We don’t hesitate to insure our most important assets — our lives, our homes, our ability to earn a living. But what have you done to protect your retirement lifestyle from the possibility that you will run out of money before you run out of living?
Consider the statistics: If you’re a 60-year-old woman, you can expect to live to almost 90. If you’re a man that same age, you should plan on celebrating your 87th birthday. (1)
Safeguard your income
A longer life means more years in retirement. If you are expecting to fund those years with payments from a pension plan, your Registered Retirement Savings Plan (RRSP), and other investments, you can take steps now to safeguard that income. One option to consider is an annuity.
An annuity can help protect the lifestyle you envision: It guarantees you will not outlive your income.
You can set up an annuity to guarantee your income for as long as you (or you and your spouse) are living. You can purchase it with either registered or non-registered money. And, for even more peace of mind, your payments can be set to increase each year, to counter the effects of inflation.
As you’re contemplating the best way to safeguard your retirement lifestyle, know this: We can’t help you live long, but we can definitely help you prosper.
(1) Canadian Institute of Actuaries, Canadian Pensioners Mortality, July 2013
Larry Kleinmintz, R.H.U., T.O.T., M.D.R.T.
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