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Press release from CNW Group

Manulife Financial says it's never too late for Canadians to start saving for retirement

Monday, May 27, 2013

Manulife Financial says it's never too late for Canadians to start saving for retirement

11:15 EDT Monday, May 27, 2013

New Manulife campaign features real-life stories of Canadians late to retirement planning

TSX/NYSE/PSE: MFC    SEHK:945   

 

WATERLOO, ON, May 27, 2013 /CNW/ - Today, Manulife Financial launched a new national retirement solutions advertising campaign aimed at encouraging the thousands of Canadians, aged 50-59, who are without adequate retirement savings, to feel more comfortable about getting a late start to planning.

The innovative campaign showcases the stories of Canadians who, between 50 and 59, realized that they were without adequate retirement savings but who, through seeking and following financial planning advice, were able to make a significant impact on their retirement savings.

"This is a different kind of retirement solutions campaign," said Nicole Boivin, Manulife Financial's Chief Branding and Communications Officer. "We wanted to create a forward-thinking campaign steeped in reality, particularly for the 50-59 age group who may feel they haven't yet done enough to prepare. So, you won't see vineyards, or Tuscany, or travelling the world on a yacht in this campaign. It's about real people because we thought that the best way to find out what retirement really looks like was to talk to a range of Canadians coming to it from different perspectives."

In a recent Manulife Bank survey (released May 22), 82 per cent of Canadians indicated that having sufficient retirement income was very important to them. It ranked third only to "having good health" (94%) and being "debt-free" (85%). The survey also found that just one in five (21%) seek out professional financial advice in managing their debt and day-to-day cash flow. Among those who do so, seven in ten report that their advisor has helped them to create a plan for becoming debt-free.

"Of course it's important to start planning for retirement early in your career, but the point is that it's never too late to start planning," added Ms. Boivin. "We've used the real stories of Canadians to demonstrate that it's never too late to begin planning and saving. We hope that these stories, will reduce some of the reluctance Canadians in this situation may feel about getting a late start to retirement planning and that it will encourage and inspire them to take that important first step,"

Meet our Retirees

The print and television campaign, which will run from May 27 through August 26, features Canadian couples and singles from British Columbia, Nova Scotia and Ontario who, due to various life factors, were only able to focus on their retirement planning and savings efforts in their 50s. The Canadian profiles include:

Dennis and Willa, from British Columbia, are in their early 60s and married more than 40 years. Dennis has worked since age 14 and will retire from his job as a gas fitter in July 2013. Willa, who retired in April 2013, worked in clerical positions throughout her career. The couple raised two daughters who are now teachers. "Retirement, to us, always seemed so far away but before we knew it, it was 10 years away and we decided that we needed a firm plan for retirement," said Dennis. Their financial advisor helped them to get on track for a financially comfortable retirement.

Joan, 67, of Halifax, Nova Scotia, had her children later in life. She and her husband were focused on raising their children and they, admittedly, were not thinking about retirement. "I was well below where I should have been in terms of retirement savings by age 50 since I was still submerged in child-raising expenses," said Joan. When her husband died suddenly in 2004, Joan took early retirement from her marketing career to focus on raising her two teenaged children alone. With a reduced income, a small mortgage, one child in high school and one in university, Joan turned to a financial advisor to help her draw up a workable retirement plan which she continues to follow today.

Retirement Education Centre

To compliment the national advertising campaign, Manulife has also launched a new online Retirement Solutions Centre on manulife.ca. The interactive retirement hub includes an advice centre, videos and other tools and calculators to help Canadians begin to plan for their retirement. Visit www.manulife.ca for more information.

About Manulife Financial
Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$555 billion (US$547 billion) as at March 31, 2013. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.

Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at manulife.com.

   

SOURCE: Manulife Financial Corporation

For further information:

Jana Miller
Manulife Financal Media Relations
519.594.4597
jana_miller@manulife.com

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