As an example, the TSX is currently lower than it was in Aug 2014 and has almost come down to the highs (before the crash) that we saw in 2008!
- Can our lifetime expenses be covered by our current pensions, savings and government retirement benefits?
- Can we finance our future travel plans and other bucket list items?
- If we want to convert some of the equity from the sale of the family home or from other nest eggs into a guaranteed-for-life income stream, what are the best available options and do they suit our needs?
- Can we take care of our dependants?
- How will we cover our long-term care costs?
- After we’re gone, will we have enough to cover the needs of our survivors, bequests and the charitable legacies that we wish to leave behind?
Of the many solutions available today, some guaranteed income plans may also offer you additional benefits to suit your circumstances such as:
- Guaranteed growth of future income during savings years.
- Plans that allow you to participate in the upside of the markets while also guaranteeing an income for life.
- Guaranteed minimum income payments for life!
- Minimum guarantees. What you put in is what you can take out, even if the market value goes lower than your initial deposits.
- Control and access over your investments. Just in case.
- Joint accounts, for the purpose of guaranteed income continuation for a surviving spouse.
- Avoid probate taxes and maintain control over savings. Note: If your wish is to avoid probate delays and probate taxes - in most Canadian provinces, it is unnecessary to set up joint accounts with these types of guaranteed investments.
- Transfer of residual proceeds to your beneficiaries can be delivered as incremental payments over time and/or as lump sums, as you see fit.
Jack Bergmans CFP