The new retirement generation: Implications for financial ... · 583236.1.0 Boomer’s perceptions of retirement mostly positive Source: 2010 Fidelity Retirement Survey, Wordle.net

© 2011 FMR LLC.583236.1.0

The new retirement generation:Implications for financial planning

Peter Drake,Vice President, Retirement and Economic ResearchFidelity Investments Canada ULC

© 2011 FMR LLC.583236.1.0

For Investment Professional use only

Read a fund’s prospectus before investing. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated. Investors will pay management fees and expenses, may pay commissions or trailing commissions, and may experience a gain or loss.

Views expressed regarding a particular company, security, industry or market sector are the views only of that individual as of the time expressed and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Such views are subject to change at any time based upon markets and other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Any reference to a company is for illustrative purposes only; it is not a recommendation to buy or sell nor is it necessarily an indication of how the portfolio of any Fidelity Fund is invested. ©2011 Morningstar research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, compete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future returns.

The presenter (s) is not registered with any securities commission and therefore cannot provide advice regarding securities© Copyright 2011 FMR LLC. All rights reserved. All trademarks appearing in this presentation belong to FMR LLC. Reproduce in part or in whole by any means prior to written consent of Fidelity Investments is forbidden.

© 2011 FMR LLC.583236.1.0

Agenda

Their retirement goals: How will they get there?

Implications for structuring income in retirement

1

2

3

Pressures facing today’s retirement generation

© 2011 FMR LLC.583236.1.0

Boomer’s perceptions of retirement mostly positive

Source: 2010 Fidelity Retirement Survey, Wordle.net. Non-retirees’ (45 and over) perceptions of retirement. Note: In a word cloud the size of the word corresponds with the frequency of responses for a particular term

© 2011 FMR LLC.583236.1.0

So why do we need a retirement plan?

Source: Fidelity Investments Canada ULC

NEW PRESSURE ON CANADA’S RETIREES

1

3

Global financial crisis & ongoing uncertainty

Changes to Canada’s retirement income system

2 The transition to a more active retirement

© 2011 FMR LLC.583236.1.0

Every investment decision over the next five yearswill come back to the global financial crisis

0

10

20

30

40

50

60

70

80

90

Jul-07

Oct-07

Jan-08

Apr-08

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

VIX

clo

sing

pric

e U

S$

Source: Chicago board of options exchange, VIX Index measuring stock market volatility. As at March 24, 2011 (daily).

Lehman Brothers, AIG Merrill Lynch

U.S. elections,Auto industry concerns,Consumer confidence lows

Subprime crisis begins

Concern about sovereign debt, strength of recovery Japan

Tsunami

CBOE VIX VOLATILITY INDEX OR “FEAR” INDEX

© 2011 FMR LLC.583236.1.0

Emerging issues in the new decade

COMMODITY PRICES

THE MIDDLE EAST AND NORTH AFRICA THE UNEXPECTED

Source: The Economist. Covers from Q1 2011.

© 2011 FMR LLC.583236.1.0

Prolonged volatility taking its toll

The way I invest has changed for good23%

34%

25%

41% I am not going to invest in anything but safe investments for a long time

There is no point in following financial markets because there is simply too much volatility and I can’t keep up with it

I don’t trust the investment options available to me right now

Source: 2010 Retirement Survey sponsored by Fidelity Investments Canada ULC and conducted by The Strategic Counsel.

PERCENTAGE OF RETIREES & NON-RETIREES WHO AGREED WITH THE FOLLOWING STATEMENTS

© 2011 FMR LLC.583236.1.0

As a result, investors remain conservative

Industry Gross Sales Mix (%)EQUITY FUNDSLONG-TERM FUNDS

Shar

e of

Gro

ss S

ales

(%)

Bond funds

Balanced funds

Equity funds

20% 19%

59%

37%

18%

44%

Equity income

Canadian equity

International equity

U.S. equity

23%

34%30%

13%

29%32%

27%

12%

Money markets funds

Long-term funds

47%

53%

71%

29%

10%

20%

30%

40%

50%

60%

70%

2008

2009 & 2010

Source: Investor Economics, January 2010, 2011 Monthly Insight Reports. Percentages may not add to 100% due to rounding.

