People are living longer.
Half of men reaching 65 can expect to live to age 85 or longer and half of women reaching that age can expect to live until 88 or longer. So retirement often spans 20 years or more for men and 23 years or more for women. (Source: Society of Actuaries, Annuitant Mortality Table)
Many people aren’t adequately prepared financially for longer lives.
Longevity in Canada continues to increase. In fact 69% of those already saving and 92% of those not yet saving believe they will not have enough to live comfortably throughout retirement.
With Single or Joint Life Annuities You Cannot Outlive Your Income
Single life annuities provide a series of guaranteed income payments for your life. You cannot outlive your payments. Joint life annuities provide a series of income payments for as long as you or your spouse/partner live.