Essential financial wellness

Are you just starting to dip your toes into learning about finance? Or, would you like to brush up what you already know? This section is for you. Topics cover the essentials of financial literacy and their practical application in everyday life.

Live webinars:

Building your wealth through investing

Take the guesswork out of your investment decisions. Join this session to have a better sense of how investments work.

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How to start saving today?

This topic is best suited to anyone who’s just starting to learn or is needing help managing their savings.

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Save for retirement now

The focus of this webinar is to introduce you to retirement planning. How much will retirement cost? Where will the money come from?

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Reviewing your financial roadmap

Whether you are just starting out or thinking about retirement, learn how to build a financial roadmap, including ways to minimize taxes.

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Maximizing your retirement: understanding CPP/QPP, OAS and GIS benefits

Planning for retirement? Join us for this webinar that breaks down Canada's key retirement programs: the Canada Pension Plan (CPP), Quebec Pension Plan (QPP), Old Age Security (OAS), and Guaranteed Income Supplement (GIS). This session will help give you the knowledge and tools to make informed decisions and build a stronger financial future.

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5 steps to boost your financial health

This webinar will focus on the five steps to boost your financial health.

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On demand recordings:

Newcomers to Canada

Moving to a new country is an exciting opportunity, but also a great challenge. This presentation is designed to provide you with high level essentials relevant to living in Canada.

Welcome to our Newcomers to Canada presentation! This presentation aims to provide general information relevant to living in Canada. Some content may be familiar, other parts new. We hope to raise awareness and questions for you to explore further. And we hope to help you identify what next best actions you can take, that will help you achieve your goals.

Step 1 upon your arrival in Canada, may have been to contact loved ones back home to let them know you arrived safely. Step 2, for many, is to open a Canadian bank account. Opening a bank account is one of the most important steps when you arrive in Canada. It provides financial safety for your money and makes paying bills and managing finances much easier. There are two main types of accounts - chequing and savings. A chequing account is for day-to-day transactions like bills and withdrawals. A savings account holds longer term money for things like trips or emergencies. Banks allow most banking to be done online, or through mobile banking on your phone. Paying bills using your computer, tablet or smartphone is a great way to limit paperwork and save time. Familiarize yourself with your bank's online services so you can manage your accounts from anywhere. Your bank can provide tutorials to help you learn. All major banks in Canada offer free banking for newcomers for 1 to 2 years. Be sure to take advantage of this when opening an account. Having a Canadian bank account will help you settle into life in Canada and reach your financial goals.

<On the slide:> TITLE: Banking in Canada

  • Manage your day-to-day transactions
  • Low monthly cost
  • Convenient
  • Secure <End slide>

Credit is the ability to borrow money with the promise that you'll repay it in the future. Interest is the amount a lender charges the borrower for lending them money. Lenders typically note the interest rate on a loan on an annual basis, expressed as an annual percentage rate (APR). There are two main types of consumer credit: installment loans and revolving credit.

Borrowers repay installment loans with fixed regular payments over time. These loans include mortgages, auto loans, and student loans. The payment stays the same each period and covers both principal and interest. Installment loans are closed-ended, for a specific time period. Collateral like a car often secure the loan. Revolving credit, like credit cards, allow you to borrow up to a limit. You can pay a minimum each month. You can fully pay it off. Or, you can make a set, regular payment. These are open-ended with no fixed payoff date. Interest on revolving credit is usually higher than installment loans. Newcomers to Canada often face issues getting credit cards. Immigration status and required documents limit some to entry-level cards. These cards have minimal credit limits. The limits are often insufficient for initial expenses, especially for families. Yet newcomers may have savings to cover spending. Some banks will offer the chance to obtain your first credit card without providing a credit history. This will help get you started on building your credit in Canada. Once you've been approved for a credit card, it's important to use it responsibly in order to build a good credit score.

<On the slide:> A comparison of the two main credit types in a two-column format:

Installment loan:

  • Mainly used for large purchases
  • Set payment amount
  • Payment includes interest
  • Secured
  • Closed-end
  • Examples:
    • mortgage to buy a house
    • car loan

Revolving credit:

  • Often used for smaller purchase
  • May or may not have set payment amounts
  • Interest charged is usually higher than installment loan
  • Not secured
  • Open-end
  • Examples:
    • credit card
    • line of credit

Tip: Getting a secured, pre-approved credit card can be a first step to helping you get credit in Canada. <End slide>

Loan approvals and mortgage rates depend on credit scores. Landlords also use credit scores. A good score can help get loans approved, lower mortgage interest, and allow approval for renting an apartment. A credit report gives lenders details about every loan you've taken out in Canada in the last six years. It shows how much you borrowed, whether you've paid on time, and what you still owe. Credit bureaus assign credit scores ranging from 300 to 900 based on all this information. To improve your score over time, there are a few things you can do. Pay your bills on time, even if it's just the minimum payment. Building a history of on-time payments over the years is the best way to boost your score. Don't ask for too much credit, all at once. It can lower your score. Keep the balance that you owe low compared to your credit limits. Below 30% is best. And, Get time on your side. Older accounts, with good history, will help your score improve. If you're just starting to build your score, getting a post-paid cellphone plan, may help you. Not all account types are reported to credit bureaus. Mobile phone and internet providers may report your payment history to the credit agencies.

<On the slide:> The slide displays a credit score scale in graphic form showing:

  • Poor: 300 to 559
  • Fair: 560 to 659
  • Good: 660 to 724
  • Very good: 725 to 759
  • Excellent: 760 or more

Source citation: "Source: Loans Canada". <End slide>

<On the slide:> Budgeting – know where your money goes <End slide>

A budget is a key money management tool. It's used to lay out income and expenses, as well as to plan for your financial goals. Knowing where your money is going can reduce financial stress. And planning for your financial needs and goals will allow you to better prepare for the future. A budget may also help you to understand where you could be saving more.

<On the slide:> TITLE: What is a budget?

  • A guide to spending your money
  • Lays out your income and expenses
  • Considers your short and longer-term goals

Tip: Online tools, spreadsheets or good old-fashioned pen and paper all work. Find the way that's best for you! <End slide>

The purpose of an emergency fund is to prepare for unexpected costs. Things like car repairs, job loss, or home issues. The common goal is to save 3 to 6 months of living expenses. How much you earn, your expenses, debt, and interest rates on that debt, will affect how you save.

Some strategies to consider are: To start small by saving what you can each paycheck. Keep your emergency fund separate from other savings. If possible, avoid using credit cards or loans as your solution for an emergency. This can be very expensive. If you have extra income one month, add it to your emergency account on top of your regular amount. During tough months when money is tight, it's okay to reduce or pause saving while adjusting your finances. Be sure to reassess and restart saving once your income increases or expenses go back to normal.

