EXPERT ADVICE - FINANCIAL
DO YOU KNOW WHERE YOUR RETIREMENT INCOME WILL COME FROM?
Just because you’ve stopped working doesn’t mean your money has to. Find out how you can invest your savings to provide a steady stream of income so you can enjoy your retirement years to the fullest.
Submitted by Evan Patkai, B.B.A. | Sun Life Financial - Patkai & Sun Financial Services Inc.
Your retirement income will typically come from a number of different sources. You may be eligible for CPP/QPP and OAS or other government benefits – and you may have a company pension. But, if you’re like most Canadians, you also need to turn your savings into a retirement income stream to help meet your financial needs throughout retirement. Annuity • An annuity guarantees you will receive an income for life, or as long as the annuity contract specifies. • Your retirement income will be secure from both market and interest-rate risks. Segregated funds • Segregated funds, like mutual funds, are market-based investments, but because they are insurance contracts, they also have additional benefits, including efficient estate settlement. • There are a number of different types of segregated fund contracts that combine capital protection with growth potential. • Your savings will be protected. When your contract matures or when you die, your savings will be guaranteed to return a minimum of 75% up to 100% of the money you put in (less withdrawals). • Some segregated fund contracts also offer guaranteed lifetime income.
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www.pei-living.ca SPRING 2019
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