Sun Life's holistic approach to planning and
solutions – spanning health, wealth and protection – empowers
Canadians to thrive in all phases of life
TORONTO, Nov. 1, 2023
/CNW/ - What do you picture when you think of retirement? More time
to spend with family and friends. More time to travel and see the
world. More time to enjoy hobbies. More time to volunteer and give
back to others.
While working Canadians focus on saving for retirement to enjoy
the gift of time, many overlook the impact health issues will have
on both their plans, and their wallets.
In a new survey conducted by Ipsos for Sun Life, nearly a third
(32%) of Boomers (fully or partially retired aged 58-77) cite
health care costs as a factor causing their cost of living to be
more expensive than anticipated in retirement, second only to
inflation (83%). Housing costs (31%) and market volatility (23%)
round out the top four reasons Boomers say their cost of living is
higher than anticipated.
"Many retirees are not prepared or aware of the out-of-pocket
medical expenses in retirement," said Jacques Goulet, President, Sun Life Canada.
"These costs can have a significant effect on retirement,
especially for those living with a chronic physical or mental
health condition that requires ongoing treatment. With the
cost-of-living climbing, a holistic plan that meets your
health and financial security needs can help prevent this financial
burden later in life," Goulet added.
Nearly half (49%) of Boomers surveyed shared that they have a
chronic physical or mental health condition that requires
medication or treatment. Of those living with a chronic condition,
nearly a third (32%) have or have considered changing their
retirement plans to pay for health-related costs.
Lessons for Millennials
While Boomers are facing the reality of health care costs in
retirement, Millennials are following in similar footsteps. Nearly
a third (31%) of Millennials (aged 27-42) have a chronic physical
or mental health condition requiring medication or treatment. Yet,
over half (52%) of Millennials with a chronic health condition have
not factored the cost of managing their chronic condition into
their retirement plan. When broken down by gender, 61% of women and
43% of men have not factored in these costs.
"Having a holistic plan in place that includes insurance, wealth
and health solutions has never been more important," said
Rowena Chan, President, Sun Life
Financial Distributors (Canada)
Inc., Senior Vice-President, Retail Advice & Solutions. "Sun
Life advisors specialize in helping Clients develop a creative
strategy to help them understand the costs of aging, grow their
wealth, and ensure all aspects of life are supported. These
critical conversations with a trusted professional will enable
Canadians to enjoy their retirement."
Whether you are in retirement or planning for it, Sun Life can
help.
- Find an advisor – Sun Life advisors offer trusted advice
to help you build a holistic plan and ensure you have products and
solutions in place to support you for many years to come.
- Prospr by Sun Life – Sun Life's digital hybrid advice
solution helps you identify, manage, and achieve your goals, with
help from a licensed advisor.
- Trusted wealth management – Building a secure financial
future in a world of permanent uncertainty has never been harder.
Sun Life Global Investments helps retail and institutional
investors build wealth and manage risk through innovative products
and solutions.
- Sun Life Learning Labs – Check out Sun Life's free
financial education webinars. Each webinar covers a different stage
of your journey to retirement.
About the survey
The survey is based on findings of an Ipsos poll conducted
between August 30 and September 1,
2023. A sample of 750 Millennials, aged 27-42 and 750
Boomers, aged 58-77 was drawn from the Ipsos I-Say online
panel. The precision of Ipsos online polls is measured using a
credibility interval. In this case, the poll is accurate to within
± 4.1 percentage points, 19 times out of 20, for each sample had
all Canadian Millennials or Boomers been polled. The credibility
interval will be wider among subsets of the population. All sample
surveys and polls may be subject to other sources of error,
including, but not limited to coverage error, and measurement
error.
About Sun Life
Sun Life is a leading international financial services
organization providing asset management, wealth, insurance and
health solutions to individual and institutional Clients. Sun Life
has operations in a number of markets worldwide, including
Canada, the United States, the United Kingdom, Ireland, Hong
Kong, the Philippines,
Japan, Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30,
2023, Sun Life had total assets under management of
$1.37 trillion. For more information,
please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
Note to editors: All figures in Canadian
dollars
Media Relations Contact:
Kim Armstrong
Director, Corporate Communications
T.
647-535-2705
kim.armstrong@sunlife.com
SOURCE Sun Life Financial Inc.