Toronto-based Manulife Financial Corp. is introducing an online retirement planning program for Canadians who participate in workplace retirement plans with Manulife and who are about to retire or are 15 years away from retirement.

Retirement Redefined is designed to get these individuals to start thinking about the life they want in retirement, planning for their health to support their retirement lifestyle, and the finances to achieve these goals. The program includes planning tools and advice for group retirement customers to build a roadmap.

There are more than 500,000 Canadians over the age of 50 enrolled in their employer’s group retirement plans managed by Manulife who are saving for their retirement. However, only 22% of Canadians between the ages of 55 and 65 are saving regularly and feel they’re on track for reaching their retirement goals, according to Manulife’s 2015 Financial Wellness study.

“Too many people are leaving the security of their workplace without knowing how they will spend their time, pay for health costs or how to generate income in retirement,” says Sue Reibel, executive vice president, institutional markets, with Manulife, in a statement. “Retirement Redefined truly redefines how our customers think about and plan for retirement. It provides an engaging experience along with tools and resources, such as a team of professional retirement counsellors and financial planners to ensure that future retirees are aware of what insurance and income they will need to have a long and healthy retirement.”

Retirement Redefined is an interactive digital retirement platform in which future retirees can build a unique and personalized retirement vision, set and track goals and access relevant content on their specific retirement plans. The specific services available through the program include:

  • Consultations with a team of licensed and certified financial planners who can provide advice, plans and help set realistic goals.
  • Tools and calculators, such as net worth calculators, budgeting tools and retirement income reports generated via Manulife’s Steps Retirement program.
  • Access to relevant and timely content from various health and lifestyle experts.
  • A secure online platform that can be accessed anytime via desktop, tablet or mobile phone after registration.

Retirement Redefined was tested successfully with the employees of seven global and national companies who have workplace savings plans employees based across Canada. More than 30% of the employees registered for Retirement Redefined over the past year.

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