Canadian Annuity Rates

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    Canadian Annuity Rates

    Use of this website will increase your understanding of Canadian Annuities as they relate to guaranteed lifetime income in your retirement years. Canadian life pay annuities are available only from Canadian life insurance companies and like the variation in interest bearing term deposits at banks, annuities vary in payout value from one insurance company to the other.

    To obtain an annuity one must pay a lump sum of money to a life insurance company which guarantees to pay a stream of income to that person. There are basically two types of annuities, those that pay for a person’s lifetime which are called life pay annuities and those that pay for a specific period of time which are called term certain annuities.

    The majority of queries that we receive pertain to life pay annuities, apparently because this kind of annuity pays for a person’s lifetime and doesn’t it make sense as our life expectancy increases, that a person would want to arrange for some of their income stream to be guaranteed for as long as they live.

    Low interest rates have dogged us for the last decade along with the occasional stock market crashes. There is no indication that financial markets are expected to get better as we move into the next decade. Annuities protect against the problem of continuing low interest rates and unexpected stock market crashes.

    Canadian Annuity Rates Infomation

    At Beaton Annuity Services we are fully knowledgeable about the annuity products offered by all major Canadian life insurers. If you would like to find out whether or not an annuity might become part of your retirement plan, either phone us or provide brief information about yourself in the form above or, the detailed form on our Free Annuity Quote page and send it to us. We will respond with an e-mailed copy of current annuity market rates.

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    Your Retirement Savings & Canadian Annuity Rates

    Take charge of setting up your retirement now so that you don’t have to worry later about how much or where your income is coming from. If your family history is long lived then the choice of an annuity that removes any need for decisions in later life may be the right one for you. By the time you retire, hopefully you will have accumulated investment assets that will augment your retirement income. Some forms of income will be fully taxable such as Canadian government benefits like Old Age Security which starts at your age 65 and Canada Pension Plan benefits which could start as early as age 60. You may also have accumulated tax deferred income in an RRSP for which you have taken tax deductions from your past income during your working years. Some of you will be calculating the conversion of the value of your home into preferred retirement income.

    If you have an RRSP, you are obligated to make an election by the end of the year in which you become age 71 whether to turn that RRSP into a registered retirement income fund [RRIF] or into a registered single or joint life annuity. You may decide to retain part of your income in the form of a RRIF so you can access lump sums for emergencies. You can then put the remainder of your income into a life annuity so that predetermined, specific amounts of guaranteed income will be paid to you for the rest of your life. This guarantees to protect your re-occuring basic needs in retirement such as home expenses and food.

    While you have to decide by the end of the year in which you turn 71 years of age what you are going to do with your accumulated registered savings, you don’t have to take any actual payments into income until the beginning of the year in which you become age 72.

    Life annuities, insured life annuities, indexed life annuities, cash back annuities and term certain annuities all have their place in planning a structured retirement income. Insured life annuities and cash back annuities provide less income but protect your capital. Indexed annuities provide for guaranteed increasing annual income over a person’s lifetime. The bottom line is that guaranteed income benefits and contractual guarantees of annuities will reduce any of your anxieties over the risk of outliving your retirement savings and potentially ending not having enough money to meet daily needs.

    Other Savings & Canadian Annuity Rates

    You may also have accumulated non-registered savings which you are holding in term deposits, low interest or non-interest chequing-savings bank accounts. If your savings are earning interest income, you will pay tax on that income. There are opportunities for you to lower your taxable income by examining the benefits of annuities in comparison with other higher taxed forms of income. You may find that an important aspect of having non-registed savings in a non-registered life annuity as part of a retirement portfolio is the potential for lowering taxable income. The current legislation pertaining to Old Age Security benefits requires that the government “claw back” some of that benefit starting at an income level of about $70,000 per person, per year. For every dollar of total taxable income that exceeds the $70,000 threshold, Old Age Security income, reduces by $0.15. If you fall into this higher income bracket, this translates into approximately a 15% additional tax which cannot ever be re-claimed.

