Retirement Income in Canada – Bonjour Assurance

Retirement Income in Canada: How to Secure Your Financial Future

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Planning for retirement is one of the most important financial decisions you’ll ever make. After years of saving and investing, the next step is to convert your savings into a reliable retirement income that supports your lifestyle and ensures peace of mind.

At Bonjour Assurance, we help you explore different options such as RRIF, LIF, and Annuities, as well as investment products like segregated funds and mutual funds. Whether you’re looking for guaranteed income or growth potential, our advisors are here to guide you every step of the way.

Why Retirement Income Planning Matters ?

Retirement should be a time to enjoy life without financial stress. By creating a steady income stream, you can cover your essential expenses, enjoy travel, or support loved ones while protecting your savings from market risks. Proper planning ensures you won’t outlive your money and can enjoy a financially secure retirement.

Retirement Income Options in Canada

1. RRIF (Registered Retirement Income Fund) and LIF (Life Income Fund)

Both RRIF and LIF allow you to draw income from your retirement savings while keeping your investments tax-deferred. These plans offer flexibility in withdrawals and can be tailored to your retirement goals.

2. Annuities

An annuity converts your lump-sum savings into guaranteed income payments, protecting you from market volatility and interest rate risks. This is one of the safest ways to ensure long-term financial stability.

Benefits of Annuities:

Guaranteed lifetime or fixed-term income
Protection from market fluctuations
Potential tax advantages when purchased with non-registered funds
Peace of mind knowing you won’t outlive your savings

Types of Annuities

Life Annuity

A life annuity provides income for as long as you live. With a joint life annuity, payments continue for your spouse or partner even after your passing. You may also add a guaranteed period, ensuring your beneficiaries receive payments if you pass away early.

Term Certain Annuity

A term certain annuity guarantees income for a fixed period (e.g., 10, 20, or 30 years). If you pass away before the term ends, the remaining payments go to your beneficiaries. For annuities purchased with RRSP or RRIF funds, payments must continue until at least age 90.

Other Investment Options for Retirement Income

Segregated Funds

Segregated funds offer both growth potential and capital protection. With built-in guarantees, they are a safer investment option for those who want to protect their legacy while still benefiting from market growth.

Mutual Funds

Mutual funds are diversified investment portfolios managed by professionals. They provide opportunities for long-term growth, making them a popular option for Canadians who want to maximize their retirement savings.

Fund Performance

Monitoring the performance of your investments is crucial. Regular reviews help ensure your portfolio continues to meet your long-term financial objectives.

Secure Your Retirement Income with Bonjour Assurance

With the right plan, you can enjoy retirement without worrying about running out of money. Our advisors are here to help you build a personalized retirement income strategy that balances security, flexibility, and growth.

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How to Purchase an Annuity in Canada

Find an Advisor
Work with a trusted financial advisor who can explain your options and recommend the best solution based on your situation. At Bonjour Assurance, our initial consultation is always free.
Meet with Your Advisor
Gather key financial details, including your income, assets, liabilities, savings, and pension statements. This helps tailor a plan that fits your needs.
Make Your Investment
Your advisor will use an annuity calculator to show your income options and guide you through the paperwork. Once your annuity is set up, you’ll receive a policy outlining all terms and guarantees.