0%

80%

© 2011 FMR LLC.583236.1.0

$200,000

$220,000

$240,000

$260,000

$280,000

$300,000

$320,000

$340,000

Jun 08 Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11

Portf

olio

val

ueBut being overly conservative in the recovery may have already affected their retirement plans

Source: Datastream, March 30, 2011. Balanced portfolio 50% S&P/TSX Composite Index, 35% DEX Universe Bond Index, 15% DEX 91 day T-Bill. All bond portfolio consists of 100% DEX Universe Bond Index.

S&P/TSXTrough

$300,000 invested in a

balanced portfolio

Remained invested in a

balanced portfolio

Sold at low, invested 100%

in bonds

Most aresomewherein-between

© 2011 FMR LLC.583236.1.0

Searching for answers

How will I make up the shortfall

in my savings?

Will I be able to enjoy the same standard of

living?

What happens if the markets

crash again?

Should my asset allocation

be more conservative?

Should I take out less

Money?

?Will I be able to retire?

© 2011 FMR LLC.583236.1.0

I would have been worse off with my investments during this period of volatility if it were not for the advice and recommendations of my advisor

The value of advice has been recognizedbut there are opportunities

42

37

47

14 1416

0

10

20

30

40

50

60

Total Non-Retirees Retirees

Perc

enta

ge o

f res

pond

ents

Net Agree Net Disagree


© 2011 FMR LLC.583236.1.0

The transition to a more active retirement

© 2011 FMR LLC.583236.1.0

Lifetime Income

Wealth Building

Too old to start over, too young to retire completely

Marriage Home Promotion/ Children University Promotion/ Empty Parental Retirement Turning LostPurchase Job Change Planning Job Change Nest Care 75 Spouse

Living in Retirement

Buildinga Portfolio

Getting Started

Planning for Multiple Goals

TRANSITION

Lifetime Savings

Source: Fidelity Investments Canada ULC. For Illustrative purposes only

10 MILLION CANADIANS REDEFINING THEIR LIVES

© 2011 FMR LLC.583236.1.0

Help clients to envision their retirement

0

4

8

12

16

20

24

Daily activities prior to retirement

Hou

rs in

a d

ay

Work

Sleep

Active & passiveleisure

Source: Fidelity Investments Canada ULC. For Illustrative purposes only

HOW WILL YOUR CLIENTS REPLACE 8 HOURS A DAY?

What will they do after dinner?

Travel (Everyday?)

Work (Difference?)

Volunteer (What?)

Socialize (Where?)

Relax (How?)

Common answers

© 2011 FMR LLC.583236.1.0

Canadians working later in life among allage groups

43%

14%

4%

11%

4%

50%

22%

5%

36%

0%

10%

20%

30%

40%

50%

60%

60 to 64 years 65 to 69 years 70 years and over

1980 2000 2009

Source: Statistics Canada. 2010

Labour force participation by age, year

© 2011 FMR LLC.583236.1.0

Why are Canadians “working” in retirement?


REASONS TO BECOME A WORKING RETIREE:

1

3

2

4

They will need to work for financial reasons

They will respond to the looming demand for older workers

They enjoy the routine, social relationships and satisfaction of working

“Pure” retirement is not satisfying –golf and gardening will not be enough

© 2011 FMR LLC.583236.1.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1976 1981 1986 1991 1996 2001 2006

S&P/

TSX

Com

posi

te In

dex

Ja

n. 1

976

= 10

0

5%

6%

7%

8%

9%

10%

11%

12%

Parti

cipa

tion

rate

: Can

adia

ns a

ge 6

5+ (%

)

The working retiree – for love or money?

Source: Participation rates – Age 65+: Statistics Canada, Table 282-0002: Labour force survey estimates (LFS), by sex and detailed age group; Canada; Participation rate; Both sexes; 65 years and over (rate). 2010 participation rate represents an average of January to May 2010. S&P/TSX Composite Index returns: Morningstar Encorr.

