Living Too Long May Ruin Your Retirement Savings
Do you have sufficient retirement savings to support your lifestyle?
What happens when you live too long?
Most people want to live a long and healthy life. But in order to live a long and healthy life during your retirement years, you would have had to accumulate sufficient savings to last you as long as you live. What happens when you live too long? You may find yourself in a situation where you don’t have sufficient retirement savings to support your desired lifestyle. What can be done to remedy such a situation? A well-planned annuity strategy can ensure that even if you live to be a hundred or more years old, that you will have sufficient income to cover your retirement expenses.
An annuity is a product that is good for your retirement income. Annuities may be structured in such a way that, no matter how long you live past the age of retirement, you will be guaranteed an investment income. Your financial advisor will be able to work out an annuity plan for you based upon how much income you wish to receive periodically during retirement. The amount that you decide on will determine how much you would need to invest.
With annuities, there is no need to worry that you will live too long. No matter how long you live, with the right annuity, your retirement income is guaranteed.
Remember that annuities purchased with registered savings like a RRSP, can only be used by you or any aprtner. At death, the payments are given a present-day value, taxed and any proceeeds distributed. So it is only you who can really benefit from registered savings.