As you decide what to do about your retirement income, I thought that I would bring up some ideas that others in your situation have considered when dealing with registered annuities.Firstly, this is money where only you and your wife will get the maximum benefit. Any guaranteed payments remaining after the 2nd death are collapsed into the present-day value,taxed and then any remaining balance is distributed. If you keep waiting to start the annuity payment, the more the income has to increase for you to get an equal benefit.
Secondly, as you near a decision, it is important not to get locked into mutual funds or GIC’s or other investments as penalties can be very expensive.
Lastly advice, independent of any insurance company or bank, will give you the clearest picture of what to do. Objective advice should come from someone who is able to provide the products you want from any company.
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