<On the slide:> Three columns:

(1) There is no one rule:

  • Some people have a savings plan through their employment
  • Some people have low-interest debt payments

(2) Build an emergency fund:

  • Taking small steps toward saving is better than no steps
  • Keep your emergency fund separate from other savings

(3) Prioritize your expenses:

  • Don't rely on debt
  • Sometimes a balance between saving vs paying debt is the solution

Tips: Try to save 3 to 6 months of living expenses. And, It's okay to pause your savings during an emergency! <End slide>

<On the slide:> Taxation and investment products <End slide>

Taxes are mandatory payments that support important programs and services. Understanding taxes and take-home pay is important. People sometimes change jobs in their first years in Canada. Taxes and deductions can cause the pay received to be different than what was expected. This difference can be a reason for changing jobs. Be sure to check your paystub carefully. Resources are available to help newcomers understand the Canadian tax system. The CRA website provides information on filing, credits, and benefits. You must submit your tax return each year to the Canada Revenue Agency, and, if applicable, Revenu Quebec by the tax deadline. The deadline is usually April 30th. It's important to file by the deadline. Filing your taxes on time ensures you receive all the tax credits and benefits you're eligible for.

<On the slide:> 2 columns.

#1: Income Tax

  • You must file a tax return every year
  • Mandatory
  • Report all income e.g. salary, income earned on investments, rental property income etc.
  • File with the Canada Revenue Agency (CRA) and, if applicable, Revenu Quebec by the tax deadline – for most individuals April 30th of each year

#2: Payroll deductions:

  • Income earned and take-home pay will be different
  • Income tax
  • Canada Pension Plan or Quebec Pension Plan contributions (CPP/QPP)
  • Employment Insurance (EI)
  • Contributions to employer sponsored savings plans
  • Deductions for Group Benefits coverage

Below the columns are resources:
Tax Services for Newcomers to Canada cra-arc.gc.ca; Government of Canada 1-800-959-8281 In tax season, many community organizations & immigrant-serving agencies offer free information sessions on how to complete tax returns."

The slide also includes an example calculation:
Example: If you earned $50,000/year:

  • Paid bi-monthly
  • Gross pay $2,000
  • Federal & provincial tax* $900
  • CPP/EI deductions* $150
  • Take home pay** $950

*For illustrative purposes only to understand the concept. These are not actual deductions or tax rates.
**Other deductions may apply. Some numbers have been rounded. <End slide>

There are various investment accounts available in Canada to help save on taxes, as well as for the future. The best option will depend on what you want to save for. Ask yourself why you want to save and if it's a short, or long-term goal. This will help you choose the right account.

Many Canadians use RRSPs to save on taxes and for their retirement. RRSPs can also be used to save for a house. To contribute to an RRSP in Canada, you must be under 71 years old. You must also be a Canadian resident for tax purposes and have earned income. RRSP room becomes available after filing your first tax return once you have earned income. Contributions, within your personal limit, are tax-deductible. This means you pay less income tax now. Plus, contribution and investment earnings are tax deferred until you withdraw them.

Watch that you don't over-contribute. We each have a unique RRSP contribution limit, and it's up to you to monitor your own limit. Limits include the current year amount, plus any unused room from prior years, minus any pension adjustments. Pension adjustments come from contributions made on your behalf into pension plans or deferred profit sharing plans. They lower your RRSP limit in the following year. This makes sure that Canadians who have pensions or DPSPs don't have a tax advantage over those that don't. You share your limit with all RRSPs you contribute to, including spousal RRSPs. Find your limit on your most recent Notice of assessment or CRA My Account. Financial Institutions issue tax receipts for RRSP contributions. Receipts are issued for the first 60 days of the year, as well as for the remainder of the year.

Canadian residents 18 years and older can contribute to a TFSA. You can contribute to a TFSA only for the years you're a resident of Canada and have a valid Social Insurance Number.

A TFSA can help you save for retirement, a home, or emergency expenses. Contributions are made with after-tax dollars, so you don't get a tax deduction. But, investment growth and withdrawals are generally tax-free. Watch that you don't over-contribute. You need to track your own limit, which applies to all your TFSAs combined. TFSA room is made up of the current year's limit, plus any unused room, and withdrawals made in the previous year.

Financial institutions don't issue tax slips for TFSAs. You can check your limit on the CRA My Account website.

<On the slide:> Risks and protecting yourself

Protecting personal information and accounts is important because fraud can result in financial losses and identity theft. Being aware of common scams and taking precautions helps reduce the risk of becoming a victim. Here are some key-ways to protect against fraud: - Be wary of unsolicited requests for personal or financial information via phone, email, text, or mail. Legitimate organizations will not ask for sensitive details like passwords or bank account numbers out of the blue. - Use strong, unique passwords and enable multi-factor authentication when available. This makes it much harder for fraudsters to access accounts even if they obtain a password. - Skepticism is important when promises seem too good to be true. Lottery wins and inheritances that require upfront fees should raise concerns. If it sounds too good to be true, it probably is. - Do independent research before sending money or private information to any individual or organization. Look them up directly rather than clicking links in unsolicited messages. - Monitor your bank and credit card statements. Report anything suspicious right away. - Consider signing up for free fraud alerts on credit reports.

<On the slide:> A list of common types of scams:

  • Phishing
  • Service
  • Extortion
  • Bank Investigator
  • Mail Scams
  • Romance
  • Loan

Tip: Financial institutions and government agencies will never text or email you asking for passwords, PINs or account numbers. <End slide>

Unforeseen life events like death, illness, or disability could be devastating without the right financial safeguards. Insurance can provide protection so families can stay financially secure even in difficult times. Life insurance can help loved ones be provided for in the event of an unexpected death. It can ensure that a family's primary breadwinner's income is replaced.

Other expenses can also be covered. Health insurance can help cover large medical bills. This includes long-term care or critical illness insurance. Serious illnesses or disabilities may cause unexpected medical costs. Without insurance, these costs could use up savings that were meant for retirement or a child's education. Disability insurance replaces a portion of lost income if an illness or injury prevents someone from working. Without this protection, families may struggle financially from the loss of income.

<On the slide:> 3 sections:

#1: Financial protection – Life insurance:

  • Term – protection for short-term needs
  • Permanent – protection for long-term needs

#2: Financial protection – Health insurance:

  • Long-term care
  • Critical illness
  • Disability
  • Health & Dental
  • Accidental death & dismemberment

#3: Financial protection – Other:

  • Property insurance (house, condo, apartment)
  • Vehicle insurance
  • Emergency account
  • CPP/QPP disability benefit
  • Workplace coverage <end slide>

We encourage you to take action! If you haven't already, create a budget and set savings goals. Protect yourself from scams and fraud, and further protect your finances by building an emergency fund and considering insurance. Be sure you're maximizing your workplace savings plan. Seeking professional guidance and support can help you achieve your goals and stay on track.

