Those taking CPP at 60 worry about their health, finances: Wealth Professional

We frequently hear or read that waiting to take the Canada Pension Plan (CPP) later in life – say, age 70 – will lead to a greater monthly payment.

Yet, reports Wealth Professional, most people choose to start CPP at age 60, despite the fact that they will get a 36 per cent reduction on their payments.

“An informal survey conducted by The Globe and Mail found that the most popular age to take one’s CPP benefits is 60, with 34 per cent of the respondents saying so. This was followed by those aged 65 with 19 per cent and those aged 70 with 16 per cent. This coincided with the data from Statistics Canada that also found that nearly 40 percent of Canadians who were born between 1940 and 1950 began to take their CPP benefits at the age of 60,” Wealth Professional notes.

That’s despite having payments at age 60 decreased by “0.6 per cent every month (before age 65), amounting to 7.2 per cent annually and a maximum reduction of 36 per cent at age 60,” the magazine continues.

The article quotes recent research from Toronto Metropolitan University’s National Institute on Ageing (NIA) as saying “those who take their pensions at 60 instead of waiting until they turn 70 can possibly lose a total of $100,000 (in) retirement income.”

The NIA report found that a mere one per cent of us wait until age 70 to get the maximum benefit, which represents 42 per cent more than what you would get at age 65, Wealth Professional reports.

There are plenty of good reasons why people don’t wait for a greater benefit, the article continues.

“The Globe and Mail survey found that the reasons behind this included the need for financial coverage of living expenses, having health problems or family history of health issues with the expectation of not having a long retirement, as well as the uncertainty of life. Some were also concerned about the possibility of the CPP being compromised in the future, with many citing the departure of Alberta from the CPP for the Alberta Pension Plan,” the magazine reports.

Some used the “why turn down money on the table” argument, taking CPP at 60 and then hoping “they will be able to make more than the government will be providing them down the line,” the article notes.

Some felt taking a lower CPP payment would keep them in a lower tax bracket, the article adds. Those waiting to start CPP at age 65 and beyond “stated that the reason behind this was to increase the payout of their benefits.”

If you don’t have a workplace pension plan or personal retirement savings, you would have to keep working until 65 or 70 to get the greater benefit. If you aren’t working after 60 one would think the CPP would be an immediate need.

Since, as the article says, the maximum CPP benefit in 2024 is $1,364.60 per month at age 65 (that’s before taxes), you might want to be able to bolster that modest amount with your own savings. If you’re not sure how to grow your savings, fear not – the Saskatchewan Pension Plan is ready to help. You decide how much to contribute, and SPP does the heavy lifting of investing your hard-saved dollars in a professionally managed, pooled fund run at a very low cost.

When it’s time to collect, you have the options of choose a lifetime annuity payment each month, or the flexibility of SPP’s Variable Benefit, where you decide how much to take out in income.

Check out SPP today!

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Younger Canadians show us they know how to save: HOOPP survey

We’re often led to believe that younger Canucks are more focused on the “now” than they are on their distant, decades-from-now retirement.

But new research from the Healthcare of Ontario Pension Plan (HOOPP) shows that young folks are dialed in on retirement saving, reports Wealth Professional.

Half of those aged 18-34 “have set aside money for retirement in the past year,” the publication reports, adding that 45 per cent of those in that age bracket have yet to start filling their retirement piggy banks.

Why, we may ask, is this the case?

“Perhaps this is because young Canadians are already concerned that their idea of when they will stop working is already being impacted by current inflation pressures,” Wealth Professional tells us. “While 60 per cent of all respondents believe they may have to delay retirement, among the youngest adult group the figure jumps to 74 per cent. That puts them second behind 35-54s (80 per cent) but well ahead of the pre-retiree 55-64-years group (54 per cent).

So our younger friends are also reeling from the impacts of inflation?

Wealth Professional explains it this way.

“The retirement fears of young adults may be driven by a wider concern about the state of their finances,” the publication reports.

“The survey found that half of the 18-34 group say they are living beyond their means (compared to just 31 per cent of over 35s) and are almost twice as likely to be splurging on small luxuries because they can’t afford big ticket items (54 per cent versus 28 per cent of over 35s said this),” the article continues.

The younger set are most worried, Wealth Professional notes, by “the cost of daily life (69 per cent),” following by inflation (67 per cent) and housing affordability (65 per cent).

