In reference to ”
Restocking your retirement plan in the aftermath of 2008’s market meltdown”
Life annuities are a simple product. But the ” experts ” so called keep misinterpreting the need, the procedure and the aim of the product.
A life annuity pays you an income for life. You pay a lump sum for a guaranteed in come for as long as you live. If you wish, you can get a guarantee for a specific number of years and include someone else, but both or either of those choices will mean you will get a smaller payment.
That is all there is to it.
And when should you buy this life annuity? As soon as you have tired of paying mutual fund fees and watching the stock market let your money fall through its fingers. At LifeAnnuities.com we have people from 50 years on up buying life annuities with RRSP and non RRSP money. Yes, they would get more by waiting till they are older but will enjoy it longer. Even our governments recognize the problem of waiting too long by paying partial pensions at age 60.
It’s your money you saved, in or outside a RRSP, and if you wait too long you won’t receive the benefit of your life annuity