An annuity is a contract with a life insurance company. You deposit a lump sum of money, and they agree to pay you a guaranteed income for a set period of time — or for the rest of your life. Annuities are most commonly used to generate retirement income. Annuity Basics You can buy an annuity with money from a RRSP,...
Here are my comments to a June 11, 2018 article in the Toronto Star “Planning can help you make sure your retirement savings will last” by Ellen Roseman. Good article but there are some additional concerns that need to be included in this conversation. The 1st is health. I have clients who saved like mad but now, in their Read More
Here are my comments to a March 19, 2018 article in the Toronto Star “ Annuities may offer security in uncertain times” by Lee Schafer. Nice article Lee and I would like to make some comments. Non-registered life annuity contracts can be guaranteed for a lot longer than 20 years. I have a client with a Read More
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Good afternoon everyone, We are often asked about the best age to buy an annuity and today we are going to give you some information which should help you to decide. People want to receive the highest income and to meet that request we give you quotes from all the companies, along with various guarantee Read More
1ST SCENARIO You both buy $250k and one partner subsequently dies. The surviving partner uses $30,000 ($25,000 after tax) to replace your income for the family The fund lasts 10-12 years and your partner receives zero help for retirement. 2nd SCENARIO You buy a joint $1M on your lives and one subsequently dies The surviving Read More
Are annuities paying today less or more income than the payments yesterday? Possibly, because the companies change the rates in line with their current investments. Annuity payments today may be different from yesterday or tomorrow. And those payments are usually a little more or a little less. And the reason payments may change is due Read More
My comments on a recent article: 30,000 ‘missed out on extra cash’ by taking annuity with existing provider
This is what happens when people do not bother to shop for an annuity policy. 30,000 ‘missed out on extra cash’ by taking annuity with existing provider Research by the Pensions Policy Institute for insurer LV= found that around 30,000 people across the UK potentially missed out on additional income by not shopping around. – Read More
Are you looking to retire but don’t know what type of financial plans you should pursue? A life annuity may be best for you for a number of reasons. For instance, if you have a life annuity, you are guaranteed not to outlive the income afforded through this financial plan. Below we outline the five Read More