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Can life annuities mimic pensions?
– moneysense.ca
Darren would like a worry-free retirement. So he wonders if life annuities would allow him to match his wife’s public-sector pension plan. “I want to be sure I’ll have income for the rest of my life, no matter what happens to the markets,” he says. “Essentially, I want a pension, [without having to] worry about the company going out of business.”
He wonders, however, about the potential pitfalls and risks of annuities. “What happens if the insurance company that supplies my annuity goes under? Is there something else I should consider?”
Darren is now only 38. He aims to retire at 55, with the mortgage on their home paid off, about $600,000 (today’s dollars) saved in his Registered Retirement Savings Plan, plus extra tax-free savings.
Many others are wary of handing their savings over to a life insurance company. Most prospective buyers of annuities tend to live longer than average, but some fear dying early and leaving money for strangers to enjoy what’s called a mortality credit…
He wonders, however, about the potential pitfalls and risks of annuities. “What happens if the insurance company that supplies my annuity goes under? Is there something else I should consider?”
Darren is now only 38. He aims to retire at 55, with the mortgage on their home paid off, about $600,000 (today’s dollars) saved in his Registered Retirement Savings Plan, plus extra tax-free savings.
Many others are wary of handing their savings over to a life insurance company. Most prospective buyers of annuities tend to live longer than average, but some fear dying early and leaving money for strangers to enjoy what’s called a mortality credit…