<On the slide:> 4 columns

#1: Plan:

  • Set savings goals and priorities
  • Create a budget
  • Consider your investment strategy

#2: Protect:

  • Against fraud
  • Emergency savings
  • Insurance protection

#3: Maximize:

  • Maximize your group plan advantages
  • Compound growth – get time on your side

#4: Book:

  • Book appointment(s) for professional guidance and support
    • Banking
    • Investments
    • Taxation
    • Legal <End slide>

Thanks for watching. We hope we've provided useful information and raised some questions for you to further explore.

<On the slide:> Thank you! The information provided is of a general nature and can not be construed as personal financial or legal advice. Neither Sun Life or its affiliates guarantees the accuracy or completeness of any such information. This information should not be acted on without obtaining counsel from your professional advisors, including a lawyer, notary, tax professional, or financial advisor (registered as Financial Security Advisors in Quebec) as may be applicable to your individual situation.

Group Retirement Services are provided by Sun Life Assurance Company of Canada, a member of the Sun Life group of companies. <End slide>

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Connect with your money and/or your benefits

Explore the suite of tools and services available to you through your retirement and savings program and/or your group benefits.

As a Sun Life group plan member, you have access to several online and mobile tools.

Depending on which plan, or plans, you have with us, these tools can help you:

  • manage your group benefits plan,
  • make important decisions regarding your group retirement savings and investments, or
  • both of the above.

This is a playlist. You can either watch the full recording, or you can pick and choose the topics that appeal to you. To watch the full playlist, you don’t need to do anything. The recording will play all of the sections. To skip, or move between topics, use the menu on the right-hand side of the screen. Just click the topic, or topics, that interest you in whichever order you’d like. Please note that you won’t be able to see the playlist if you’re in full-screen mode.

To use the online tools, you first need to register for our website. You would have received welcome materials on how to register, but that may have been awhile ago. Don’t worry - it’s easy! If we have your email on file, you’ll just need to choose your password and verification questions. That’s it! If we don’t have your email on file, you can use your banking information to verify your identity. Or, you can use the account number from your welcome letter or statement, along with your date of birth, and postal code to get set up. You can also register on the my Sun Life mobile app. It’s the easiest way to manage your plan on the go!

<On the slide:>

How do you set up a mysunlife.ca account?

1. Fill out the online form.

  1. Register with the same email address you gave your employer.
  2. Check for a confirmation email and follow the steps!

You can also register on the my Sun Life mobile app. Download on Google Play or the Apple App Store. <End slide>

The Sun Life plan member website is mysunlife.ca. Another way to connect with us is through the “my Sun Life” mobile app.

Use the menu on the right-hand side of the screen to watch demos of the website or mobile app. We’ve split the demos into website and mobile app. And we’ve further split them between benefits and investments. That way you can really focus on the section, or sections, that are most applicable to you.

<On the slide:>

Benefits

  • Benefits Centre
  • Submit a claim
  • Coverage information
  • Coverage Card
  • Drug Look up
  • Lumino Health Centre

Investments

  • Payroll contribution calculator
  • Sun Life One Plan
  • Asset allocation tool
  • Morningstar
  • Change investments
  • Designate beneficiaries <End slide>

<On the slide:>

Thank you!

The information provided is of a general nature and cannot be construed as personal financial or legal advice. Neither Sun Life nor its affiliates guarantees the accuracy or completeness of any such information. Don’t act on this information without obtaining advice from a professional, such as a lawyer, notary, tax professional, or financial advisor (registered as Financial Security Advisors in Quebec),as may be applicable to your individual situation.

Workplace benefits, savings and investments are provided by Sun Life Assurance Company of Canada, a member of the Sun Life group of companies. <End slide>

The Sun Life plan member website is mysunlife.ca. It has many tools to help you feel more confident about your savings and investments.

It’s always a good idea to regularly review your investment mix, financial goals and investment risk tolerance. Let’s review the key tools to help you stay on track to reach your investment goals.

The investment section of the website starts with a list of any existing plans you may have with Sun Life, and their balances. Under the “Manage plan” you can find tools and resources to help you enrol and manage your plan. If you’re enrolling for the first time, you’ll want to do that. Otherwise, select “my plan”.

Navigating the site is easy. By positioning your mouse on one of the tabs at the top of the page, drop-down menus appear.

The “my plan” page is part of the Plan Overview tab. It provides details on the products you’re enrolled in, and any products that you’re eligible to enrol in.

The Plan overview tab also provides access to information about the investments that are available to you. This includes past returns and fund management fees.

The next tab is Check on account. This is where you can find details on each of your accounts such as:

  • balances,
  • transaction history, and
  • investment performance.

The Make a change tab is where you go to make changes such as:

  • changing your investments,
  • managing your beneficiaries, or
  • making withdrawals, if they’re permitted under the rules of your plan.

If you have optional products available, you can also Enrol. Just select Enrol from the drop-down menu and follow the prompts.

Put Money In is where you can manage your contributions. Depending on the rules of your plan, this could include:

  • adjusting your payroll contributions,
  • making a lump-sum contribution, and
  • transferring assets into your workplace plan.

Documents is where you can find your account statements, your tax slips and contribution information. There’s also a list of forms that may be helpful in managing your account.

The Learning tab has educational items, including videos, to help you better understand and manage your plan.

Tools is where you can find many useful resources to help you plan and manage your investments. There are 3 sections available for review. The “Tools & calculators” section has a variety of tools including:

  • The Budget calculator, which can help you manage your spending.
  • The Withdrawal calculator, which illustrates the impact of a withdrawal today on your future retirement savings, and
  • The Payroll contribution calculator. This tool shows you the effect of payroll deductions on take home pay. When you contribute to a Registered Retirement Savings Plan or Defined Contribution Pension Plan, your contributions are tax-deductible. This means any amount you contribute within your personal deduction limit is deducted from your income for tax purposes. You pay lower income taxes as a result. Contributions made via payroll deductions receive immediate tax savings. This calculator can show you the tax savings. It can also show you the potential growth of your contributions over time. Use this tool to help you decide how much to regularly save in your workplace plan.

Sun Life has a very important tool called “Sun Life One Plan.” It can help you assess whether you’re on track to achieve your retirement goals. There are two different ways to plan with One Plan. You can start with a quick plan and then decide if you want to stop there. Or, you can skip ahead and go directly to do more detailed planning.

To create a quick plan in 5 minutes or less, you can use the Retirement Planner. It provides an estimate of how you’re tracking towards retirement. You can compare the estimates to your retirement income goal. If there’s a gap, you can adjust some of the variables to help you reach your goals. Later, if you want to plan in more detail, you can build on top of your quick plan by using the One Plan full assessment tool.

