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Today's Annuity Quote
Date: December 12, 2013
Company: Canada Life
Annuity Details: Single Life, male 71, $250,000, indexed 2%, RRIF
Dec 12, 2013
When considering whether to index your annuity payments, there are several points to consider. continue >
What is a life annuity?
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.
What is an annuity and how does it work?
How an annuity works: 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.
A life annuity is the simplest investment income option. In exchange for a sum of money, an annuity from an insurance company provides you with a stream of income payments for life.
The income payments you receive from the annuity are made up of interest and principal and are determined based on:
Your age (for joint cases, your spouse's age)
Current interest rates
The length of time the payments are guaranteed
The amount of money used to purchase the annuity
Annuities can be purchased with registered funds such as the proceeds of a RRSP or RRIF or with non registered funds from your GIC or savings account.
Annuities at a Glance
Types of Single Premium Immediate Annuities (SPIAs)Single Life Annuity
Provides a guaranteed income to an individual as long as he or she is living.
Joint Life Annuity
Covers the lives of two individuals, a primary annuitant and a secondary annuitant (usually a husband and a wife). Upon the death of one annuitant, the surviving annuitant will continue to receive the income.
Term Certain Annuity
Provides guaranteed income for a specified period of time.
Maximum Annuitant Issue Age:
Income Payment Options:
Monthly, Quarterly, Semi-annual, Annual
Guaranteed Period Explanations:
Life annuities are guaranteed for the lifetime of the annuitant or joint annuitants. You can also add a guarantee period of a number of years say 10 years, that the payments will be made.
Specified length of time (e.g. zero, 5, 10, 15, 20 years)
Or to age 90 (maximum guarantee period)
Annuities purchased with non-registered funds are prescribed to spread the tax-payable evenly throughout the lifetime of the annuity.
Which is better: RRIF or Annuity?
One of the most frequently asked questions in retirement planning is "Which is better for me, a registered annuity or a RRIF?" Aside from the amount of income you would receive from each we provided a summary of other factors you want to consider when making your decision.
Which is better a RRIF or an Annuity.
View the RRIF Minimum Withdrawal Table.
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