Purpose Investments Launches Income-forLife Mutual Fund
Purpose Investments this week launched the Longevity Pension Fund, an income-for-life mutual fund designed for Canadians in retirement. It seeks to help all Canadians feel financially secure in retirement and have the freedom to enjoy their post-work years as they choose. Similar in design to a defined-benefit pension, the fund incorporates longevity risk pooling in order to provide lifetime income to Canadian retirees, while also providing investors with the flexibility to redeem or invest more into the fund at any time.
According to a new survey from Purpose and Angus Reid, half of Canadians aged 55 or older are not confident they will have enough money to last them in retirement. And the pandemic has only intensified these fears, with one-in-five Canadians aged 55-plus claiming they have had to withdraw funds, delay retirement, or stop contributions to their retirement savings due to the pandemic. Meanwhile, according to St