Money For Life

PROGRAM DETAILS

Are you between the ages of 45 and 90?

​​What will happen if...

  • Your savings can't keep up with the rising costs of living and healthcare?

  • Your investments face years of bad markets?

  • You live much longer than expected?

Did you know...?

  • 3 in 5 Canadian retirees are worried about outliving their retirement savings

  • 9 in 10 Canadians aged 55 to 75 want to have guaranteed income for life

  • 1 in 4 Canadian women aged 65 will live past age 95

​​​​The Money For Life program converts any investment or savings account, including RRSP and TFSA accounts, into a personal pension plan, so you can receive guaranteed income for life.

This program provides the following benefits:

  • Guarantees predictable income for life

  • Ensures your savings will never run out, regardless how long you live

  • Sets a minimum guaranteed level of income, which has the capability to increase

  • Locks-in market gains and eliminates market losses, so your income can only go up, and will never go down

  • Protects against the rising costs of living

  • Generates higher income than GICs

  • Extends your RRSP or RRIF income payments for life, even when your RRIF account is depleted

  • Allows access to account savings for emergencies

  • Transfers any unused money directly to your children, or whoever you decide, so you can leave an inheritance that bypasses the estate process

  • Converts any account type, including RRSP, spousal RRSP, RRIF, spousal RRIF, TFSA, non-registered, and savings accounts

    • Except for locked-in, restricted, or prescribed accounts

  • Combines security with growth!

Built-In Additional Benefits for Select Programs

  • Savings Bonus Benefit: For every year that no withdrawals are made, your account will receive a 2.5% to 8% bonus that will be applied towards your future guaranteed income payments.

  • RRIF Bonus Benefit: When you are receiving your guaranteed income payments from a converted RRIF account, you will receive your program minimum or your RRIF minimum, whichever amount is higher.

  • Emergency Withdrawal Benefit: If you have an emergency and you need to access more than your guaranteed income payments, you have the flexibility to make a partial account withdrawal or close the account completely. Exercising this option, however, can decease or even eliminate the program guarantees.

 

JUDY'S STORY

 

Evelyn, Margaret, and Judy quickly became good friends after meeting at the local community centre last year. Turns out, they all recently retired, and were looking forward to pursuing their next adventures in travel, volunteer work, and spoiling the grandchildren! Each of the friends invest $500,000 at the age of 65, and along with their CPP and OAS pensions, hope to generate $40,000 of annual income to fulfill their life ambitions. However, three straight years of bad markets might force them to abandon their bucket lists.

Where are they now?

Choice 1: Evelyn's Story

Evelyn’s investment advisor recommended a balanced portfolio that should have averaged 7.2%. After 3 years, however, Evelyn loses $171,000, and her savings will most likely be gone by age 82.

Choice 2: Margaret's Story

Margaret took a safer route and put her money into GICs, earning 2% every year. Margaret will have enough income until age 96, but there won’t be any money left over for her grandchildren.

Choice 3: Judy's Story

Judy enrolled in the Money For Life program, which guaranteed a 4.6% income rate every year for life. Despite the years of bad markets, Judy is guaranteed to receive at least $40,000/year for the rest of her life, even if she lives past age 100! If the markets did well, Judy’s guaranteed income would have increased to over $49,000/year, and she still would have had over $600,000 to pass along to her grandchildren at age 96!

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Connect@LivingWellSolutions.ca

+1.604.726.9727

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© 2019 by LivingWell Healthcare Funding Solutions