Could this new product help you not run out of money in retirement?

Most Canadians in or near retirement are concerned about running out of money in old age, surveys show. And statistics suggest they’re right to worry.

Canadians are living longer, meaning not only that their money has to cover a longer retirement period, but also that they’re more likely to reach the age at which they’ll need costly long-term care. At the same time, fewer retirees can count on the kind of generous company pension that guarantees a certain level of income for life.

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