Then, we have their level of debt (48 per cent), reducing that debt (83 per cent), whether they will ever have a workplace pension (45 per cent), interest rates impacting their savings ability (91 per cent), and saving for retirement (86 per cent), Wealth Professional continues.

Finally, 43 per cent are worried about the cost of owning their own home in the future, the article concludes.

The takeaway here is that despite all these barriers, more than half of young people are making the effort to save for retirement. That’s good news.

This writer first started saving for retirement at age 25, when a friend pointed out that contributions to a registered retirement savings plan (RRSP) were tax-deductible. “You’ll get a refund,” our friend said. So, awesome, we started contributing to an RRSP nearly 40 years ago and continue to do so to this day.

Our late Uncle Joe always told us to pay ourselves first — put something away for yourself on payday, then pay the bills. Tucking dollars into a retirement account is a great way to achieve this goal.

And if you’re worried about ever having a retirement program at work, don’t. Any Canadian with RRSP room can join the Saskatchewan Pension Plan . You can leave the intricate art of investing to SPP — your focus can be on directing dollars to your retirement nest egg. When the time comes to give back the lanyard and pass, SPP will have invested your savings for you, and you’ll be presented with options for turning those savings into retirement income.

Be sure to check out SPP today!

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There was a time, way back when, when you could easily make an annual return of 16 per cent or more simply by signing up for payroll Canada Savings Bonds at work.

Are those days coming back, at least in part, now that interest rates on guaranteed investment certificates have topped the five per cent mark? Save with SPP took a look around to see what’s happening — for the first time in decades — in fixed-income investing.

A recent Wealth Professional article declares that “bonds are back.”

“After a long period in the unfashionable doldrums, fixed income has come roaring back with some tempting offerings that could be music to the ears of wealth managers,” writes Catherine Lafferty.

She quotes Macan Nia of Manulife as saying “a lot of the issues in the financial markets and for financial advisors was [around] this search for yield and how we drive income for our clients that are retiring. The good news is right now we simply clip the coupon. We believe they are attractive opportunities just in yield.”

OK, so bonds are suddenly a better investment. What about other forms of fixed income?

You don’t have to buy bonds (which pay interest, normally once or twice a year, until they mature) to benefit from today’s higher interest rates, writes Rob Carrick in The Globe and Mail.

Even a simple high interest savings account (HISA) can pay you “2.5 to 4.1 per cent right now,” he writes. A nice thing about HISAs is that your money is not tied up for a set period of time as it would be with a bond or guaranteed investment certificate (GIC).

There are now even exchange-traded funds that are basically an index fund of HISAs, Carrick notes.

“ETF HISAs offer after-fee yields around five per cent right now, but you may have to pay brokerage commissions to buy and sell,” he writes. There are also “mutual fund-style HISAs” that offer yields of 4.2 to 4.6 per cent, he continues.

The good old GIC is also looking more attractive, Carrick writes.

“If you have money to lock into GICs and want a great rate, now’s not a bad time to buy because there are 5 per cent yields available for terms of one, two, three and, in the case of EQ Bank, five years,” he writes. There are also cashable GICs — you can cash them in whenever you want — but those pay roughly one to 1.5 per cent less in interest, Carrick notes.

Equitable Bank’s Mahima Poddar tells Global News that the rise in interest rates has definitely rekindled interest in GICs.

“I do think we’re going to see more and more people going back to GICs,” she tells Global. There is a lot of downside risk these days to equity investment, she continues, with many people getting “burned.”

“When you compare that to a guaranteed five per cent rate with no downside risk, it becomes incredibly attractive,” she tells Global.

We have had several friends and family members over the years who prefer the lower risk of interest investing over the potentially higher returns from equities. Having lost a shirt or two on “can’t miss” fibre-optic network construction companies and the odd copper mining firm in the past, we must concede that risk is, well, pretty risky.

It’s probably safer to have a balanced approach, and that’s exactly how the Saskatchewan Pension Plan runs its retirement savings pool. The Balanced Fund is 41 per cent invested in Canadian, U.S. and International equities. On the interest side, bonds, private debt, mortgages and money market investments represent 30 per cent of assets. The rest of the fund is invested in what are called “alternative” investment such as infrastructure and real estate. Check out SPP today!

