Retirement income is an epidemic, and it continues to go untreated. As the generations following the baby boomers approach retirement, there is a down trend in retirement financial readiness, and retirement financial awareness.
Just a few examples of what future generations will face when considering retirement include:
These concerns paint a picture in which Canadians may be missing a robust product that provides guaranteed income in their golden years but doesn’t come down to an all-or-nothing purchase.
There appears to be a need for a micro-annuity product, giving all Canadians the opportunity to secure more guaranteed income in retirement. This product could be $100 - $500, and have similar guarantees as a $50,000 annuity, and multiple micro-annuities could be purchased over an individual’s career?
In this two-day sprint (Taster) at Cookhouse Lab (Toronto), we will run through a series of design thinking exercises to identify if there is a need and market for a micro-annuity product, what technologies can be leveraged to minimize manual processes and purchasing latencies, what are the legal considerations, and ultimately, who/what is responsible for facilitating the sale of a micro-annuity.
Organizations may send one participant each. Numbers are limited to 15. RSVP soon to secure your place!