Retirement savings strategies with Moshe Milesvsky and Rob Carrick
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@MrCFP123 This works with non-registered money not with an RRSP or RRIF. This is for someone in "exceptional” health. The annuity payment amount is fixed for life and cannot be inflation-indexed. Its purchasing power can erode over time. GICs offer inflation protection. The annuity purchaser has no access to capital if unexpected expenses arise. GICs are insured against issuer default by the CDIC. Life annuities and insurance policies are insured against issuer default by an industry-run fund.
InvestorEDFund 11 months ago
* Current GIC rate 3.25% (five year rate lock-in) * 65 year old male purchases $100,000 non-reg annuity and $100,000 life insurance policy * Tax bracket 31.41% ($40,970 up to $65,345) Ontario Insured annuity GIC
Gross income $8,165.28 $3,250
Taxes payable $742.90 $1,012.37
Life insurance $3,240 $0
Total net $4,182.38 $2,237.63
After taxes are considered, a GIC of over 6% is needed to equal the annuity.
Go to rightinsurance dot ca
MrCFP123 1 year ago