There are qualified defined benefit retirement plans, although not as popular than defined contribution plans. A qualified defined benefit plan sets a retirement date and future benefit. To maintain the schedule date and benefit, adjustments in contributions are made to maintain the target date and benefit. Non-qualified annuity plans that are annuitized the policy for lifetime income generally have a fixed benefit or payout as well.
In Canada, a defined benefit pension plan as the name implies provides a pension that is guaranteed based on a formula. The unknown is how much the employer is required to contribute.
Guaranteed investment annuities and segregated funds provide a guaranteed annuity income at retirement.
What combination is best for you depends.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Lifetime income is the goal of every retiree. The most efficient way to reach that goal is to transfer your accumulation into a single premium immediate annuity. The payments will not cease until you die. The return is guaranteed by the life insurance company issuing the contract. It might not be the “total” solution but it does have the guarantees that you are looking for.
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In Canada, a defined benefit pension plan as the name implies provides a pension that is guaranteed based on a formula. The unknown is how much the employer is required to contribute.
Guaranteed investment annuities and segregated funds provide a guaranteed annuity income at retirement.
What combination is best for you depends.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.