November 21, 2023

Can you guarantee your retirement income if you live until 75? What about 100? Sun Life can help make it possible

Sun Life takes steps to empower, educate and inspire Canadians to achieve equity and plan for a prosperous retirement.

TORONTO, Nov. 21, 2023 /CNW/ - As a new generation prepares for Canada's largest wealth transfer, ensuring a prosperous retirement is key to planning for lifetime financial security. But, according to a new survey conducted by Ipsos for Sun Life, nearly half (46%) of Boomers do not intend to use a guaranteed income retirement product and less than half (43%) of Millennials are interested in learning about these products.

The number of centenarians in Canada has reached a record high, increasing by 64% in just 10 years,1 with women living approximately three years longer than men.2 As Canadians live longer and as we enter a new era of rising interest rates, market volatility and increasing geo-political risks, traditional investments that Canadians previously relied on to build wealth are not as effective as they used to be. For Canadians to preserve wealth and meet their retirement and estate needs, having a financial roadmap with a mix of guaranteed investment solutions, such as annuities and Guaranteed Income Segregated Funds, has never been more important to build wealth and pass it on to the next generation.

"We've all felt the effects of inflation, pressuring many Canadians to make decisions about how to retrench, reinvest and cut costs," said Oricia Smith, President, SLGI Asset Management Inc. & Senior Vice-President, Investment Solutions, Sun Life. "At Sun Life Global Investments, we're focused on helping Canadians build wealth and manage their financial risks. By working with a trusted advisor, Clients can take a long-term view when strategizing on how to fund income needs in retirement and invest in a way that generates lifetime financial security and builds capital for the next generation."

Women and the future of money.

By 2028, Canadian women will control over $4 trillion in assets, almost doubling the $2.2 trillion they control today.3 As women are likely to outlive men and be responsible for estate transfer to the next generation, it's important they feel financially secure and start the planning process early to ensure they have enough money to last their lifetime.

But, according to the recent Sun Life survey, only 12% of Boomer women own at least one guaranteed income retirement product, compared to 24% of Boomer men. The survey also finds that half of Boomer women (49%) do not intend to use a guaranteed income retirement product and 25% of Boomer women don't even know what they are.

"Historically, women have had to adapt to the industry, but at Sun Life Global Investments, we believe it's time the industry adapts to them," continued Smith. "Women now have more money and influence than ever before which is why we need to reduce the gender gap across wealth, health, and protection. Women live longer, which means they will benefit from saving more. They also have unique financial considerations that are often overlooked such as career interruption, caregiving responsibilities, longevity, mental health, and the retirement savings gap. With full-time employed women earning just 90% of what men make, we see the importance of building a stronger, more equitable and financially secure future to support the long-term wellbeing of Canadian women." 

Sun Life Global Investments is committed to helping Canadians build a diversified mix of products that are unique to retirement and designed for estate transfer.

  • Life looks different when you save for retirement: No matter what life stage you're in, now is the time to prepare for retirement. We can help.
  • 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.
  • Investing with guarantees: Our Sun Life Guaranteed Investment Funds (GIFs) can protect your savings and allow you to lock-in a lifetime of guaranteed income.
  • Women in Wealth: Our Women's Investment Community is a free online resource centre created to empower and inspire women in the investment industry.
  • Connect with an advisor: Advisors know how to help you prepare. They can offer holistic advice, tailored to your needs, to ensure you have the right toolkit of retirement products and solutions.


1 CBC, Number of Canadians living to 100 hit a record high, new census figures show, May 2022

2 Population estimates, Statistics Canada, 2018 and Canadian Institute of Actuaries (CIA), 2017

3 Sun Life Global Investments, Where are the women advisors? Why gender equity builds stronger advisory teams, March 2023

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 September 30, 2023, Sun Life had total assets under management of $1.34 trillion. For more information, please visit

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

About SLGI Asset Management Inc.

SLGI Asset Management Inc. is a subsidiary of Sun Life Financial Inc. It offers Canadians a diverse lineup of mutual funds and innovative portfolio solutions, empowering them to pursue their financial goals at every life stage. We bring together the strength of one of Canada's most trusted names in financial services, Sun Life, with some of the best asset managers from around the world to deliver a truly global investment platform. As of September 30, 2023, SLGI Asset Management Inc. manages $34.3 billion on behalf of institutional and retail investors from coast-to-coast and is a member of the Sun Life group of companies. For more information visit

Note to editors: All figures in Canadian dollars.

Media Relations Contact:   
Alessandra Nigro
Director, Corporate Communications
T. 416-979-4884


SOURCE Sun Life Assurance Company of Canada