If you decide you want to start with a more detailed plan, within the Retirement Planner you can skip forward and go directly to the One Plan full assessment tool. With full plan, you can enter detailed information on a household basis, and create a customized report. The tool will generate a series of strategies for you to consider. One plan will also create asset and income illustrations for your years of saving and withdrawing.

The Asset allocation tool helps you choose the right investment mix based on your financial goals and risk tolerance.

This tool takes you through an Investment Risk Profiler. You’ll answer a series of multiple-choice questions about your comfort with risk, your investment time horizon and your investment knowledge.

At the end of the survey, the tool will show you your target investment profile. It will provide you with suggestions on how to set up your portfolio.

We recommend that you use this tool every few years to gauge how your investment profile changes over time.

Once you’ve completed the Asset Allocation tool, you may wish to review your contributions and investments. If you need to make an investment change, under the Make changes tab,click on Change Investments.

Select the applicable product from the drop-down menu, and it will take you to the next screen. Here you can review your current instructions. On the right is where you select if you’d like to change your future investment instructions, move just your existing money, or do both. Most people tend to do both. If you decide to do so, it’s important to know that these are two separate steps.

This is where we’ll end our demo for today. If you have additional questions, we’d be happy to help. Please refer to your welcome material or statement to find out how to connect with us.

Thanks for taking the time to listen today. We encourage you to discover all the tools available to help you make the most of your workplace plan.

<On the slide:>

Thank you!

The information provided is of a general nature and can not be construed as personal financial or legal advice. Neither Sun Life or its affiliates guarantees the accuracy or completeness of any such information. This information should not be acted on without obtaining counsel from your professional advisors, including a lawyer, notary, tax professional, or financial advisor (registered as Financial Security Advisors in Quebec) as may be applicable to your individual situation.

Group Retirement Services are provided by Sun Life Assurance Company of Canada, a member of the Sun Life group of companies. <End slide>

The “my Sun Life” mobile app has many tools to help you feel more confident about your savings and investments. In this presentation, we’ll walk you through some of the most commonly used investments features on the app. You can use the same information to sign in to the app that you use to access the website. If you prefer to register for access through the “my Sun Life” app first, you can do so. While the app doesn’t provide access to every tool that is available on mysunlife.ca, it’s the easiest way to manage your money on the go!

The first thing we’ll do is start by signing in to the app. You can do this with either touch or face ID, depending on your phone.

Once you’ve signed in, you’ll land on the Home tab and have a total plan overview, which allows for quick access to recent transactions. You’re also able to access your investment accounts via the Wealth icon along the bottom of the screen. If your group benefits or personal health insurance are also with Sun Life, you’ll see them here. Even if they’re not, you’ll see a Health option where we’ve provided you with access to a Health assistant.

There’s a Health Care provider search, a Drug lookup feature, access to Fitness & wellness information and more. And if you have personal Protection policies, such as Life Insurance or Critical Illness coverage, you’ll have access to those via the Protection button.

This demo will focus on the Wealth features of the app. But we do encourage you to explore the health section as well.

In the Wealth section, you can view details of your workplace retirement and savings plans. If you’ve purchased any mutual fund or segregated fund accounts from a Sun Life advisor, you’ll be able to view those, too. The workplace plans show at the top, with the personal plans surfacing below.

Available for review are products, balances and rates of return. For product specific information, select a product, for example the Defined Contribution Pension Plan. The balance, the Rate of Return and the Opening balance will show.

You’ll also have access to a number of tools. Depending on the rules of your plan, this could include:

  • transferring assets into your workplace plan,
  • changing your investments,
  • adjusting your payroll contributions,
  • making a one-time contribution, and
  • managing your beneficiaries.

Scroll down to see your current funds, fund balances, and their rates of return.

Other main action items are available by clicking the yellow Wealth Actions button on the right. This button helps you quickly access the most commonly used features of the app, including Making a contribution and accessing your statements and documents.

Let’s scroll back up to change investments. Select the product you’d like to make changes to. If you’ve completed the Asset Allocation tool, your risk profile will surface. So will your projected retirement age and year, as calculated by our Retirement Planner. Your current investment instructions for your and, if applicable, your employer’s contributions will surface. You’ll be able to change your future investment instructions, move just your existing money, or do both.

Most people tend to do both. If you decide to do so, it’s important to know that these are two separate steps. You’d click first on change your investment instructions, and follow the prompts. Then come back through and click Move your existing money, and follow the prompts.

For the purpose of the demo, we’ll exit the Change Investment section. Clicking Done in the upper left corner will bring us back to the Wealth home screen.

We’ll go back into the DCPP and from the Overview, we’ll scroll down to Your contributions. When we select this, again depending on the rules of your plan, different options will surface. These may include:

  • setting up a lump sum contribution from your bank account, which can be either one-time, or recurring.
  • managing your lump sum contributions, and
  • reviewing your ongoing payroll contributions.

You can set up, edit, or delete your contributions on the app, provided your plan rules permit the changes.

The final area we’ll explore is Manage your beneficiaries. As with the other sections we’ve just explored, you can reach this in the Overview section of a product.

The section will show the beneficiaries you’ve designated, if any, and the percentage allocated to each. You’re able to make changes, so long as your plan and the type of beneficiary designation you’ve made, allows for this. At the top of the page there’s a Helpful terms section, as well as an Important information section. It’s a good idea to review these sections from time to time. And to look up any terms that you might not be familiar with. At the bottom of the page you’ll also find a link to a Beneficiary FAQ.

Back on the main Wealth screen, by scrolling down you’ll find links to Tools & Calculators, as well as interesting articles. We encourage you to check out all the app has to offer.

You can also connect with us easily, by clicking on the phone icon in the upper right and following the prompts. You can chat with your digital coach Ella 24/7, or reach out for phone support. The good news is you’re already authenticated, so getting help is quick and easy!

This is where we’ll end our mobile demo for today. If you have additional questions, we’d be happy to help. If you haven’t registered for the app yet, please refer to your welcome material or statement to find out how to connect.

Thanks for taking the time to listen today. We encourage you to discover all the tools available to help you take care of your workplace plan.

The Sun Life plan member website is mysunlife.ca. It has many tools to help you manage your group benefits plan. Let’s review some of the most used tools on the benefits side of the site. This includes where to submit a claim and how to print a coverage card.

The benefits section of the website starts with a series of boxes at the top of the section. These are the most common requests, or action items, surfaced here in a quick, and easy to use format. You can click any of the boxes to go directly to that section of the website. Or you can use the menu on the right-hand side of the page. If you need to enrol, and are eligible, do that as your first step. Otherwise, select “Benefits centre.”

Navigating the site is easy. By positioning your mouse on one of the tabs at the top of the page, drop-down menus appear.