THE 2000-2002 BEAR MARKET MARKED A TURNING POINT IN CANADIAN SENIORS’ WORKFORCE PARTICIPATION RATES

Participation rate, Canadians 65+ (RHS)

S&P/TSX Composite IndexJan. 1976 = 100 (LHS)

© 2011 FMR LLC.583236.1.0

The indebted retiree…

Own67%

Rent33%


67%

33%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Mortgage free Still have mortgage

RETIREES’ PRIMARY RESIDENCE

NEARLY HALF OF CANADIANS EXPECT TO HOLD, OR INFACT HELD SOME LONG TERM DEBT AT RETIREMENT

Percentage of respondents

© 2011 FMR LLC.583236.1.0

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

< $30K $30K to $50K $50K to $80K $80K +Income bracket ($)

% o

f res

pond

ents

.

Spending more Spending the sameSpending Less

Current retirees telling us they don’t want to downsize


PERCENTAGE OF RETIREES REPORTING HOUSEHOLD SPENDING LEVELS LESS THAN, EQUAL TO OR GREATER THAN IN PRE-RETIREMENT

© 2011 FMR LLC.583236.1.0

A rising ratio of older to younger Canadians will put pressure on all aspects of society

0

5

10

15

20

25

30

35

40

45

50

1972 1980 1988 1996 2004 2012 2020 2028 2036 2044 2052Year

Age

dep

ende

ncy

ratio

(%)

Projected

2011

Source: C.D. Howe Institute Backgrounder, “No elixir of youth: Immigration cannot keep Canada young”, September, 2006.

Baseline age dependency ratio (percent)

More pressure on workers to supporta growing number

of retirees

© 2011 FMR LLC.583236.1.0

Employers around the world are responding

Source: LIMRA, Individual Financial Product News, Volume 15, Number 2, 2008.

‘Oldie’ supermarkets, with over 50 staff; absenteeism went down, customer satisfaction went up

Netto retailer

Rehiring their own retirees for their expertise and provide flexible work arrangements in return

Canon & Mitsubishi

Introduced a ‘demographic fitness test’ to gauge clients’ attractiveness to older workers

Automakers implementing new initiatives aimed at enabling employees to stay productive on the line longer

‘Elder’ stores are 18% more profitable vs. its regular outlets (lower turnover, less pilfering)

Adeco

Ford & Chrysler

B&Q Hardware

© 2011 FMR LLC.583236.1.0

Bottom line:

A planned retirement date isn't a fixed retirement date

50% OF RETIREES LEFT THEIR JOBS EARLY ACCORDING TO FIDELITY RESEARCH

1 Health

3 Loss of enthusiasm for their job

2 Elimination of a job

Intending to work is not a substitute for saving, budgeting

Three of the main reasons cited are:


© 2011 FMR LLC.583236.1.0

Changes to Canada’s retirement income system

© 2011 FMR LLC.583236.1.0

Used with permission of cartoonist group.

© 2011 FMR LLC.583236.1.0

Changes to CPP/QPP may alter the advice we give

Payments reduced 0.6% per month before 65 (gradually beginning 2012)

Payments increase 0.7% per month after 65 (gradually beginning 2011)

UPTAKE AFTER 65

UPTAKE BEFORE 65

Source: Canada Department of Finance, Fidelity Investments Canada. Table assumes all changes have been phased in and compares the new rules to old rules using 2011 rates.

AgeActuarial adjustment CPP annual amount

DifferenceNew Rules. Old Rules New Rules. Old Rules

70 142.00% 130.00% $16,358 $14,976 $1,382

65 100.00% 100.00% $11,210.04 $11,210.04 –

60 64.00% 70.00% $7,373 $8,064 -$691

© 2011 FMR LLC.583236.1.0

Deciding when to take CPP/QPP a holistic decision

No “right” answer but here are some things to consider Longevity

Defined benefit pension plan

Guaranteed Income Supplement

Essential expenses

Asset allocation

Survivor benefits

Spender or saver?

Number of low income earning years

© 2011 FMR LLC.583236.1.0

Retirement in Canada is changing

Intended for the those without a company pension plan or self-employed

Administered by financial institutions with a “fiduciary” role

Large pools of capital, low cost

Portability of benefits

Source: Fidelity Investments Canada ULC.