    Life Annuities & Canadian Annuity Rates

    Decide to purchase a life annuity, and you will not have to worry about this source of income for the rest of your life. A life annuity provides a no maintenance, unbreakable income stream that guarantees the annuity income you have purchased will be paid to you for the rest of your life. There is no investment risk and nothing to oversee. Once a life annuity is issued in your name, you can count on the payments not changing in amount or frequency for the rest of your life. Economic conditions or investment returns may change, but the payments from your annuity are guaranteed to remain the same for the rest of your life. Throughout the rest of your life you will enjoy the financial security of a guaranteed income you cannot outlive.

    Sorry, only Canadians with their own Social Insurance Number can purchase Canadian life annuities. If Canadian citizens are residing outside Canada, there are circumstances where registered retirement funds can be converted into Canadian annuities. Non-Canadian citizens cannot purchase Canadian annuities in any form.

    Latest Annuity Rates Canada News

    How Copycat Annuities Can Address Common Retirement Concerns?

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    Worried about outliving your savings in a city like Vancouver or Surrey? You’re not alone. Many Canadians are feeling the pinch of rising costs and uncertain markets. Copycat annuities might just be the answer. These financial products offer a steady income stream, no matter what the stock market does. It’s like having a safety net for your retirement. Let’s talk about how copycat annuities can help you feel more secure about your future.

    Understanding Copycat Annuities

    A copycat annuity is designed to mimic the benefits of traditional defined benefit pension plans. Many times, a copy cat annuity will allow you to purchase a life annuity in the open annuity market for less cost than the defined benefit pension plan that you currently hold. This means that there may be excess funds available by replacing your defined benefit pension plan with an annuity in the open market.  These excess funds can be transferred to your existing RRSP account if there is room, or simply taken in cash after paying any tax to the revenue people.

    1. A Reliable Income Stream

    One of the biggest fears for retirees is the possibility of running out of money. Copycat annuities can help mitigate this concern by providing a steady income stream. When you choose this type of annuity, you can receive regular payments that can cover your living expenses. This helps ensure you have enough money to enjoy your retirement, whether you’re exploring the scenic shores of Vancouver Island or enjoying a quiet evening in your hometown.

    2. Safety from Market Fluctuations

    Investing in the stock market can feel like a roller coaster, especially during uncertain economic times. For Canadians who want to avoid the stress of market ups and downs, copycat annuities can offer a more stable alternative.

    3. Flexible Solutions for Life Changes

    Life is unpredictable, and your financial needs may change over time. Whether you want to travel, help your children buy their first home, or pay for unexpected medical expenses, copycat annuities guarantee that funds will be available.

    4. Designed for Canadians

    In Canada, copycat annuities are designed with Canadians in mind. This makes them an attractive choice for those looking to secure their financial future in a way that fits their lifestyle and needs.

    5. Professional Guidance for Peace of Mind

    Annuities can be confusing. That’s why a financial advisor is helpful. A qualified financial advisor can simplify this process, providing expert guidance tailored to your specific needs. By assessing your financial situation, risk tolerance, and retirement goals, they can recommend the most suitable annuity option. This personalized approach ensures that you make informed decisions.

    Conclusion Overview

    A copycat annuity in Canada can provide Canadian retirees with a guaranteed and secure income stream. These financial products offer several benefits, including guaranteed income and protection from market volatility. At Beaton Annuity Services, we’re dedicated to helping Canadians make informed decisions about their retirement savings.

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    What is an Annuity Broker?

    An annuity broker is a person who has chosen to do business with a large number of life insurance companies in order to find the best products for a particular client’s needs.

    About Us
    annuity rates canada

    John Beaton

    John has been a life insurance and annuity broker for over 30 years.

    Currently specialising in advising seniors about the advantages of annuities in their retirement years, John draws on significant life experiences to help him find the best annuity fit for your specific needs.

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    Contact Us

    Beaton Annuity Services
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    White Rock, B.C. V4B 1P9
    Local Tel: (604) 535-2404
    Toll Free Canada: 1-800-667-8818
    Website: www.annuitybrokers.ca
    E-mail: john@annuitybrokers.ca

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