Typically, you’ll want to see coverage information, which is available under the “Coverage” tab. The specifics of what is available will depend on your plan design. Items such as Medical coverage, Drug coverage and Travel benefits will show here. This includes looking up your drug coverage details, your current prescriptions and costs as well as drug alternatives. This is also where you’d go to submit a drug exception request.

The most common action is submitting a claim. You can do this under the “Claims” tab. This is also where you can:

  • review a claim statement,
  • review your claims history, and
  • submit any outstanding claim documents.

You can access the “Lumino Health Centre” through the tab of the same name. It’s also under the “Lumino Provider Search” tab. And via the “Take me to…” section on the right-hand side of the page.

With Lumino Provider Search, you can enter your location to find dentists, massage therapists, mental health professionals and other health-care providers in your area.

The “Take me to…” section also surfaces other common actions. Items such as submitting a claim, coordinating benefits with a spouse, or accessing claims statements are easily accessible from this section. In today’s day and age though, most people use the mobile app to perform these tasks. Even printing a drug or travel card, is something you no longer have to do. If you have our mobile app downloaded the card will be on your phone.

This is where we’ll end our website demo for today. Consider exploring the site, if you’re not yet familiar with it. If you have questions, we’d be happy to help. Please refer to your welcome material or statement to find out how to connect with us.

Thanks for taking the time to listen today. We encourage you to discover all the tools available to help you make the most of your workplace plan.

<On the slide:>

Thank you!

The information provided is of a general nature and cannot be construed as personal financial or legal advice. Neither Sun Life nor its affiliates guarantees the accuracy or completeness of any such information. Don’t act on this information without obtaining advice from a professional, such as a lawyer, notary, tax professional, or financial advisor (registered as Financial Security Advisors in Quebec),as may be applicable to your individual situation.

Workplace benefits, savings and investments are provided by Sun Life Assurance Company of Canada, a member of the Sun Life group of companies. <End slide>

The “my Sun Life” mobile app has many tools to help you manage your group benefits plan. In this presentation, we’ll walk you through some of the most used benefits features on the app. This will include submitting a claim and how to view your coverage cards.

You can use the same information to sign in to the app that you use to access the website. If you prefer to register for access through the “my Sun Life” app first, you can do so.

If you haven’t downloaded the app yet, we encourage you to do so. It’s the easiest way to manage your benefits on the go!

The first thing we’ll do is sign-in to the app. You can do this with either touch or face ID, depending on your phone. Once you’ve signed in, you’ll land on the Home page and have a total plan overview. You’re also able to access your Health and/or benefits information via the Health icon along the bottom of the screen. If you have group savings or personal investments with Sun Life, you’ll find a Wealth option here. And if you have personal Protection policies, such as Life Insurance or Critical Illness coverage, you’ll have access to those via the Protection button. For the purpose of this demonstration, we’ll assume your Group Benefits are with Sun Life. Even if they weren’t, you’d still see a Health option where we provide access to a Health assistant. It provides a Health Care provider search and access to Fitness & wellness information.

In the Health section, as soon as you’re on the page, recent claims will surface. If you have any, you’ll be able to see completed claims and claims that are in process. Other main action items are available by clicking the yellow Health Actions button on the lower right. This button helps you quickly access the most commonly used features of the app, including Start a claim, Coverage cards, and access to the Lumino provider search via the Find a health-care provider icon. You can also look up a Drug, Submit an estimate, and submit documents, all in one easy to find and use location.

We’ll start with Coverages & balances, which you scroll down to view.

Depending on the coverage available under your plan, this section will give access to details on:

  • medical,
  • vision,
  • drug coverage,
  • health & personal spending accounts, and
  • disability coverage.

Details are easily available in multiple ways. The section includes a search function, a View all coverages button, and common coverage types, Simply click into any of the sections for more information, including:

  • the full coverage available under your plan, and
  • the amount of coverage still available to you, for the benefit period.

Below Coverages & balances you’ll find access to our Lumino provider search. You can enter your location to find dentists, massage therapists, mental health professionals and other health-care providers in your area. You can save your favourites. Or, use the search function to find a particular specialty nearest to your location. This can be helpful if you’re away from home and put your back out or need to find a dentist. You can use the filters and narrow down the options based on:

  • location,
  • most available,
  • cost per visit,
  • highest ratings – as rated by users of the app, and
  • more.

We’ll click the arrow in the upper left corner to return to the main Benefits screen, so we can show you how easy it is to submit a claim on the app.

Simply select “Health Actions” followed by “Start a claim.” Next, we’ll select “Medical”, because in this case, our hypothetical claim is a medical claim.

Now we select who the claim is for. Let’s choose Mary. When you’re submitting a claim, you’ll need to enter the claim details. Providers that have previously been entered for this type of claim will surface. In this case, because this is a demo, the claim information is pre-populated. We click next and then have the chance to rate the provider. When you do this, it helps to build our Lumino Health provider search database. Or you can click the x in the upper left corner to continue with your claim. On this page you’ll review the claim and select where you’d like your reimbursement deposited. It can be deposited to your bank account, or if your Group Savings are also with Sun Life, and the plan rules permit it, you can direct the deposit to one or more of your savings accounts. Once everything looks good select Next. Terms and conditions will appear. After reviewing and scrolling to the bottom of the page, select the “I agree” or “I don’t agree” button. You’ll receive a confirmation and summary that the claim has been submitted.

We’re going to return to the home page. Important notifications & updates from Sun Life will surface here. For example, if you’ve submitted a claim and additional documents are needed. You can also scroll down to view various resources. Clicking the Quick Actions button from this screen, or from the Health tab, will give you access to your Coverage cards. No need to print them, as they’re always with you! You can also choose to add them to your Apple Wallet.

Back on the main Health screen, by scrolling down you’ll find links to Featured Care Programs, health services, exclusive offers and interesting articles. We encourage you to check out all the app has to offer.

You can also connect with us easily, by clicking on the phone icon in the upper right and following the prompts. You can chat with your digital coach Ella 24/7, or reach out for phone support. The good news is you’re already authenticated, so getting help is quick and easy!

This is where we’ll end our mobile demo for today. We hope you’ll explore the app and make the most of what it has to offer. If you haven’t registered yet, please refer to your welcome material or statement to find out how to connect. If you have additional questions, we’d be happy to help.

Thanks for taking the time to listen today. We encourage you to discover all the tools available to help you take care of your workplace plan.

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Understanding Credit and Debt.

This webinar is best suited for anyone who is interested in learning how to manage and avoid debt as part of their overall financial plan

On behalf of Sun Life, welcome to our session on "Understanding Credit and Debt"

If you're like most people, your financial planning energy is focused on your day-to-day finances. Life events and changing needs will impact your ongoing financial priorities. Having a good financial strategy lets you balance these priorities and address your goals for the future. Regularly reviewing your financial plan will help in managing your finances and protecting against the unexpected along the way.

