How to make the most of your group savings plan – Canada Life
Learn different ways to help you grow your group savings plan faster. Get started at www.mycanadalifeatwork.com
Video transcript:
Description: This video combines footage and illustrated graphics to show how to make the most of your group savings plan.
Narrator: With Canada Life, there are lots of ways you can make the most of your group savings plan.
Description: A young woman plants flowers in her front yard.
Narrator: Start by setting a retirement goal.
Description: Cut to the My Canada Life at Work dashboard. The camera pans to the “Retirement goals” section. “Set my goal” is clicked.
Narrator: Find out how much you’ll need to retire,
Description: The “Retirement plan calculator” opens and “Continue” is clicked.
Narrator: then track your progress. You can always update your goal as your life changes.
Description: The “Savings overview” section is shown and the “Update my goal” button is highlighted.
Narrator: Next, contribute as much as you can, when you can
Description: A vault enters the frame filled with coins.
Narrator: and take advantage of employer matching if it’s available.
Description: The vault is labelled “Individual plan.” A second vault enters the frame labelled “Group plan.”
Narrator: You can also transfer money from your individual investments to your group savings plan.
Description: Coins move into the group plan vault. A legal line appears: *If your plan allows. Check with your financial institution to see if any fees apply.
Narrator: Because it offers more competitive fees than individual savings plans.
Description: Large graphic “4%” and “3%” enter the frame. 4% is labelled with “Individual plan fees” and 3% with “Group plan fees.”
Narrator: Even 1% can make a big difference.
Description: A large “1%” appears.
Narrator: For example, over 25 years, $25,000 in your group savings plan saves over $14,000 more.
Description: The camera pans to reveal a bar graph showing $25,000 in an individual plan and $25,000 in a group plan. A bracket appears beside the group plan, showing a difference of $14,301.46. A legal line appears: *Assumes no further contributions for ease of calculation, interest on the initial investment compounded annually. Based on a 25-year investment at a group plan rate of return (which includes fees) of 4% and an individual savings rate of return (which includes fees) of 3%.
Narrator: As you progress, you can always increase your contributions through pre-authorized payments or online banking.
Description: The “Contributions” page on My Canada Life at Work is shown. “Edit amount” is clicked and the contribution amount is highlighted. A legal line appears: *If your plan allows.
Narrator: You can also take advantage of services like KOHO,
Description: The Koho and Canada Life logos enter the frame with a plus sign in-between.
Narrator: a no-fee, prepaid, reloadable credit card and app that gives you real-time insights and control over your spending – with added contribution and top-up options.
Description: The Koho credit card appears on the left side of the frame. A list of features animates on the right.
Narrator: If something unexpected happens, our credit counselling partners can help too.
Description: The Credit Counselling Society and Solve Your Debts.com logos are shown.
Narrator: And of course, you can reach out to our Canada Life health and wealth consultants
Description: Cut to a health and wealth consultant wearing a headset while typing on her computer.
Narrator: Who can assess your financial needs
Description: She smiles and nods her head.
Narrator: and help you make the most of your group savings plan.
Description: Return to the young woman watering a garden full of flowers.
Narrator: Visit mycanadalifeatwork.com to get started.
Description: Text “Visit mycanadalifeatwork.com to get started.” appears with the Canada Life logo and legal line: Canada Life and design and My Canada Life at Work are trademarks of The Canada Life Assurance Company. mycanadalifeatwork.com 1-800-724-3402
Video transcript:
Description: This video combines footage and illustrated graphics to show how to make the most of your group savings plan.
Narrator: With Canada Life, there are lots of ways you can make the most of your group savings plan.
Description: A young woman plants flowers in her front yard.
Narrator: Start by setting a retirement goal.
Description: Cut to the My Canada Life at Work dashboard. The camera pans to the “Retirement goals” section. “Set my goal” is clicked.
Narrator: Find out how much you’ll need to retire,
Description: The “Retirement plan calculator” opens and “Continue” is clicked.
Narrator: then track your progress. You can always update your goal as your life changes.
Description: The “Savings overview” section is shown and the “Update my goal” button is highlighted.
Narrator: Next, contribute as much as you can, when you can
Description: A vault enters the frame filled with coins.
Narrator: and take advantage of employer matching if it’s available.
Description: The vault is labelled “Individual plan.” A second vault enters the frame labelled “Group plan.”
Narrator: You can also transfer money from your individual investments to your group savings plan.
Description: Coins move into the group plan vault. A legal line appears: *If your plan allows. Check with your financial institution to see if any fees apply.
Narrator: Because it offers more competitive fees than individual savings plans.
Description: Large graphic “4%” and “3%” enter the frame. 4% is labelled with “Individual plan fees” and 3% with “Group plan fees.”
Narrator: Even 1% can make a big difference.
Description: A large “1%” appears.
Narrator: For example, over 25 years, $25,000 in your group savings plan saves over $14,000 more.
Description: The camera pans to reveal a bar graph showing $25,000 in an individual plan and $25,000 in a group plan. A bracket appears beside the group plan, showing a difference of $14,301.46. A legal line appears: *Assumes no further contributions for ease of calculation, interest on the initial investment compounded annually. Based on a 25-year investment at a group plan rate of return (which includes fees) of 4% and an individual savings rate of return (which includes fees) of 3%.
Narrator: As you progress, you can always increase your contributions through pre-authorized payments or online banking.
Description: The “Contributions” page on My Canada Life at Work is shown. “Edit amount” is clicked and the contribution amount is highlighted. A legal line appears: *If your plan allows.
Narrator: You can also take advantage of services like KOHO,
Description: The Koho and Canada Life logos enter the frame with a plus sign in-between.
Narrator: a no-fee, prepaid, reloadable credit card and app that gives you real-time insights and control over your spending – with added contribution and top-up options.
Description: The Koho credit card appears on the left side of the frame. A list of features animates on the right.
Narrator: If something unexpected happens, our credit counselling partners can help too.
Description: The Credit Counselling Society and Solve Your Debts.com logos are shown.
Narrator: And of course, you can reach out to our Canada Life health and wealth consultants
Description: Cut to a health and wealth consultant wearing a headset while typing on her computer.
Narrator: Who can assess your financial needs
Description: She smiles and nods her head.
Narrator: and help you make the most of your group savings plan.
Description: Return to the young woman watering a garden full of flowers.
Narrator: Visit mycanadalifeatwork.com to get started.
Description: Text “Visit mycanadalifeatwork.com to get started.” appears with the Canada Life logo and legal line: Canada Life and design and My Canada Life at Work are trademarks of The Canada Life Assurance Company. mycanadalifeatwork.com 1-800-724-3402