Here is one for the seniors out there whom are looking for ways to keep a sustainable income without having to risk liquidate all their assets. Actually the title ?teRRIFic investment for retirement? is misleading, because Registered Retirement Income Funds (RRIFs) really aren?t for everyone. A RIFF is a popular way to invest your retirement savings plan (RSP) once you reach age 70. The RIFF is set up so that you are required to withdraw around 5 per cent of your investment in the first year. The problem is each year, the percentage you are forced to withdraw increases. If you have assets like a mortgage and other investments tied up in this RIFF you may actually be forced to liquefy your assets and withdraw all your investments before you are ready.
This may not provide a reliable income to live off. For many seniors, a guaranteed withdrawals benefit plan (GWB) is the better choice.
According to Sean Davis, financial expert and owner of Ancaster?s SD Davis and Associates, ?these GWBs are so lucrative that I really don?t think they are going to be offered for very much longer.?
The beauty of a GWB is that it is guaranteed by an insurance company to pay out at least 5 per cent (or even higher rates) of the initial investment annually for the rest of your life. It is a complicated process, but by investing in this type of plan you can sleep a little easier knowing that you are guaranteed a certain amount of income from the plan for life and won?t run out of money.
If you are around the age where you need to decide on a retirement finance plan that suits your situation, get a hold of Sean and set up a personal meeting with him to review your finances and plan for your future. Sean Davis can be reached through the SD Davis and Associates toll free line at 1-855-422-5433.
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Source: http://www.hamiltonshoptalk.com/2012/featured/a-terrific-investment-for-retirement/
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