<On the slide:> A timeline of how debt needs change over time:

Under 30:
Student debt, leaving the nest, establishing career

30-40:
Mortgage, car loan, line of credit

40-50:
Home renovations, investment loans, mortgage

50-60:
Kids' education, weddings, RRSP, catch-up

60+:
Caring for elders, vacation homes, paying down consumer debt, lines of credit. <End slide>

As part of our discussion we will review: The dangers of borrowing, The different types of debts and their costs, Factors that impact your credit rating, Ways to manage your debt. And lastly, tools and resources available to you

Let us start by looking at the dangers of borrowing too much=

Proper debt management addresses the dangers of borrowing listed here.

<On the slide:> A list of 4 points:

• Habit-forming.
• Takes away money from other important needs.
• Can damage your credit rating if you don't pay the bills.
• Can lead to high-interest payments that are harder to make. <End slide>

In the next section, we will look at different types of debt instruments available.

Before taking on debt, it is important to understand how the annual percentage rate is calculated, as well as any other fees or extra charges that may apply. (For example penalties for paying off your mortgage early). While convenient, small payments may be costing you a lot more! For example, when borrowing against a credit card, many issuers require you to pay only 2% of your current balance. Assuming the annual percentage rate on your card is 18%, paying down a $2,000 balance with minimum payments would erase that debt after 24 years and total payments equalling $6,396!

<On the slide:> TITLE: What does it really cost to borrow?

Consider:
• The annual percentage rate. How the lender calculates the interest.
• Interest on mortgages and other loans.
• Interest on credit cards.

Source: Consumer Reports <End slide>

Payday loans are convenient… but also very expensive compared to other ways of borrowing money. This is because: They charge high fees, A higher annualized interest rate applies on payday loans than on other forms of available credit, Fees apply if your cheque or pre-authorized debit doesn't go through, These high costs can make your loan harder to pay back, which can increase your financial difficulties and stress.

<On the slide:> A bar chart comparing the costs of different loan types for a $300 loan taken for 14 days:

  • Borrowing from a line of credit: $5.92
  • Overdraft protection on a bank account: $7.42
  • Cash advance on a credit card: $7.65
  • Payday loan: $42.00

Source: Financial Consumer Agency of Canada www.fcac-acfc.gc.ca October 2025. <End slide>

As mentioned earlier, convenient access to credit can come at a high cost! When developing your personal credit limit, consider the following: First of all, what special living expenses do you have? These can include nursing or healthcare expenses, private education for children, regular charitable donations, special interest costs, etc. The more income needed for special living expenses, the lower your personal credit limit should be (because there is less money available for debt repayment). Secondly, how much cash and unused credit do you have available for emergencies? Financial planners often recommend a figure equal to three to six months of living expenses as an emergency fund. The amount available for emergencies includes both cash plus unused credit. Do not add any more credit obligations if an amount of less than three-months living expenses is available in cash plus unused credit. Lastly, what percent of take-home pay is already committed to debt repayment? - Total your monthly required loan and other credit card payments (excluding your first mortgage payment), and divide this total of all debt payments by the amount of your after-tax income. - To maintain flexibility in your financial situation, experts advise keeping these debt payments under 15 percent of after-tax income.

Having access to credit can ease the burden of unexpected costs or life events on your household budget. It is important to understand the measures lenders use to assess your financial health, so you have access to credit, should uncontrollables occur.

Your debt-to-income ratio equals the sum of all your recurring debt (such as mortgage/rent, home insurance, taxes, car payments, credit cards, student loan, etc.), divided by your gross monthly income. Note that anything above 40% may make it difficult for you to secure a car loan, student loan or mortgage, as well as impact your ability to make timely payments.

<On the slide:> A formula for calculating debt-to-income ratio:
All your recurring debt divided by Gross monthly income = Debt-to-income ratio

  • <30% excellent
  • 30 - 36% good
  • >40% poor

Source:www.Desjardins.com <End slide>

Your credit rating helps to determine the probability that you could and would pay back the money that you have borrowed. It is a measure used by lenders to assess your ability to repay the debt, and can impact the interest rate you are charged, or whether your credit application will be approved.

The factors used to determine your credit rating are:

1) Payment history which shows whether or not you pay your bills on time. Negative information such as bankruptcies can stay on your file for up to seven years.

2) Amount owed: Lenders will consider you a higher risk if you use a large percentage of your available credit.

3) Length of credit history: To improve your score, use older accounts occasionally to keep them active and close newer ones.

4) Types of credit: Having one type of credit product may lower your score.

5) New credit requests: An application for credit usually requires a credit report. Many credit inquiries in a short period of time, could negatively impact your score. When shopping for a mortgage, try to do it in a 14-day period since all inquiries made during this time, are often considered as one inquiry.

Your credit score is one way to measure your financial health and the actual formulas used to calculate credit scores are the property of private companies and are not available to the public. This means it is not possible to know exactly how many points your score will go up or down based on the actions you take.

Tracking your debt payments will help you to get a sense of where your money goes each month and ensure that you are managing your debt most efficiently.

Not all types of debt affect your finances equally. Creating a budget will help you identify which debts have the highest costs and prioritize which ones to pay off first. Discussing options such as debt consolidation and lower interest rates with your creditors, can go a long way to reducing your debt most efficiently. Closing unused credit cards may also help avoid the temptation of impulse buying.

Unpredictable life events can significantly impact your debt repayment schedule.

When life throws you a curve, it is best to address debt management as quickly as possible. Reach out to credit card companies, your landlord or mortgage provider to see if you can delay your payments without interest and/or to discuss mortgage deferral options; for the latter, also be sure to ask your lender to confirm that deferrals will not impact your credit rating.

Do you have any unused subscriptions or apps that you never got around to cancelling? It may be time to review which ones you still need and which ones you can remove from your monthly budget.

In summary, here are some strategies to help you manage debt. Ensuring that your needs are covered and adjusting for your “wants,” can help you maintain control over your debt and provide peace of mind .

<On the slide:> 4 tips:

  • Separate needs and wants.
  • Set spending priorities.
  • Keep only two credit cards.
  • Avoid excessive line of credit use. <End slide>

Let’s review the tools and resources available given the information we have covered today.

It is important to use reputable sources when searching for information online. For debt management, we encourage you to review these common sources of reliable information.

<On the slide:>

  • Government of Canada website:www.ic.gc.ca
  • Consumer measures committee
  • Financial consumer agency of Canada
  • Office of superintendent of Bankruptcy, Industry Canada
  • Equifax:www.equifax.ca
  • Trans Union:www.transunion.ca <End slide>

Financial planning is not a one-time event. Revisit your plan regularly to address your changing needs. Having a financial professional to assist you, will help you keep on a path to attain your targets most efficiently.

We hope you have found this discussion helpful. Thank you for your attention today.

