Helping DC plan members make their retirement savings last
When DC plan members retire, they have limited options available to them in terms of what to do with their savings. They're concerned to ensure they have adequate retirement income to last their lifetime, as well as something left over to leave to beneficiaries. You may also be wondering whether there is anything more that you, as a DC plan sponsor, could and should be doing to help your retired members make their savings last.
Morneau Shepell's Nigel Branker and Mary Mong canvass currently available DC decumulation options in their article "Not Enough", published in the April issue of Benefits Canada magazine. We've attached a PDF of this article. Reading it may spark a few questions about what your organization is doing to educate your members on available decumulation options, and whether you should be doing more or approaching the topic differently. If so, please contact us so that we can discuss this important issue further.