With an
Annuity,
you receive a guaranteed fixed amount for life. The payments are normally
for a guaranteed number of years as well as your lifetime and the lifetime
of your spouse, if any.
An advantage
of a RRIF is that you can change the income payments from minimum to
any amount you wish. Also you can withdraw lump sums to meet unexpected financial
needs. You retain control and you have two main choices for investment: a
fixed interest rate or segregated funds. However, as of October 2003, due
to continued market volatility, we are recommending that clients consider
1 to 5 year interest rates as suitable RRIF investments.