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Saving for retirement “is only part of the puzzle,” reveals Edward Jones research

Today’s retirees aren’t having an easy time of it like their predecessors, but are dealing with “curveballs, cannon balls and windfalls,” reports a new study carried out by Edward Jones.

The study’s results are covered in a recent article in Wealth Professional.

On the plus side, the findings from the firm’s latest Age Wave study suggest that Canadian retirees are focused on “health, family, purpose and finance,” the article notes.

And, says Edward Jones’ David Gunn, millennials are taking note of how retirees are dealing with post-work life.

“Eighty-five per cent of millennials agree that applying what retirees are learning right now would be helpful to them. So, millennials seem to recognize that retirees are going through a lot right now with respect to retirement plans and they want to learn from them. That’s a really good finding,” he tells Wealth Professional.

However, the study did note that while having goals in retirement is a positive, having a budget is also of critical importance.

“Saving for retirement is only part of the puzzle. The biggest challenge is figuring out a retirement budget,” the article explains.

On the activity/lifestyle front, those surveyed suggested that pre-retirees “test-drive their retirement activities before retiring.”

The survey also suggested that retirees “consider working in retirement,” even if they don’t need the money, the article notes. “It can improve their quality of life… by helping them keep an active mind and maintaining a strong sense of purpose,” the article reports.

The research found that the most successful retirees seem to embrace flexibility in their golden years, the article adds.

“Ninety-two per cent of retirees said that preparation, flexibility, and willingness to adapt were keys to success in retirement,” Gunn tells Wealth Professional. “So, they’re making course corrections in all four pillars of health, family, purpose, and finance.”

Their focus, the article continues, is on “healthier diets, doing regular exercise, and finding mental stimulation. They’re spending more quality time with family and less in unhealthy relationships.”

This is all very insightful.

On the idea of “test-driving” retirement activities, we might add a suggestion — why not test-drive your retirement budget? Before you retire, spend a month or two living on what you think your retirement income is going to be. That way, when you leave the workforce, you won’t be surprised, but prepared.

Friends of ours did this when buying their first home. They were worried what it would be like paying a mortgage, and thus, having less to live on. So, for six months before they started their mortgage, they banked the difference and tried living on the lesser amount. The plan worked perfectly — they had a stress-free transition to home ownership.

More is always good when it comes to retirement income. If you don’t have a pension program at work, and are saving on your own for retirement, why not consider partnering with the Saskatchewan Pension Plan? This do-it-yourself pension plan will invest your retirement savings in a low-cost, pooled fund, grow them, and when the time comes, help you turn those saved dollars into retirement income! Check out SPP today!

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“Greyer” workforce retirements rise, creating skills gap: TD

If you think you’ve noticed more grey heads around the office of late, you’re not wrong — but things may be about to change.

According to a new report by TD Economics, cited in an article in Wealth Professional, while more older workers than usual are currently employed, their pending mass retirement “is a risk to the economy if it is not addressed.”

James Orlando of TD tells Wealth Professional that the problem is that “many Canadians who would have been eying retirement have chosen (or perhaps been forced) to work longer than expected. But older workers will not stay in the labour market en masse for ever.”

It’s a bit of a good news, bad news situation, the magazine reports. Older workers who have delayed retirement have “provided an important buffer for those businesses that would otherwise be struggling to fill skills gaps,” the article points out.

In fact, the article continues, this “greying effect” on the workforce, where workers aged 55 and over stay in their jobs, has been happening since 2020.

Had older workers been retiring at the same rate they did 20 years ago, Wealth Professional reports, there would be an eye-popping one million fewer older people in today’s workforce.

It’s felt, the article tells us, that “lower asset values and rising housing and energy costs” are reasons the older gang is still at their desks — concerns about inadequate “pension pots” is another, the article adds.

Now for the bad news.

Figures show a “17 per cent increase in the number of retirements in 2022 compared to the prior two years, with 266,000 people retiring through the end of last year,” the article reports.

This trend, the article continues, is expected to continue “and with a projected one million over-65s by 2025, this could mean 900,000 retiring based on current participation rates.”

Put another way, that’s a 50 per cent jump in the retirement rate.

Orlando tells Wealth Professional that “businesses cannot ignore the likelihood of losing both the headcount and the knowledge that is in those heads.” He states that there is a need to address the skills gap through greater training of young people and through finding room for people with “foreign credentials and experience.”

