Updates to the Steps Retirement Program®

The Steps Retirement Program® (Steps) includes five lifestyle scenarios that act as a guide to help members select a retirement income goal. To help ensure the suggested annual retirement income associated with these Lifestyle Scenarios reflects the current cost of living, we regularly review the assumptions we use.

Following the latest review, the income levels were updated in December to consider inflation rates between 2017 and 2020. These new suggested income levels better represent the income required to support the lifestyles shown and keep Steps current and a powerful tool for plan members.

This update will not affect or change members’ goals.  Use this email template to encourage members to set or update their Steps goal so they have a clearer picture of how much they’ll need to save to enjoy the retirement lifestyle they want. We’ll also be communicating this update to plan members over the next few days through the member secure site Message Centre.

If you have any questions about this update, please contact your Manulife representative.