POOLED RETIREMENT PENSION PLANS (PRPP)

© 2011 FMR LLC.583236.1.0

In retirement, yesterdays goals are today’s reality

FINANCIALSITUATION

REALITY

+ ASPIRATIONS

=FULFILLMENT

INRETIREMENT

PROVIDE CLIENTS WITH A PLAN TO SOLVE THIS EQUATION


© 2011 FMR LLC.583236.1.0

Agenda



1

2

3


© 2011 FMR LLC.583236.1.0

27%25%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Non-Retirees Retirees

OPPORTUNITY FOR

ADVISORS

Many do not have a retirement plan to help face these challenges

Source: 2010 Retirement Sentiment Survey sponsored by Fidelity Investments and conducted by the Strategic Counsel.

INCIDENCE OF A WRITTEN FINANCIAL PLAN IN RETIREMENT

OPPORTUNITYFOR

ADVISORS

© 2011 FMR LLC.583236.1.0

Peter Lynch once said…

“There’s always something

to worry about”

© 2011 FMR LLC.583236.1.0

Revisiting the 5 key risks to retirement income planning

THAT CAN DERAIL THE SUCCESS OF A LIFETIME INCOME PLAN

Longevity Asset Allocation

Health care costs

Inflation

WithdrawalRate

© 2011 FMR LLC.583236.1.0

55

60

65

70

75

80

85

90

1981 2009

Year

Age

A retirement “paradox”

For illustrative purposes only. Retirement age is represented by median retirement age in Canada, all retirees, both sexes. Retiree life expectancy is represented by Canadian life expectancy at age 65, both sexes. Source: Statistics Canada.

Typical retirement:17 yrs

Typical retirement:23 yrs

82 Life expectancy 85

65 Median retirement age 62

CANADIANS ARE RETIRING EARLIER AND LIVING LONGER THAN EVER BEFORE

© 2011 FMR LLC.583236.1.0




Health care costs

Inflation

WithdrawalRate

© 2011 FMR LLC.583236.1.0

But will retirees have to worry about inflation again?

© 2011 FMR LLC.583236.1.0

Almost 20 years of low inflation

-2-10123456789

1011121314

Q1 1978 Q1 1982 Q1 1986 Q1 1990 Q1 1994 Q1 1998 Q1 2002 Q1 2006 Q1 2010

Tota

l inf

latio

n (%

) yea

r-ove

r-yea

r

Source: Datastream, Statistics Canada. Quarterly. As of Q1 2011.

Historical inflation (%), year over year, quarterly

Bank of Canada target band

© 2011 FMR LLC.583236.1.0

EVEN LOW INFLATION CAN DAMAGE PURCHASING POWER

$50,840 was the average total expenditure by senior couple households (both age 65+), according to Statistics Canada’s Survey of Household Spending in 2008 report. All other numbers were calculated based on hypothetical 2, 3 and 4% rates of inflation to show the effects of inflation over time; actual inflation rates may be more or less. Source: Fidelity Investments Canada ULC.

$5,000

$15,000

$25,000

$35,000

$45,000

$55,000

Today 5 10 15 20 25

Years from retirement start date

Portf

olio

val

ue ($

)

2.00%

3.00%4.00%

$50,840

$24,281

$19,071

$30,989

Even low inflation can reduce your purchasing power

© 2011 FMR LLC.583236.1.0




Health care costs

Inflation

WithdrawalRate

© 2011 FMR LLC.583236.1.0

Every retirement portfolio needs these elements

PRINCIPAL PROTECTION

GUARANTEED INCOME

VARIABLE INCOMEINFLATION PROTECTION

TAX EFFICIENCY

GROWTH

Savings accounts Money market Short-term bonds

CPP/QPP Annuities DB pensions (careful!)

