Thinking About Retirement, then Here's How to Get a Steady Income Stream for Life
Take an annuity for guaranteed life-time income.
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Annuity Quote of the Day
Date: July 21, 2014
Company: Canada Life Insurance
Client Details: Joint, male 67, female 62, $155,736
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Complete list of registered and non-registered funds used to purchase an annuity...continue reading
What is a life annuity?
A life annuity provides a regular income stream. You will enjoy a steady stream of income for life along with the security that you will never outlive your money. You'll never have to worry about market fluctuations or other investment management decisions.
How does an annuity work?
You simply deposit a lump sum of money and receive a guaranteed income stream for life. This income can also be guaranteed for a specified period of time in case the annuitant or annuitants die pre-maturely.
What are the factors that affect annuity rates?
Your age (and for joint cases, your spouse's age)
Current bond interest rates
Lump sum amount used to purchase the annuity
Types of funds used, either registered or non-registered
The length of time the payments are guaranteed
Deposit and income start dates