Maximize Retirement Income with a Joint and Last Survivor Annuity

Retirement is a time when financial security becomes a primary concern for many couples. Ensuring that both partners are covered for the long term, even after one spouse passes away, is essential. A Joint and Last Survivor Annuity is one of the best financial products available for couples looking to maximize their retirement income while providing ongoing support for a surviving spouse.

At Beaton Annuity Services, we specialize in helping retirees make informed decisions about their annuities, guiding them through the complexities of the Canadian annuity market. Go through this guide to understand how our Joint and Last Survivor Annuity works and how it can help you secure a more comfortable retirement.

What Is a Joint and Last Survivor Annuity?

A Joint and Last Survivor Annuity is a type of annuity designed to provide lifetime income for both spouses. The annuity makes payments for as long as either the primary annuitant (the person who purchases the annuity) or their spouse is alive. In essence, it guarantees that the surviving spouse will continue to receive income even after the death of the primary annuitant, making it an excellent option for couples who want financial protection for both partners in retirement.

When purchasing a Joint and Last Survivor Annuity, you can choose whether the surviving spouse will receive 100%, 75%, or 50% of the original payment, depending on your financial needs and goals.

How a Joint and Last Survivor Annuity Can Maximize Retirement Income

1. Lifetime Income for Both Spouses: The most significant benefit of a Joint and Last Survivor Annuity is the assurance that both spouses will receive income for the rest of their lives. This is a critical factor for couples who want to ensure that their retirement savings lasts as long as they do. Unlike a single-life annuity, which stops payments after the death of the annuitant, a Joint and Last Survivor Annuity guarantees continued financial support for the surviving spouse, providing peace of mind and security.

2. Protection from Outliving Savings: With longer life expectancies, it’s more important than ever to have a plan that ensures you won’t run out of money in retirement. A Joint and Survivor Annuity addresses this concern by providing a guaranteed, predictable income stream for both you and your spouse, no matter how long you live.

3. Income Tailored to Your Needs: A Joint and Last Survivor Annuity offers flexibility in how you structure the payout. You can choose for the survivor to receive the same amount of income as the primary annuitant (100% survivor benefit) or opt for a reduced amount (e.g., 75% or 50%). Choosing a reduced survivor benefit can increase the payments while both spouses are alive, allowing you to customize the annuity to your specific financial situation.

4. Tax-Deferred Growth with Deferred Annuities: If you choose a deferred annuity, your investment grows tax-deferred, meaning you won’t pay taxes on the earnings until you start receiving payments. This feature allows your savings to grow faster during the deferral period, helping you maximize your retirement income. When payments begin, you’ll only pay taxes on the portion of the income that represents earnings, which can be a more tax-efficient way to manage retirement income.

5. Protection for the Surviving Spouse: Losing a spouse can be emotionally devastating, and it can also create financial instability. A Joint and Last Survivor Annuity ensures that your spouse won’t face financial hardship after you’re gone. Knowing that they’ll continue to receive income can ease the burden during a difficult time, helping to maintain their quality of life and financial independence.

Why Work with Beaton Annuity Services?

Choosing the right life insurance annuity can be a complex decision, but John Beaton has been helping retirees navigate this process for over 30 years. John understands that maximizing retirement income requires more than just selecting an annuity—it requires selecting the right annuity from the right provider.

Here are a few ways John and Beaton Annuity Services can help you maximize your retirement income with a Joint and Last Survivor Annuity:

•  Comprehensive Market Comparison: As an independent annuity broker, John works with multiple Canadian life insurance companies, ensuring that you have access to a wide range of annuity options. This allows you to compare different payout rates and structures to find the best solution for your unique needs. Each provider offers different payout values, and John’s proprietary software helps find the highest possible payout based on current market rates.
• Expert Guidance Without Pressure: John provides expert advice and free printed quotes without any pressure to buy. He’s committed to helping you make the best decision for your retirement, not to make a quick sale. You can rest easy knowing that your name won’t be put on a mailing list just because you reached out for information.
• Guaranteed Annuity Rate Protection: John makes sure that you are aware of any annuity rate guarantees to protect your retirement funds during the process of transferring money from your financial institution to the insurance company. This ensures that you lock in the best rates and maximize your income.
• No Fees for His Services: There are no fees charged to you for John’s help in purchasing your annuity. John is compensated by the insurance company that supplies the annuity, allowing you to benefit from his expertise at no additional cost.

Tailored Solutions for Canadian Retirees

Every couple’s financial situation is unique, and Beaton Annuity Services takes pride in tailoring annuity solutions to meet individual needs. Whether you’re looking to maximize your income with a 100% survivor benefit or prefer a higher initial payout with a reduced survivor percentage, John will guide you through the available options and help you find the best fit.

John’s extensive experience in the Canadian annuity market, combined with his commitment to client satisfaction, ensures that you’ll receive the highest possible income from your retirement savings. Don’t settle for a substandard annuity without comparing the market—you could end up missing out on a significant amount of lifetime income.

Secure Your Retirement with a Joint and Last Survivor Annuity

A Joint and Last Survivor Annuity is one of the most reliable ways to ensure that both you and your spouse enjoy financial security throughout retirement. With the help of Beaton Annuity Services, you can maximize your retirement income by finding the right annuity product that offers lifetime protection for both you and your loved ones.

Take the first step toward a more secure retirement today. Reach out to John Beaton for a free, no-pressure consultation, and discover how a Joint and Last Survivor Annuity can help you maximize your retirement income and protect your financial future.