Dividend stocks/mutual funds

Systematic withdrawal plans

Inflation protected Bonds Equities/dividends Commodities (to a point)

Capital Structure TSWP Withdrawal strategies

Equities Commodities Dividends

BUT THE ALLOCATION WILL DEPEND ON THE CLIENT

© 2011 FMR LLC.583236.1.0

Historically, it has paid off to diversify equitiesto reduce risk

Canadian cash (short-term securities)

Canadian bonds

Canadian equities

U.S. equities

International equities

Emerging market equities

Canadian cash (short-term securities) 100%

Canadian bonds 15% 100%

Canadian equities -5% 26% 100%

U.S. equities 5% 18% 64% 100%

International equities 1% 14% 51% 57% 100%

Emerging market equities 6% 12% 61% 54% 58% 100%

CORRELATION BETWEEN ASSET CLASSES 1981 - 2010

Source: Morningstar EnCorr, 1981 - 2010.

© 2011 FMR LLC.583236.1.0

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

1926 1933 1940 1947 1954 1961 1968 1975 1982 1989 1996 2003

Bon

d Yi

eld

Period of Falling Rates(1981-2009)

Avg Return = 8.8%

U.S. yields at the low end of history

Avg Yield = 4.8% (1926-2009)

Period of Rising Rates(1941-1981)Avg Return = 3.3%

2009

INTERMEDIATE-TERM TREASURY BOND YIELD (1926-2009)

Intermediate-term treasury bond represented by IA SBBI US IT Govt Index. Source: Ibbotson Associates, FMRCo (MARE) as at December 31, 2009.

© 2011 FMR LLC.583236.1.0

In a rising interest rate environment, a little equities can go a long way

6%8%

9%11%

3%

14%

4%5%

7%

10%

0%

2%

4%

6%

8%

10%

12%

14%

16%

100% Bonds 30% Stocks / 70%Bonds

50% Stocks / 50%Bonds

70% Stocks / 30%Bonds

100% Stocks

Tota

l Ret

urn

(%)

Avg. ReturnStd. Dev.

U.S. BOND AND STOCK PORTFOLIOS (1941 – 1981)*

Source: Ibbotson Associates, FMRCo (MARE) as of 9/30/09. *This period has been chosen to illustrate the effect on a portfolio in a period of rising interest rates.

© 2011 FMR LLC.583236.1.0

Income security should involve multiple solutions

A COMBINATION OF PLANNING, PRODUCT BREADTH, AND RETIREMENT EXPERTISE CAN DELIVER THE SOLUTIONS YOUR CLIENTS ARE SEEKING

Source: Fidelity International Limited, Fidelity Investments Canada ULC

Income for life

Acc

ess

to c

apita

l MUTUAL

FUNDS

CASH

FIXED INCOME

ANNUITY

© 2011 FMR LLC.583236.1.0




Health care costs

Inflation

WithdrawalRate

© 2011 FMR LLC.583236.1.0

Prudent withdrawal rates after a steep market decline can extend the life of a portfolio

$100,000

$1,000,000

$10,000,000

1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008

4% Withdrawal Rate 5% Withdrawal Rate6% Withdrawal Rate 7% Withdrawal Rate8% Withdrawal Rate 9% Withdrawal Rate10% Withdrawal Rate

Source: Fidelity Investments. Hypothetical value of assets held in an untaxed account of $500,000 invested in a portfolio of 30% Canadian stocks, 10% US stocks, 10% Overseas stocks, 35% bonds and 15% short-term investments with inflation-adjusted withdrawal rates as specified. This hypothetical illustration uses historical monthly performance from January 1972 through December 2009: Canadian stocks, US stocks, Overseas stocks and Short-term investments are represented by S&P/TSX Composite Total Return Index, S&P 500 TR Index C$,MSCI EAFE GR Index C$, and DEX 91-Day T-Bills, respectively. Bonds are represented by DEX Long Bond Overall Index prior to January 1980 and DEX Universe Index from January 1980 forward. This chart is for illustrative purposes only and is not indicative of any investment. Past performance is no guarantee of future

IF YOU HAD RETIRED IN 1972 WITH $500,000

© 2011 FMR LLC.583236.1.0

The challenges of advising your clients after the crisis

Source: Assumes a balanced portfolio. 50% S&P/TSX Composite Index, 35% DEX Universe Bond Index, 15% 91 D T-bill

Stock market peak: Stock market low: 2 years after the low:

