My comments on how annuities can gold-plate a silver pension

Tweet by Rob Carrick

By Ivon T Hughes
Figure 1. Published Tweet

Here are some comments on Rob Carricks' recent article on defined pension plans and their similarities to annuities "How annuities can gold-plate a silver pension".

Twitter Post by Rob Carrick

On December 18, 2013 I wrote an article "Let's Talk About Retirement Income" including some comments on annuities which bear repeating.

  1. If you have a pension plan from work, that is an anniity.
  2. If you have a government pension, that is an annuity.
  3. Any other life guaranteed income, is an annuity.
Ivon T Hughes

So why the fuss? As Rob points out, defined benefit plans payout pensions are similar to annuities. If the above pensions are sufficient guaranteed income for you, consider taking your investment chances elsewhere in funds or stocks. And I repeat" the best reason to buy an annuity rests with you and your lifestyle."

And two other items I raised in that article were longevity and health which were not discussed here. Apart from living a long time, consider will you do so in good health? Capital sums, providing guaranteed income, could be crucial if you get sick! Voltaire on his death bed, was asked to renounce the devil and he replied that this was no time to start making enemies. Nor is the later stage in life the time to start investing in sometimes volatile products that can't guarantee a healthy cheque each month for your lifetime.

Ivon T Hughes

About the Author

Ivon T. Hughes

Ivon T Hughes is a leading expert in life annuities in Canada. His website is a recognized authority on annuities. He's also an established insurance and investment broker, through The Hughes Trustco Group since 1972. Recently, he's been redefining how annuities are sold in Canada.


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