<On the slide:> Thank you! The information provided is of a general nature and can not be construed as personal financial or legal advice. Neither Sun Life or its affiliates guarantees the accuracy or completeness of any such information. This information should not be acted on without obtaining counsel from your professional advisors, including a lawyer, notary, tax professional, or financial advisor (registered as Financial Security Advisors in Quebec) as may be applicable to your individual situation.

Group Retirement Services are provided by Sun Life Assurance Company of Canada, a member of the Sun Life group of companies. <End slide>

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Assessing retirement readiness

This topic consists of content that’s suitable for those plan members age 50 and older who want to weigh their options for retirement.

Retirement is a journey and not a one-time event. Many factors and events will affect your journey. Each of us will have our own unique story. Today we'll focus on the retirement preparation phase. This starts around 10-15 years from retirement. In this phase, important things to start thinking about are: What does my retirement lifestyle look like? How much income do I need for this lifestyle? What will my retirement income sources be? Am I on track to meet my retirement lifestyle goals?

Wellness in retirement involves more than just finances. It's important to focus on your physical, mental, and social health as well. True wellness is about quality of life and sense of well-being. This comes from maintaining good physical, mental, emotional, intellectual, and social wellness. Physical wellness includes nutrition, exercise, and ability to care for oneself. It also means having a safe and accessible living environment. Mental wellness is understanding your emotions and sharing feelings in a healthy way. It involves lifelong learning and new challenges too. Social wellness means having satisfying relationships and contributing to your community. All of these dimensions of wellness work together to improve your quality of life in retirement. Wellness is important at every stage. Focusing on it in your retirement can help you live longer and better enjoy this next phase of life.

<On the slide:> A Venn diagram showing the interconnection between three aspects of retirement planning: Wellness in the middle, with Mental, Physical and Financial overlapping it to illustrate their interrelationship. <End of slide>

Let's meet Mae. She's single, earns $60,000 per year, and is planning for an age 65 retirement. She'll qualify to receive payments from Canada Pension Plan and Old Age Security when she retires. This won't cover all her monthly expenses. She needs to plan for where the rest of the income will come from.

<On the slide:> Investments/Savings: $500,000; Current health: Healthy <End slide>

Her income goal is 70% of her current salary, or $42,000 per year. In addition to her CPP and OAS, she'll need to draw around $25,000 per year from her savings. $5000 of this is for essential, core expenditures such as rent and groceries. The other $20,000 falls into the discretionary, or nice to have "wants" category. These are items such as vacation or dinners out.

<On the slide:> Footnote states: Mae's CPP and OAS income is an example only, to understand the concept. <End slide>

What does Mae's story have to do with you? Nothing specifically. But her story, and the planning that she needs to do, is ultimately the whole point of this presentation. The process she has to go through is what we're all going to need to do in order to be ready for retirement. She needs to split her budget into wants versus needs. She needs to research what her government sources of income are. She needs to undertake some new learning to be able to make decisions about retirement income products. And, ultimately, she needs to pull this all together and decide on what's best for her. The good news is very few people do this alone. We watch recordings like this, we read articles, we meet with financial advisors and planners. We tap into to the resources around us, and we come up with a plan. So, let's get started on the journey.

<On the slide:>

• Defining your retirement income goal
• Retirement risks
• Sources of retirement income
• Other considerations
• Next steps <End slide>

One of the first steps is to think about what you see yourself doing in retirement. Your desired lifestyle has a major influence on your retirement planning. Some people want to work part-time in retirement. Others don't. Some people want to stick close to home, while others want to travel the world. It's essential for you to think about your needs, wants and dreams. What makes up your retirement vision? This isn't anybody else's retirement – it's yours. So, what do you want it to look like?

Retirement can span many years – 25, 30, or even more. Over that time, your income needs will change. This may be due to age, health, or the death of a spouse. If you have children, grandchildren, or elderly parents, this may also increase your spending. Also consider costs for home repairs or renovations, vehicle replacement and higher than expected inflation. Experts often refer to the phases of retirement as "Go-Go," "Slow-Go" and "No-Go." The exact timing of each will vary for everyone. But most of us can expect our spending to shift. Typically, we move from lifestyle and leisure towards health care and housing costs as we move through our retirement years. Completing a budget that accounts for your lifetime expenses is a key action step. Consider core items such as heat, shelter and food. Then look at your discretionary expenses such as entertainment and travel. Just like Mae did in her planning, consider splitting your expenses into needs and wants. This may assist you in making income product decisions. It may also help you determine the right retirement date, and the right date to start drawing from your various income sources.

<On the slide:> TITLE: "Typical expenses in retirement". The slide is organized into three columns showing how different expenses change during retirement:

  1. "Stay the same (keeping in line with inflation)": Groceries, Vehicles, Property taxes, Homeowner insurance, Utility bills, Rent, Life insurance
  2. "Decrease": Mortgage, savings for retirement, Retirement plan, No Canada Pension Plan (CPP)/Quebec Pension Plan (QPP), Employment Insurance (EI), Work-related expenses, Taxes
  3. "Increase": Hobbies, Entertainment, Travel, Health Care <End slide>

Here are 4 common risks often discussed when talking about retirement. First – longevity. Canadians are living longer than previous generations. We all know this. But we aren't planning for it. Estimates indicate that people underestimate the number of years they are going to live by five years. Imagine five years without income. Now layer that with the fact it's likely to occur a time of additional health care and housing costs. Next, inflation. Inflation will erode what you can buy with each dollar. As time goes on, you'll be able to purchase less. And what about the markets? What happens if there's a big drop during retirement? Regular investment reviews are an important part of retirement planning. It's important to mitigate market dips when you're withdrawing retirement income. A good retirement plan also anticipates the unexpected. Whether that be unexpected expenses, changes in health, or the early death of a spouse. Saving for a rainy day and having a budget are part of security planning. So are products such as Life insurance, Critical Illness insurance and/or Long-term care coverage. These are all important topics for you to explore.

While there are clearly a lot of things to consider, generating a steady stream of income in retirement is top of mind for many. Most Canadians use a combination of government, primary and secondary sources of income in retirement. Once you've familiarized yourself with them, you'll be able to estimate your retirement income. Let's explore these now.

<On the slide:> TITLE: "Sources of income at retirement." The slide shows three categories of income sources presented in columns:

  1. "Government": Canada Pension Plan (CPP)/Quebec Pension Plan (QPP), Old Age Security (OAS)/Guaranteed Income Supplement (GIS), Allowance
  2. "Primary": Company retirement program, Personal Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA)
  3. "Secondary": Home, Rental property, Other savings <End slide>

Your workplace and personal savings may include many different plan types. When you're ready to generate income from them, you'll have to convert them. For registered accounts, such as a DCPP or RRSP, you must establish your retirement income accounts no later than December 31st of the year you turn 71. Broadly speaking, retirement savings plans are grouped into two categories. Locked-in and non-locked in savings. With locked-in accounts, there is a minimum and a maximum limit for withdrawals each year. For non-locked in accounts, there's only a minimum withdrawal. In the next few slides, we'll discuss the various retirement income plans that are available. Many Canadians like to use a combination of options.

