Review your personal objectives and considerations
Identify and then prioritize features that will most satisfy your income objectives or your desire to reduce identified risks.
Complete the exercise to prioritize your income objectives by ordering the features from most to least important. Click the button below to begin.
BeginCompare and contrast the following sources of retirement income by the features you prioritized and the types of income you are receiving. On your own, or working with a financial professional, adjust your current income streams if your income objectives are not being met.
|
Government Pensions: CPP/QPP and OAS |
Employer Defined Benefit Pensions |
Investment Portfolio, Including Defined Contribution Pensions, RRSPs etc. |
Life Annuities |
Term-Certain Annuities |
Variable Annuities: Life and/or Term-Certain |
---|---|---|---|---|---|---|
Longevity Protection |
Y |
Y |
Depends on asset mix/withdrawal rate |
Life annuity only |
N |
If option selected |
Control and Upside Potential |
N |
N |
Depends on asset mix |
N |
N |
Y |
Downside Protection |
Y |
Y |
Depends on asset mix |
Y |
Y |
N |
Inflation Protection |
Y |
Depends on plan |
Depends on asset mix |
Life annuities, if COLA option added |
N, unless COLA option added |
Depends on performance of underlying investments |
Survivor Protection: Spouse/Partner |
CPP/QPP: limited; OAS: none |
Depends on plan; government legislation requires 60% |
Assets are fully transferable, either tax-sheltered or after tax |
Only if option is selected; government legislation requires 60%; if money originated in a pension plan |
Commuted value of remaining payments |
Only if purchased
|
Estate Payout |
CPP/QPP: death benefit; OAS: none |
Depends if a guarantee period was provided and still in place |
Assets are fully transferrable, either tax-sheltered or after tax |
Depends if a purchased guarantee period has not lapsed |
Commuted value of remaining payments |
Depends: commuted value of remaining payments or guarantee period |
Income Certainty |
Y |
Y |
Depends on asset mix/withdrawal rate |
Y, for life |
Y, for term |
N |
Money Management Flexibility |
N |
N |
Y |
N |
N |
Limited |
Sponsor/Asset Solvency Protection |
Y |
Y, managed and monitored by government regulations and reporting requirements |
Depends on investments chosen |
Y, up to a limit |
Y, up to a limit |
Y, up to a limit |
Cost/Price: Fixed and Transparent |
Y |
Y |
Depends on investments chosen |
N |
N |
N |