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Annuity calculator

Looking for guaranteed retirement income payments to last as long as you live?
This tool will give you an estimate of your guaranteed retirement income with an annuity; an advisor can give you detailed results using your specific details.

 Your information:

years old

 Please enter a number between 50 and 80.

From investments that are:
%

 Please enter a number between 0 and 100.

  Results:

Annual before‑tax income:
 
$0
Annual after‑tax income:
 
$0

Now that you know what your guaranteed life annuity income could look like in retirement, talk to an advisor to see how this can fit in your retirement plan. You can also see how it compares, on an annual after‑tax basis, to the income generated from a RRIF or Guaranteed Investment Certificate (GIC).

 
Compare life annuity to:
%

 Please enter a number between 0 and 6.

 Please enter a number between 0 and 6.

Your annual after-tax income results:

 
 
 
LIFE ANNUITY AFTER‑TAX INCOME
 
GIC AFTER‑TAX WITHDRAWAL
 
AVERAGE LIFE EXPECTANCY
 
1 IN 4 INDIVIDUALS LIVE TO THIS AGE
At an interest rate of 6%, the RRIF will be able to maintain the annuity’s level of income to age 100. Only the annuity income is guaranteed for life.
At an interest rate of 6%, the RRIF will be able to maintain the annuity’s level of income to past age 100. Only the annuity income is guaranteed for life.
The average life expectancy for your age and gender is 89-92 years old.
In this example, the RRIF income exceeds the annuity income for a period of time because of the mandatory minimum withdrawals.
AGE
  CUMULATIVE ANNUITY PRE‑TAX INCOME  
  ANNUITY PRE‑TAX INCOME  
  ANNUITY AFTER‑TAX INCOME  
  CUMULATIVE RRIF PRE‑TAX INCOME  
  RRIF PRE‑TAX INCOME  
  RRIF AFTER‑TAX INCOME  
At an interest rate of 6%, the RRIF will be able to maintain the annuity’s level of income to age 100. Only the annuity income is guaranteed for life.
At an interest rate of 6%, the RRIF will be able to maintain the annuity’s level of income to past age 100. Only the annuity income is guaranteed for life.
The average life expectancy for your age and gender is 89-92 years old.
In this example, the RRIF income exceeds the annuity income for a period of time because of the mandatory minimum withdrawals.

THIS LIFE ANNUITY CALCULATOR IS A SIMPLE ILLUSTRATION

There are other annuity features available that are not being illustrated in this tool. Features like income indexing, joint annuities and deferred annuities are all available.

An advisor can help you understand how a life annuity can fit in your retirement plan.

Find an advisor

 More on the different retirement income options:

A life annuity is an insurance contract that guarantees you’ll receive income payments for life, however long you live. Once you’ve purchased your annuity, you never have to worry about how that money is invested or how long your income will last.

A GIC is one of the safest and simplest investments you can make. In essence, you are depositing money and receiving a guaranteed amount of interest, for a guaranteed period of time.

A RRIF is an excellent choice for people who want to take money out of their RRSP as regular income. You control your investments and income (subject to RRIF minimum withdrawals), while maximizing tax deferral. And RRIF assets can be passed directly to your spouse on your death, without being taxed.

FOR MORE ON ANNUITIES

Watch: What are payout annuities? (Video)

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