Manulife Investments Tuesday announced the launch of Manulife RetirementPlus, a new product designed for people who are between five and 15 years from retirement.
RetirementPlus provides the opportunity for retirement savings growth through equity participation, the potential to benefit from rising interest rates, and the option to choose a future guaranteed lifetime income – all within a single flexible contract.
“Manulife RetirementPlus is the first-of-its-kind in Canada to offer clients the opportunity to benefit from market upside potential and unprecedented flexibility to customize their retirement plan,” explains Paul Lorentz, executive vice president and general manager, retail markets.
The product has three phases that help support clients through the key stages of retirement preparation: savings, preservation and income.
In the savings phase, clients participate fully in the markets and have a broad range of investment options to choose from, with up to 100 per cent equity. They also benefit from potentially rising interest rates that can enhance their future guaranteed income.
When clients choose to secure a future guaranteed income rate, they can move some or all of their assets into the preservation phase, and have the option of being in both savings and preservation phases at the same time.
Finally, in the income phase, clients can elect to draw a partial or full retirement income when needed, starting as early as age 50.
The product can adapt to changing market conditions and offers clients the flexibility to design retirement plans that suit their needs and timing — clients choose how long to participate in the markets and if and when to draw a guaranteed income to meet their full or partial retirement needs.
Manulife RetirementPlus will be available for sale starting October 28.
Manulife Investments is the brand name describing certain Canadian subsidiaries and operating divisions of Manulife Financial Corp. (TSX:MFC).