“The aging of Canada’s existing population is opening the door to make the structural changes necessary to bring in, integrate, and support all current and future Canadians. Therein lies a huge opportunity for Canada,” Orlando tells Wealth Professional.

We’ve seen similar stories that talk about mass retirements in certain key sectors, such as healthcare and in skilled trades. If there is a positive side to this story, it’s that a once-in-a-generation time of opportunity is presenting itself to younger workers willing to up their skill sets.

Changing jobs often means changes to your workplace pension and benefits. But a job change is no biggie if you’re a member of the Saskatchewan Pension Plan (SPP). Because your SPP isn’t tied to your employer but to you, you can continue contributing at your new job, even if it’s in a different province or territory. This level of portability makes SPP a pension benefit that travels well!

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Lack of access to workplace pensions, debt and inflation hamper millennial savings efforts

New research from Edward Jones Canada has found that debt, inflation and the lack of workplace retirement savings programs are among the reasons millennials aren’t saving as much as they’d like for retirement.

An article in Wealth Professional took a closer look at the findings from the research.

A key learning was that 70 per cent of millennials (people aged 26 to 41) said “they are not able to save enough for their retirement,” the article notes.

Julie Petrara of Edward Jones Canada tells Wealth Professional that “we dug a little deeper and found that 27 per cent were unable to afford to save for retirement. Twenty-four per cent said they’re not saving as much as they want to; 15 per cent don’t know how much to save; and four per cent can afford to start saving, but haven’t.”

Reasons identified for not being able to save were “debt, their job and employment situation, and lifestyle,” as well as a lack of access to pensions, the article continues.

“Group plans aren’t often an option for young go-getters who earn income from the gig economy, while millennial workers with full-time corporate jobs are less likely than workers of decades past to be offered pension plans by their employers,” the article notes.

So for those without savings programs through work, retirement saving becomes “a self responsibility,” Petrara tells Wealth Professional. And on top of that, the cost of living was seen by 49 per cent of millennials surveyed as the “biggest obstacle” for retirement savings.

For millennials, the survey found, retirement savings is seen as something that can be put on the back burner versus “more immediate financial goals, such as paying down debt, homeownership, or starting a family.”

This is understandable, states Petrara in the article. “Millennials are further from retirement than more senior generations,” she tells Wealth Professional. “If we assume everyone is focusing on shorter-term financial goals, then Baby Boomers are prioritizing retirement, while millennials are dealing with their now and next, which includes addressing the costs they’re faced with today, and those they’ll be faced with in the near future.”

Petrara suggests that millennials consider working with a financial advisor to set priorities for saving.

There’s a lot of good information here and it rings very true. Of the millennials we know, some have good pensions through full-time work. But most are part-time workers, so retirement programs are either not available or optional. If you are able to take part in any type of retirement savings plan through work, be sure to sign up and start contributing — the money will go straight into savings right from your paycheque and you’ll be paying your future self first.

If there isn’t a retirement program at your workplace, ask your employer about signing up to offer the Saskatchewan Pension Plan, which is open to any Canadian with registered retirement savings plan room. SPP will handle the lion’s share of administrative work for the employer, and you and other employees will benefit from having a plan for your future. Tell your employer about SPP for employers today!

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Younger Canadians doing better than you’d think on finances: RBC poll

New research from RBC, reported on by Wealth Professional, suggests that young people are taking their finances – including saving for retirement – quite seriously.

A whopping 83 per cent of young adults aged 18 to 24 say “financial stability is key to overall happiness,” while 59 per cent say “they’re very or extremely engaged with their finances, compared to just 47 per cent of parents who think they are,” Wealth Professional reports.

“Canada’s young adults are planning and saving for their future,” Jason Storsley, senior vice-president of Everyday Banking and Client Growth at RBC, tells Wealth Professional. “The survey results showed about 32 per cent of young adults are saving for a house, and about a fifth of them (19 per cent) are already saving for retirement as well,” he states in the article.

Chief concerns among young adults, the magazine continues, are “the high cost of living (70 per cent) and inflation (54 per cent).” Sixty-seven per cent admit feeling “stressed about their finances,” and 58 per cent “worry about having too much debt.”

It sounds to us like the younger generation is being very responsible about money, and that their parents and grandparents may be underestimating that fact.

