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The last 50 years people have been relying on annuities for the retirement vehicle, however since the year 2000 things have changed. This is good news.
The last 50 years people have been relying on annuities for the retirement vehicle, however since the year 2000 things have changed. This is good news.
Now most people are switching their plans to RRSP then RRIF registered retirement income funds, the advantages of these are multiple.
Now most people are switching their plans to RRSP then RRIF registered retirement income funds, the advantages of these are multiple.
ON ANNUITIES
ON ANNUITIES
First once you give your money to an investment firm for an annuity you have zero access to the money even if you need a new roof for your car blows up and you usually get a 4.6% rate just very low compared to the industry average , as these are associated with very high fees.
First once you give your money to an investment firm for an annuity you have zero access to the money even if you need a new roof for your car blows up and you usually get a 4.6% rate just very low compared to the industry average , as these are associated with very high fees.
Second, because actuaries need time to make assumptions work and insurance companies need time to recoup the larger-than-average commissions to agents, most annuities tie your hands with a surrender charge—a meaningful reduction in your payout that usually descends over five, seven or even up to 15 years.
Second, because actuaries need time to make assumptions work and insurance companies need time to recoup the larger-than-average commissions to agents, most annuities tie your hands with a surrender charge—a meaningful reduction in your payout that usually descends over five, seven or even up to 15 years.
ON RRSP / RRIF
ON RRSP / RRIF
Registered retirement savings plan and later converted to retirement income funds, are accessible for roof repairs and cars blowing up etc... Average rates of return have been averaging 11.8% since their introduction into the market in 1961. You get Flexible withdrawals, adjustable withdrawals and emergency access. As your needs change you can change your program, perhaps there is a wedding in a future that is in a southern climate, now you have access to some money.
Registered retirement savings plan and later converted to retirement income funds, are accessible for roof repairs and cars blowing up etc... Average rates of return have been averaging 11.8% since their introduction into the market in 1961. You get Flexible withdrawals, adjustable withdrawals and emergency access. As your needs change you can change your program, perhaps there is a wedding in a future that is in a southern climate, now you have access to some money.
There are three different types of annuities, basically all of them bad.
There are three different types of annuities, basically all of them bad.
Below you'll see a chart using $100,000 on deposit for an annuity for life compared you're registered retirement income fund
Below you'll see a chart using $100,000 on deposit for an annuity for life compared you're registered retirement income fund
Build a Solid Foundation
Build a Solid Foundation
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