To properly plan your retirement income, you will need to:
Learn about potential sources of retirement income
In addition to government benefits, here are some sources of retirement income to consider:
Guaranteed minimum withdrawal benefits (GRM)
Systematic Withdrawal Plans (SWP)
SWPs represent regular withdrawals from unsecured sources of income, such as mutual funds, segregated fund contracts, stocks, bonds, guaranteed interest contracts offered by insurance companies, guaranteed investment certificates offered by banks and other financial institutions, as well as cash.
Understanding the financial challenges of retirement
Among the many challenges that retirees face, the following can impact finances:
The Potential to Survive Retirement Savings
Poor market performance, especially in the early years of retirement
The rising cost of living
The need to access savings for future unforeseen expenses or emergencies
Have the ability to successfully manage an investment portfolio
Plan an estate and ensure that it is passed on to family or loved ones as you wish
Understand that no one product can meet all the challenges of retirement. So it's often better to keep a mix of retirement income products in your portfolio.
Guaranteed Interest Contract (GIC)
Security for your wallet. Peace of mind for you.
GICs can give you the main benefits you are looking for:
A solid foundation for your investment portfolio - reducing overall portfolio risk and giving you more consistent returns
A positive rate of return - ensuring that at least part of your portfolio keeps growing
Peace of mind - you can rest easy knowing your capital is safe and secure
The GIC offers certain benefits that may not be available from mutual fund organizations, banks or trusts
companies, as well as a wide range of investment choices:
Everyone wants a comfortable retirement. Segregated fund contracts, with their built-in guarantees and other benefits, can be a good option. For more flexibility, check out the Manulife Ideal Signature selection. It is designed to help you maximize your protection in bear markets and access growth potential in bull markets.
All you have to do is get started.
Benefits of segregated fund policies
Put the benefits of segregated fund policies to work for you. They have unique characteristics that differentiate them from mutual funds.
Lifetime income benefit option
Take control of your retirement and income by guaranteeing your income for life. With the lifetime income benefit option, your income will not decrease, regardless of how segregated funds perform, unless excess withdrawals are made. You get protection against the risk of outliving your money, market volatility and inflation.
You can choose to receive guaranteed income for life on certain policies. Talk to your advisor to find out more.
Segregated fund policies offer guarantees of 75% or 100% of the premiums paid (less a proportional amount of surrenders), depending on the product chosen. These guarantees allow you to more effectively plan for life events such as your retirement.
Guarantees on death
Segregated fund policies offer a guaranteed capital in the event of death. This death benefit guarantee is typically 75% or 100% of the premiums paid (or the value of the policy if you have locked in market gains with the policy reset) less a proportional amount of surrenders, depending on the product selected. .
Potential protection against creditors
Laws can protect a segregated fund policy in the event of bankruptcy or other action by creditors. It is important to note that the protection of creditors may depend on court decisions regarding these laws, which may be subject to change and may vary from province to province. This protection cannot be guaranteed.
Quick real estate settlement
Segregated fund policies can help speed up estate settlement while protecting you and your family. If you name a beneficiary, the death benefit is not subject to delays and fees in the probate process. For unregistered policies (where the beneficiary is not the estate), several estate planning options are available to help organize your beneficiary's future income payments, in addition to the traditional option of a lump sum payment.
You can choose one or more beneficiaries. These designations can be your estate, your children or others, or associations such as charities.
Features vary by age and product. Ask your advisor for more information.
With a life annuity, they will pay you a regular income for the rest of your life. This guaranteed income can help you cover your basic living expenses, regardless of how long you live.
Income annuities may be the right income choice if you are:
Close or retired.
Concerned about surviving your money.
Poor financial markets can reduce your retirement savings.
Find a steady stream of income to cover your essential expenses.
You need income until your Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) and Old Age Security (OAS) payments start.
You are looking to convert the funds in your Registered Retirement Savings Plan (RRSP) into a steady stream of income.
Benefits of income annuities
Regular income payments for life or at a fixed time, regardless of market performance or changes in interest rates
Guaranteed income acts like a retirement plan and can fill a gap if you don't have a work pension
Your annuity income is not affected by changes in the financial markets
Supplements other income
Access to cash (when the cashout function is available)