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Chapter 1

Annuity Types:

Single Life Annuity

Joint Life Annuity

Term Certain Annuity


Registered and Non-Registered

Factors that affect annuity income

Advantages of an annuity

Disadvantages of an annuity


Chapter 2

Why an annuity?

Annuity Popularity


Annuity Options:

Guarantee period





Chapter 3

Turning 71


RRIF or an Annuity?

Annuity Taxation

Assuris Protection


Chapter 4

Annuity Pros & Cons

Annuity FAQ

List of Annuity Companies

Annuity Fees


Chapter 5

Male Annuity Rates

Female Annuity Rates

Joint Annuity Rates



Chapter 6

Annuity Calculator

Sample of an Annuity Policy

Annuity Quote Illustration



Chapter 3: Turning 71

Chapter 3. Highlights

Turning 71




RRIF or an Annuity?


Annuity Taxation


Assuris Protection


Turning 71

Your Registered Retirement Savings Plans (RRSPs) must be converted to one or more of the following retirement income options by the end of the calendar year in which you turn 71.

An Annuity
A Registered Retirement Income Fund (RRIF)
A lump-sum cash withdrawal



How they work: like an extension of your RRSP. Your investments continue to grow tax-free but you must stop contributions and withdraw a certain amount of income from your RRIF each year.


RRIF Advantages

You retain personal control over your investments
Flexibility to change your income and make lump sum withdrawals


RRIF Disadvantages

You could outlive your RRIF income
Requires ongoing management

Depletes your capital if the amount you have to withdraw, exceeds the amount you are earning on the deposit



RRIF or Annuity?

What should you choose to provide your retirement income, an immediate Annuity or a RRIF? There is no simple answer - it depends on your risk tolerance, investment knowledge and personal circumstances. Risks that should be considered include: the risk that equity markets will decline or underperform, the risk that interest rates will change and the risk that inflation will be higher than expected. To mitigate these risks a combination of Immediate Annuity/RRIF may be used.


Annuity Taxation

If funds are were registered (eg. RRSPs)
Income is 100% taxable

If funds are non-registered
Only the interest portion of income payments is taxable


Assuris Protection

If your life insurance company fails, your Payout Annuity policy will be transferred to a solvent company.

On transfer, Assuris guarantees that you will retain up to $2,000 per month or 85% of the promised Monthly Income benefit, whichever is higher.


continue... Chapter 4. Annuity Pros & Cons


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