I am trying to decide on pension options. My choice is single annuity or joint and survivor... A friend recommended single annuity and buying a life insurance policy to take care of my spouse instead of joint and survivor... I am looking for some reference material to help me make a better decision.
You would receive more per month with a single annuity but would leave the surviving spouse out in the cold. I would recommend that you get assistance by crunching the numbers on both options. I would suggest seeking out a member of NAPFA in your area. They do not sell products, so they can give you unbiased advice and help you with the decision. Also, annuities are expensive, is this even the right vehicle for your retirement?
The advantage of an annuity is that it is a life long income stream. The disadvantage is that it is a fixed amount that over time will not keep up with inflationary increases in the cost of living. I would be interested to see the ‘insurance supplement” illustrations on the single life option (how much coverage do you need and can you buy with the savings, etc?). One other consideration is if your employer offers a lump sum distribution option that opens up a lot of possibilities for creating a retirement income stream that could keep pace with inflation.
Hello,Carmen Cohan. I am new member of your forum. I am Carmen Cohan. I just joined to your forum to discuss some of my financial related problems. I hope you guys help me to get out from this problem. I hope we will have lots of fun together
New surveys for the government suggest Prime Minister Stephen Harper was tapping into deep anxieties among Canadians when he announced an overhaul Canada's retirement system.
A few months before Harper told the world in Davos, Switzerland, that Canada's retirement benefits would not be sustainable without major changes, the public was already telling him it was losing faith in Ottawa's ability to deal with an aging population.
Read it on Global News: Global News | Harper's pension reforms in sync with public opinion, government poll suggests
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