Manulife’s new Steps Retirement Program gives plan members a current estimate of their personal annual retirement income, which tells the worker if they are on track to achieving their retirement income. If not, they get saving and investing suggestions.
The plan member receives the retirement income estimate online or in their regular statement and it’s based on the personal financial information they provide including expected contributions, current savings and investor strategy, according to a news release.
“To date, we have provided our DC plan members with lots of valuable information on retirement and investment planning, and tools to help them determine how much they need to save by retirement – but there has always been a missing piece, until now,” said Michael Doughty, Vice President, Canadian Pensions, in the announcement. “Members need ongoing feedback on how they are progressing towards their goal through an estimated annual retirement income and The Steps Retirement Program provides this.”