Retirement income has become the Holy Grail for American workers and retirees. Having options when it comes to taking income in retirement is important, and a new benefit from Sun Life Financial Inc. gives people options.
Depending on a client’s needs, Retirement Income Escalator, provides two ways to maximize guaranteed lifetime income. For those who have already retired and need income now, the benefit lets them lock in a higher withdrawal percentage, and it is age-dependent. Clients who can wait several years for their income receive an annual 7 percent bonus to the withdrawal benefit base for the first 10 years-if no withdrawals are made.