How do I get ready for retirement in Canada?

Entering retirement is cause for excitement. But without a regular stream of income, it can also be a little nerve-wracking.

If you’re about to enter retirement, chances are you have one big question regarding your finances: “How will I maintain an income during my retirement years?” With Canadians living longer and longer, securing income in retirement is, arguably, a bigger concern today than ever before.Footnote 1

Retirees can expect to receive income through the Canada Pension PlanOpens a new website in a new window (or in Quebec, the Quebec Pension PlanOpens a new website in a new window), old age security and, possibly, an employer pension. But sometimes this isn’t enough.

So, what are your options?

Segregated funds

Segregated funds are professionally managed pools of money spread across a range of investments. A segregated funds policy can represent an ideal investment option for retirees because it offers guarantees to protect part or all of your initial investment – either 75% or up to 100%. When you reach your maturity guarantee date or pass away, if your investment is worth less than its original value, the insurance protection will top you up to your chosen percentage.Footnote 2

That’s not the only reason segregated funds can help. Should you pass away, the death benefit from your segregated fund policy will go directly to your beneficiaries and won’t flow through your estate. This could save both time and money, alleviating stress on your loved ones.Footnote 3

Income annuities

If you’re looking for a way to create an income for the rest of your life, an income annuity can help. In effect, it transforms part of your retirement nest egg into a predictable stream of income.

HelloLife retirement income program

London Life’s HelloLife retirement income program combines segregated funds and income annuities to provide Canadians with regular income with the potential for future growth. In essence, it’s retirement income that’s customized to your unique financial situation.

To learn more about HelloLifeOpens a new website in a new window and other ways to create an income stream in retirement, speak with your financial security advisor.


Mortality Projections for Social Security Programs in Canada, Office of the Superintendent of Financial Institutions, Government of Canada.
You can hold a segregated funds policy within a RRIF.
Any amount allocated to a segregated fund is invested at the risk of the policyowner and may increase or decrease in value.

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Working with a financial security advisor can provide you with the tools and expertise you need to plan for the future.

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