What is a Canada life annuity?
A life annuity provides you with a guaranteed lifetime income. For example, if you buy a life annuity for $100,000 at age 65 with an income of $500 per month, you get your $100,000 back by age 82. If you live past 82, you will still receive $500 a month as long as you live.
Can I cash in my Canada life annuity?
You may be able to take up to 25% of your existing pension fund as tax-free cash. However, if your pension monies are coming from a drawdown plan, you will have already taken your tax-free cash.
What are the highest paying annuities right now?
How much does a $100,000 annuity pay per month? Our data revealed that a $100,000 annuity would pay between $448 and $1,524 monthly for life if you use a lifetime income rider. The payments are based on the age you buy the annuity contract and the length of time before taking the money.