Did you know your savings annuity can last beyond your lifetime?
I speak to annuity clients or those engaging in buying one everyday. And the one thing they know is that annuity guarantees do not extend beyond age 90. And you can use the age of the younger to get the longest guarantee period.
And they are correct. For registered annuities, the government does not permit life guarantees beyond the age of 90. The couple where the youngest age is 68, can get a 22 year guarantee! Similarly a couple where the youngest age is 82, can get a guarantee for 8 years.
But that all changes with non registered annuities. Here the companies have more flexibility and some will issue policies beyond age 100.
Again we shop the market to get you the longest guarantee if that is what you want. Or the highest income; you just need to tell me what you are trying to achieve.