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Did you know?
Sun Life has helped millions of Canadians - like you - in workplace plans save for goals, protect against uncertainty and set up long-term retirement income. No matter what your stage of life, we’re here to help simplify the complex world of retirement planning and help you meet your goals.
You could spend 30+ years in retirement. Will your money last?
Retirement today looks different – and it could last longer. This article can help you understand how to build income that keeps up with life along with some other considerations in retirement.
Create a customized retirement income plan with Sun Life
Sun Life Choices is here to help you meet your financial goals wherever life takes you. We offer tailored investment and insurance solutions whether you’re a ‘do-it-yourself’ investor or want guidance.
Registered Retirement Income Fund (RRIF) / Life Income Fund (LIF)
Best for: Flexibility with your investments and withdrawals
What it is: Registered savings account or pension accounts, are converted to Registered Retirement Income Fund (RRIF) or Life Income Fund (LIF)1 when you start to use the funds for income.
- Choose from a wide range of investment funds
- Keep your money invested and growing tax-deferred
- Adjust your income over time
MyRetirement Income
Best for: A “do it for me” strategy with built-in flexibility and accessibility
What it is: An automated solution to provide a stream of variable income designed to last through your retirement years.
- Built to help funds last long into retirement based on your age selection
- Designed for peace of mind and flexibility
- Available for Registered Retirement Income Fund (RRIF), Life Income Fund (LIF), Tax-Free Savings Account (TFSA) and savings accounts
Annuities
Best for: Income that is more likely to last for life
What it is: An insurance product that converts your savings into a stream of income for a set period or for life.
- Regular payments, no matter what happens in markets
- Can be for life or a fixed period
- Payouts are a set amount each month or year. The purchase of an annuity2 is irreversible
Insurance Solutions
Ensure you have the right protection in place in retirement. Whether you need temporary or long-term coverage, there’s a Choices insurance plan for you:
- Health and Dental insurance
- Critical illness insurance
- Life insurance
Or call 1-866-224-3906
Monday to Friday, 8 a.m. to 8 p.m. ET
1 Depending on the pension legislation governing your locked-in savings, you may have to use one of the following products instead of a LIF: Locked-In Retirement Income Fund (LRIF), Prescribed Retirement Income Fund (PRIF), or Restricted Life Income Fund (RLIF). Speak with a retirement consultant or financial professional for more information.
2 This page does not contain full product descriptions. For more information, call one of our Retirement Consultants.