Russell Investments Canada Limited has launched the Russell Retirement Lifestyle Solution.
This program, available only through advisors, is designed to help Canadian pre-retirees and retirees address personal financial questions, including, do I have sufficient funds to finance my desired lifestyle in retirement? And, if not, how can I take proactive steps to get there?
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The program features an online tool designed for advisors to use in the retirement planning process. It draws on a key concept of DB pension plans — the funded ratio — to help determine whether investors 50 years of age and older will have enough money to meet their retirement income needs. And the tool recommends a suitable course of action.
For instance, a funded ratio above 100% means the investor is generally on track to meet their retirement spending goals, while below 100% means the investor may need to contribute more money, adjust his asset allocation or make changes to his retirement plan.
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“All else being equal, the more relevant and simpler the solution the greater the probability that clients will actually use it to pursue their goals,” says Keith Pangretitsch, director of national sales for Russell Canada. “Russell’s solution … provides advisors with a comprehensive support program to engage clients in meaningful, productive conversations.”