“It does feel like there is a disconnect between kind of what parents’ perception is and what youth are actually willing to do with respect to side hustles,” Storsley states in the article. “I think we sometimes underestimate the resourcefulness of our youth, and how they are stepping up to meet some of the challenges they are facing today.”

Some good news for younger Canadians is that when they get older, the payout from the Canada Pension Plan (CPP) will be higher.

Writing in the Globe and Mail, noted actuary and financial author Fred Vettese explains that both the contribution rate and benefit payout rate from CPP are on the rise.

“The maximum pension payable will ultimately be 50 per cent greater in real terms than it was in 2019, but the actual increase will be less if one didn’t always contribute the maximum. It will take more than 40 years before the expansion is fully phased in,” he explains.

A chart included in the article shows a steady increase coming for the next 30 years, which is positive news for younger people who will hit age 65 in the late 2040s and 2050s.

If you’re 18 to 24, perhaps still a student or early on in your work career, you may not have access to a pension through the workplace. But the Saskatchewan Pension Plan has you covered.

Any Canadian adult with registered retirement savings plan room can join, and your membership means access to a voluntary defined contribution pension plan that has been delivering retirement security since 1986. With SPP, your contributions are prudently invested at a low cost and grown between today and the long-off future date when you untether yourself from the labyrinth of work. Check out SPP today!

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Canadian women receive 18 per cent less retirement income: analysis

Women in this country receive, on average, 18 per cent less retirement income than men, reports Wealth Professional.

The publication cites an analysis of Statistics Canada data recently carried out by Ontario’s Pay Equity Office (PEO). Another alarming finding, Wealth Professional adds, is that the gap of 18 per cent in 2020 is worse than the 15 per cent gap women experienced in 1976.

This gap, known as the Gender Pension Gap (GPG), has long been a problem, the article continues.

“Among the 34 members of the Organization for Economic Cooperation and Development (OECD), the average GPG was 25.6 per cent as of 2021,” the article adds, again citing PEO analysis.

Across the country, the widest GPG is over in Alberta, where women’s retirement income is, on average, 23 per cent less than that of men. The province with the lowest gap – 13 per cent – is Prince Edward Island, the article notes.

“We see that the Gender Wage Gap (GWG) has narrowed with time. Meaning, women’s wages in Canada have steadily increased with time to be closer to that of men’s, although the gap has not closed completely,” states the PEO’s Kadie Ward in the article. “A natural assumption would be that with increased wages, the pension gap would also begin to close with time, but this does not appear to be the case,” she states.

There are several reasons why, the article continues.

“After having children, women are more likely than men to leave the workforce (temporarily or permanently), work fewer years over the course of their careers, work part-time to balance caregiving responsibilities, and make less money overall than men (due to the GWG),” the article explains.

“The impacts of the GPG should not be dismissed. Aging in poverty is linked to food insecurity, housing insecurity, and overall poor health outcomes, including higher rates of mortality,” Ward tells Wealth Professional.

“[T]here is no better time to call attention to not only the contributions of women around the world but the need for equal pay, better social protections, and shared domestic work between men and women,” she tells the publication.

There’s another factor to consider that this article doesn’t touch on, and that is the reality that women live longer than men. So, as the article notes, if the average woman has 18 per cent less retirement income than a man, she is also very likely to live (and thus, need retirement income) longer. That smaller pension pot will most likely need to sustain her for a longer time.

Women who do have a pension plan or retirement arrangement through work should make sure they are contributing to the max. Some types of plans allow you to contribute while you are away on a maternity leave (or afterwards, on your return to work). Your retired you will be glad if you look into this when you are younger.

If you don’t have any sort of retirement arrangement at work – or want to top up what you have – the Saskatchewan Pension Plan may be a very helpful resource. Set up originally to benefit women without any pension benefits, SPP is open to people with registered retirement savings plan room. SPP will take your contributions, grow them through prudent investing, and will help you turn them into retirement income down the road. Check out SPP today!

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Research shows “soon-to-retire” have different plans for life after work

New research from Edward Jones, reported on by Steve Randall in Wealth Professional, finds that many near-retirees don’t plan on a lot of rest and relaxation in retirement.

“Instead of taking it easy, more than half of Canadian retirees and those who are within 10 years of retirement see their post-work years as a ‘new chapter’ in their lives,” Randall writes.

