Annuities: The best financial product no one really wants - GIC Wealth Management

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For Your Information Annuities: The best financial product no one really wants

Annuities: The best financial product no one really wants

People who save through RRSPs have a choice to make when they retire. They can transfer their RRSP balance to an RRIF and draw it down at their own pace (subject to a minimum) or they can buy an annuity. The simple fact is, an annuity may be a great idea, but hardly anyone buys one. It is easy to blame low interest rates, which depress the amount of annuity income one can buy these days. But annuities were not in vogue even when interest rates were much higher a dozen years ago.

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