<On the slide:> The slide titled "Primary income sources (your workplace plan)" shows a comprehensive flow chart diagram with two main sections:

  1. "Locked-in savings" showing the path from:
    • "Defined Contribution Pension Plan (DCPP)" with "Required contributions"
    • "Simplified Pension Plan (SPP)"
    • "Defined Benefit Pension Plan (DBPP)" which "Converts to a guaranteed pension based on formula. The pension is paid by the pension plan."
    • Options leading to "Life Income Fund (LIF)", "Keep invested", "Cash", or "Annuity"
  2. "Non-locked savings" showing the path from:
    • "Tax Free Savings Account (TFSA)"
    • "Non-registered (NREG)"
    • "Registered Retirement Savings Plan (RRSP)"
    • "Defined Contribution Pension Plan (DCPP) Voluntary Contributions"
    • "Deferred Profit Sharing Plan (DPSP)"
    • Options leading to "Registered Retirement Income Fund (RRIF)", "Keep invested", "Cash", or "Annuity"

The diagram uses arrows to show the flow and conversion options between different account types. <End of slide>

A Registered Retirement Income Fund (RRIF) is an account you can establish when you want to start receiving regular retirement income from your non-locked savings. You can transfer part, or all, of your RRSP and/or non-locked pension assets into a RRIF. All amounts transferred to a RRIF remain tax-sheltered. You pay tax only on the retirement income you withdraw annually. You'll need to make ongoing investment decisions in a RRIF. If investment growth is higher than your withdrawals, the account will grow. If you withdraw more than the investments are earning, the account balance will drop. You may eventually run out of money. Each year, only minimum withdrawal rules apply. There is no maximum withdrawal limit in a RRIF, making this a flexible source of retirement income. At any time, you may transfer your assets from a RRIF to a payout annuity.

A Life Income Fund, or LIF, is an account that you can establish when it's time to start to draw regular retirement income from your locked-in savings. For example, from a Defined Contribution Pension Plan. To establish a LIF you transfer part, or all, of your locked-in savings. All amounts transferred to a LIF remain tax-sheltered. You pay tax only on the retirement income you withdraw annually. You'll need to make ongoing investment decisions in a LIF. If investment growth is higher than your withdrawals, the account will grow. If you withdraw more than the investments are earning, the account balance will drop. LIFs are similar to RRIFs. But, in addition to a minimum withdrawal amount, a LIF also has a maximum yearly withdrawal limit. That makes a LIF account less flexible than a RRIF. At any time, you may transfer your assets from a LIF to a payout annuity.

<On the slide:> Footnote: An owner of a Quebec regulated LIF account who is aged 55 and over is not subject to a maximum withdrawal. <End of slide>

An annuity is the third type of account you can use to receive retirement income. An annuity offers a set payment, typically paid monthly. You receive the payments in exchange for transferring a lump sum of money to an insurance company. There are various kinds of payout annuities designed to meet different financial priorities. Annuities can provide you with a guaranteed regular income for the rest of your life. This type of annuity is called a Life Annuity. Life Annuities can be issued based on a single life. In a spousal situation, they can also be issued on the lives of two people. You can also purchase an annuity with or without a guarantee period. That means there may or may not be the possibility of money being left for your beneficiaries. These are very complex products, and there is no ability to change the contract once it's been issued. For more information, we recommend speaking with a professional advisor for advice related to your specific situation.

Remember Mae? Her income goal is $42,000 per year. Her CPP and OAS will pay just under $17,000. So, she needs to draw $25,000 per year from her savings. $5000 is for essential needs, and $20,000 is for her "wants" category.

Mae has 3 options.

Option 1: A life annuity will ensure Mae does not outlive her income needs. She would receive approximately $27,500 per year in guaranteed income for life. Since Mae is in good health, this may be a good option as she may live into her 90s. One consideration is that Mae won't be able to change her income if unexpected expenses arise.

Option 2: Mae could transfer all of her money to a RIF. If she invested the full $500,000 into a RIF, and earned a 4.0% return each year, she won't outlive her savings. She may even have money left over if she lives to age 90. Market fluctuations may impact her savings over time though and reduce how long the money will last. This creates some uncertainty in her retirement income plan.

Option 3: Mae can set up two products to address her needs and wants separately. She can meet her income needs of $5,140 per year through the purchase of annuity with $120,000 of her savings. Her income wants of $20,000 per year can come from a RIF. If Mae transferred the remaining $380,000 of her savings to a RIF and earned a 4.0% annual return, she won't outlive her savings. This strategy gives Mae lifetime income for her basic needs and some flexibility for unexpected expenses. There's no right or wrong here. Just right or wrong for Mae. She has some thinking to do. Working with a financial planner could help her ensure that her retirement income plan provides a balance between security and flexibility.

<On the slide:> Annuity and RRIF amounts are for illustrative purposes only. <End slide>

In addition to workplace savings plans, some people also invest in real estate. Perhaps they own a cottage or rental property. Other types of savings to include in the retirement planning process are any personal savings. For example, TFSAs, non-registered accounts, stocks or bonds, etc. And some people will choose to work part time in retirement. This may be to fill time, as a social outlet, to create purpose, or for the income. We suggest you include an inheritance only if you're absolutely sure of it. For example, if there's a family trust. The timing on inheritances, and the ultimate amount you receive, can change quickly. You wouldn't want to depend on it, unless you know that it's a sure thing.

We've talked about a lot of things today. And there are more subjects to explore. Things like selecting investments in retirement, income taxes, and legacy issues. That's why planning ahead and using the available tools and resources is so important. To assist you with your planning, Sun Life has a variety of tools available at mysunlife.ca. We encourage you to explore them. Consider working with professionals to build your knowledge and confidence. They can help you create a retirement plan that's tailored to your unique situation.

<On the slide:> The slide lists available resources:
• The retirement planner
• The annuity premium calculator
• The RRIF calculator
• Asset Allocation tool
• Planning your best retirement
• Retirement Planning Guide
• Financial advisor <End slide>

<On the slide:> Thank you! The information provided is of a general nature and can not be construed as personal financial or legal advice. Neither Sun Life or its affiliates guarantees the accuracy or completeness of any such information. This information should not be acted on without obtaining counsel from your professional advisors, including a lawyer, notary, tax professional, or financial advisor (registered as Financial Security Advisors in Quebec) as may be applicable to your individual situation.

Group Retirement Services are provided by Sun Life Assurance Company of Canada, a member of the Sun Life group of companies. <End slide>