As well, the Edward Jones/Age Wave survey found that 56 per cent of Canadians (aged 45 and over) surveyed see retirement “as a chance to reinvent themselves,” the publication reports. Some of that non-rest and relaxation includes work, the article continues, with 60 per cent of those asked saying they plan “to do some work as part of their ideal scenario.”

They are also expecting a long retirement – Wealth Professional reports the study found those polled expected around 27 years of retirement, and that they may live to age 100.

The article contrasts these retirement dreams with some less dreamy retirement realities. On average, the survey found, folks started saving for retirement at age 37 on average, with most wishing “they had started nine years earlier,” the article tells us.

“For those within 10 years of retirement, 58 per cent are contributing to an account but only 30 per cent have a thorough financial plan,” the piece continues.

“Those who retired in the last two years fear outliving their savings and among those three-14 years into retirement, 55 per cent have taken action to shore up their finances such as starting a part-time job or downsizing their home,” reports Wealth Professional.

Interestingly, only nine per cent of those surveyed think retirement should start at a certain age, the article notes. For 21 per cent of those asked, retirement should coincide with “financial independence,” the article adds.

The article concludes by identifying “the four pillars of retirement” as health, family, purpose and finances.

This is interesting research, for sure. The takeaway seems to be that while most of us are aware of what we want to do when we aren’t working as much, fewer have focused on the “finance” pillar, which plays a critical “enabler” role for the other pillars.

Way back when this writer was a newly-minted pension plan communications guy, we were taught that the three pillars of retirement where government retirement benefits, personal savings, and your workplace pension plan.

That three-legged stool isn’t as common a concept as it used to be. These days, the majority of Canadians don’t have a workplace pension plan. If you’re in that boat, don’t fret – you have the ability to create a do-it-yourself retirement program via the Saskatchewan Pension Plan. SPP can be your personal pension plan, or can be offered to your employees. You provide the contributions, and SPP grows them until it’s time to take up deep sea fishing, ballroom dancing, or what-have-you. Check them out today!

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Retirement savings is just a key first step in the process: IG Wealth

No one applauds retirement savings of any sort more than Save with SPP, but new research from IG Wealth suggests most of us don’t think about the many other steps in the retirement process.

The research is covered in a recent article in Wealth Professional.

The article points out that two-thirds of Canadians over 18 have registered retirement savings plans (RRSPs), and “57 per cent plan to invest in theirs” before the 2022 deadline.

As well, the average amount in our RRSP kitties is around $13,000, the article reports. All good, right?

But, the article asks, have many of us thought about the other issues retirement presents?

“Investing for retirement is just one piece of the overall retirement readiness puzzle,” IG Wealth’s Damon Murchison tells Wealth Professional. “It’s important to be thinking about retirement planning in a more holistic manner, and as a key component of an overall financial plan.”

So what are we not sure about, retirement-wise?

First, the article reports, the survey found that only 21 per cent “understand taxation of retirement income.” Those of us who are no longer working for the old company know all about this – the easy days of having the payroll department deduct enough from your pay so that you always got a tax refund are over. It’s trickier to figure things out when you are getting income from multiple sources.

Next, we are informed, only around 21 per cent have thought about their insurance needs. Once the office is far off in your rearview mirror, you may not have any drug, dental or vision coverage. Have you factored in the cost of getting this on your own, or checked out to see what your province or territory may be able to help you with?

Only 19 per cent have thought about estate planning, only 18 per cent have thought about their budgets, the article notes.

Save with SPP has had several friends who passed away suddenly, and without making a will. Without getting into this complex topic, let’s just say a will helps ensure your stuff goes to who you want it to go to. Without one, the process is slower, costly and complex, and at best is a guess by someone else of what you ought to have wanted.

A budget is highly recommended. And it doesn’t have to be a mega-detailed spreadsheet. As a former colleague of ours once explained in a masterful one-page financial planning document, it’s just knowing how much of your money needs to go to expenses, and how much is left to spend or save. When you’re retired, your expenses will probably be less, but so will your income, so the clearer the idea you have about your total retirement income, the better off you will be.

If you’re a member of the Saskatchewan Pension Plan, one way to be certain about your SPP income is to consider transferring some or all of your savings into an SPP annuity.

An annuity delivers you the same monthly payment for the rest of your life. The Canada Pension Plan and Old Age Security also give you a predictable monthly income. That income certainty will make budgeting and tax planning a whole lot less painful.

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