Secure Your Retirement with Guaranteed Payments
Turn a lump sum of savings into a steady, predictable stream of income, guaranteed to last for a set period or the rest of your life.
An annuity is an insurance-based investment that provides guaranteed income in exchange for a one-time lump sum deposit. Think of it as a private pension — designed to deliver peace of mind, simplicity, and financial security in retirement.
Key features:
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Guaranteed monthly or annual payments for life or a set number of years
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Customizable income options (single life, joint life, term certain)
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No market risk - payments stay the same regardless of interest rates or market performance
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Tax-efficient income - especially for non-registered funds
Why Consider Annuities for Retirement or Investment Planning?
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Stable, predictable income - perfect for budgeting in retirement
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Guaranteed for life - no outliving your savings
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Tax efficiency - a portion of each payment may be a tax-free return of capital
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No investment management required - completely hands-off
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Protection from market volatility - no exposure to ups and downs
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Estate options available - such as guaranteed payment periods or beneficiary refunds
Are Annuities Right for You?
Annuities may be a smart fit if you:
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Are age 50+ and looking for retirement income certainty
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Want to turn a portion of your savings into lifelong income
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Prefer low-risk, hands-off investing
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Are retiring without a defined benefit pension
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Want to cover fixed expenses like rent, groceries, or insurance
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Have non-registered funds and want tax-efficient income
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You make a one-time deposit (from registered or non-registered savings), and the insurer pays you guaranteed income monthly, quarterly, or annually for a set period or for life. Payments are based on your age, gender, interest rates, and the type of annuity you choose.
Yes. With an immediate annuity, payments can start within 30 days to a year of purchase. With a deferred annuity, you choose a future start date; the longer you wait, the higher your income.
Life Annuity: Pays for as long as you live (or both lives in a joint setup)
Term Certain Annuity: Pays for a set number of years
Prescribed Annuity: Offers level payments with tax advantages in non-registered accounts
It depends on the annuity option you choose.
With a basic life annuity, payments stop when you pass away. However, you can add options such as a guarantee period (e.g., 10 or 20 years), where payments continue to your beneficiary until the end of the guarantee period, or a refund option, which ensures your beneficiary receives at least the remaining balance from your original deposit. With a joint life annuity, income continues for your spouse’s lifetime.
In non-registered accounts, part of the payment is often a tax-free return of capital
In registered plans (RRSP, RRIF, LIRA), all payments are fully taxable as income
No, once an annuity is set up, it cannot be surrendered for a lump sum.
Generally No. Annuities are designed for individuals who want guaranteed retirement income
Still Have Questions?
Disclaimer: The information contained in this article is provided for general informational purposes only and does not constitute financial, legal, tax, or investment advice. While we strive to ensure that the content is accurate and up to date, Safe Horizon Financial makes no guarantees regarding its applicability to your individual circumstances. Readers should consult qualified professionals (such as a licensed financial advisor, accountant, or lawyer) before making decisions based on the information presented. Safe Horizon Financial is not responsible for any actions taken or not taken as a result of this content.