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Life Annuities Are Your Paycheque

 

ivon t hughes

March 25, 2015

 

by

Ivon T Hughes

 

 

 

Most of the conversation about life annuities centre around investment comparisons.

 

And these are some of the questions.

 

What if the money was invested and you took out x% each year? What about bonds? What about GICs where we get to keep the capital?

 

Life annuities are a guaranteed paycheque each month, just like the paycheque you got when you worked. The payment is guaranteed, just like your paycheque at work. As you wouldn't ask your boss to invest in a volatile market with your monthly income, so why would you take chances with your new income?

 

You have replaced your paycheque with another paycheque, guaranteed until the day you die.

 

We know it is a difficult decision, but with registered money you have not paid tax on the capital or growth and the government insists you buy a RRIF or annuity. Both are good but only the annuity income is guaranteed. With a RRIF you have to take out a fixed percentage of the capital each year. If you make $3000 interest on $100k capital at age 71, you still have to takeout $7380 which eats into your capital.

 

If you want your paycheque guaranteed for life, you know what to do.

 

About the Author:

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

 

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