who are leaving a group benefits
plan or may never have had a plan
and now want one:
■■ Flexcare®
■■ FollowMe™
Health.
Flexcare
Manulife’s Flexcare is flexible
and affordable and gives you a
variety of plans to choose from,
each offering varying levels of
protection, so you’ll pay only for
the coverage you really want and
need. If you’re age 65 or older,
Flexcare adjusts coverage in certain
areas to better meet your specific
healthcare needs.
FollowMe Health
Manulife’s FollowMe Health
is designed for those whose
workplace group benefits are
ending and who are concerned that
their age or health issues may make
it difficult to obtain affordable
health and dental insurance.
If you apply within 60 days of
the loss of your workplace group
benefits coverage, your acceptance
is guaranteed.
There are four plans with varying
levels of coverage and benefits, so
you can choose the one that best
suits your needs and budget, and
still enjoy many of the healthcare
coverage benefits you had
while working.
For more information about CoverMe Health and Dental Insurance plans, visit coverme.com
24. 22
As much as you prepare, even the
best laid plans may need to change
Life is unpredictable. So it’s important to be
flexible and ready to make adjustments to your
retirement plans if there are significant changes
in the economic markets or your personal life.
As well, many people realize after six months
to a year into retirement that their needs are
different than what they expected.
Keep in touch with your advisor to help you
monitor your situation and make necessary
changes along the way. Manulife Financial,
a company Canadians have relied on for over
125 years for their most important financial
decisions, is also ready to support you in
achieving your retirement goals.
If you don’t have an advisor, you can visit manulife.ca and use our “Find an advisor tool”
on the right hand side of the home page.
26. For more information, please contact your advisor or visit manulife.ca/retirement
Manulife,the Block Design,the Four Cubes Design,and strong reliable trustworthy forward-thinking are trademarks ofThe Manufacturers Life Insurance Company and are used by it,and by its affiliates under license.
GP5704E 06/2014