TORONTO, March 04, 2019 (GLOBE NEWSWIRE) -- The Empire Life Insurance Company (Empire Life) (TSX: EML.PR.A) has developed a new interactive tool to help Canadians move toward achieving their retirement and savings goals.
In addition to saving for retirement, many Canadians are saving for a number of other goals such as buying a home, a vacation or a renovation.
The new Empire Life Retirement and Savings Tool helps individuals determine if they are on track to meet their desired income in retirement or their savings goals by asking a series of questions. For retirement goals, the tool not only projects how savings will accumulate to retirement age, but also calculates the individual’s expected monthly retirement income and confirms if their nest-egg will last their lifetime1.
The Retirement and Savings Tool goes one step further by showing how Empire Life segregated fund products could meet their desired level of retirement income, based on their stated risk profile and investment objectives.
“Retirement continues to be a top financial concern for Canadians, with 50% of pre-retirees not knowing how to plan for their retirement2,” says Mike Stocks, Vice-President and Chief Marketing Officer, Retail. “This new tool helps Canadians understand if they are on track to achieve their retirement income goals, including projecting how long retirement savings will last and proposes products that could help them achieve their goals.”
“The tool aims to answer common questions Canadians have such as, 'Will I outlive my retirement savings?' We encourage people to share their results with their advisor to get the conversation started,” says Stocks.
To learn more, visit www.empire.ca/retirement-and-savings-tool
1 Based on life expectancy data Statistics Canada - Table 13-10-0403-01 and the data inputted by the user.
2 LIMRA Secure Retirement Institute Ready, Set, Retire? Not So Fast!…Revisited. 2014.
About Empire Life
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. Our mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. As of December 31, 2018, Empire Life had total assets under management of $16.4 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.ca for more information.