See your potential income from an annuity and how it compares to a Registered Retirement Income Fund (RRIF).
An annuity is a simple and effective income solution that can only be purchased from an insurance company. In exchange for a single deposit, you will receive guaranteed income for life – just like a pension.
Why get an annuity?
High, Guaranteed income for life—you'll never outlive your retirement assets
Payments are locked in once you buy your annuity - you never have to worry about market fluctuations or interest rates
You never have to actively manage investments or watch the market
When to get an annuity?
If you’re retired or planning to retire soon, it’s a good time to look into an annuity.
Before December 31 in the year you turn 71, you must convert your RRSP to a retirement income option. You can convert it to an annuity, or roll your funds over to a Registered Retirement Income Fund (RRIF).
This tool is for illustration purposes only, speak with an advisor to find out what is right for you.
This is an income comparison only; we have assumed that only the RRIF minimum is withdrawn each year. This example also does not reflect any residual market value of the RRIF investment portfolio.
RRIF minimum withdrawal rates - based on Jan 1 value of funds in RRIF account.
**POA income values assessed November 15, 2022 - 10 year guarantee period, with a one month deferral.
Annuities are designed to provide you with guaranteed income for life and are not for estate protection. You may elect to guarantee payments for a certain length of time (e.g. 10 years), however, once this period expires, there is no residual market value to pass on to your estate or beneficiaries.