June 18, 2008 March 9, 2009 March 9, 2011

$300,000 $224,236 $328,186

AnnualRetirement income@ 4%

$12,000 $8,969 $13,127

9 months later

Less than 2 years later

-$3,031 +$1,127Difference in income

© 2011 FMR LLC.583236.1.0



Health care costs

Inflation

WithdrawalRate

© 2011 FMR LLC.583236.1.0

Components of total health care spending growth in Canada

$37 $37

$42

$13

$23

$15

$0

$20

$40

$60

$80

$100

$120

$140

1984 2004

Real increase in private spending

Real increase in public spending

Growth due to population growth

Growth due to inflation

Health spending in 1984

ACCOUNTING FOR SPENDING GROWTH

Source: CIHI, Exploring the 70/30 split. How Canada’s Health Care system is Financed. 2005

In b

illio

ns o

f dol

lars

© 2011 FMR LLC.583236.1.0

Breakdown of out of pocket health care costs

44%

17%

21%

19% Nursing homes, long term carefacilities etc.

Dental Care

Prescribed Drugs

Other Health Care Services(Hospital stays, physician care,personal supplies etc)

Source: Canadian institute for health information.

© 2011 FMR LLC.583236.1.0

Agenda



1

2

3


© 2011 FMR LLC.583236.1.0

Designing a retirement income plan is a holistic process

Essential expenses

Discretionary expenses

Lifetime sources

of income

GAP IN COVERAGE:1. Convert other assets for cash flow using systematic withdrawals or annuities2. With remaining assets, plan discretionary funding


© 2011 FMR LLC.583236.1.0

Retirement expenses most forget to include

HOUSING MAINTENANCE

CHILDREN

TRANSPORTATION

PERSONAL CARE

CONSUMER GOODS

Roof, driveway Plumbing, utilities

Wedding Education

New car Repairs

Prescription drugs Dental care

Wear and tear Being a grandparent


© 2011 FMR LLC.583236.1.0

Retirees rely on multiple sources of incomeand so must financial services

Pension and Investment income

Earned income

Other income

Government sources (OAS & CPP/QPP)

AVERAGE CANADIAN COUPLE AGE 65+

26%

6%

29%

39%

Source: Statistics Canada, 2007

MANY CANADIANS WILL BE RESPONSIBLE FOR A SUBSTANTIAL PORTION OF THEIR RETIREMENT INCOME

© 2011 FMR LLC.583236.1.0

50%more “very

satisfied” clients

77%of those did or

would consolidate

95%of those did

or would refer

Source: Fidelity Investments Institutional Service Company, Inc. Boston. Fidelity Advisor 2006 Survey of Investors at Retirement. Conducted by NFO Research on behalf of Fidelity, and included 813 investors between the ages of 55 and 70 with investable assets of US $250,000 or more.

U.S. ADVISORS BUILDING RETIREMENT INCOME PLANS HAVE EXPERIENCED

Benefits of helping clients with a retirement plan

© 2011 FMR LLC.583236.1.0

Five things every advisor should discuss with their clients

2.


3.

4.

Retirement is about probabilities not averages

Planning to work in retirement is not a retirement plan

Majority of people in a nursing home never thought they’d live there

© 2011 FMR LLC.583236.1.0

In retirement, yesterdays goals are today’s reality

FINANCIALSITUATION

REALITY

+ ASPIRATIONS

=FULFILLMENT

INRETIREMENT

PROVIDE CLIENTS WITH A PLAN TO SOLVE THIS EQUATION


© 2011 FMR LLC.583236.1.0

Fidelity’s commitment to you

Retirement income solutions

New research in retirement & capital markets

Investor seminars

Retirement Readiness Snapshot™ calculator

Public policy discussions

LEVERAGE OUR ADVISOR RESOURCES


© 2011 FMR LLC.583236.1.0

Fidelity looks forward to being your retirement partner


EDUCATE

MANAGE

PLAN

INVEST

http://ficl.distributech.ca/uploads/61107922E.pdf�

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Questions?

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Thank you!

FIDELITY LOOKS FORWARD TO BEING YOUR RETIREMENT PARTNER

Documents

The new retirement generation: Implications for financial ... · 583236.1.0 Boomer’s perceptions of retirement mostly positive Source: 2010 Fidelity Retirement Survey, Wordle.net