Here we go ladies and gentelmen. A Canadian bank has entered the race to provide lifetime income for retirees. See this article in the Vancouver Sun.
Now, this is obviously meant to target our pre-retirement neighbors to the north but expect some similar offerings to come to market here as well. Financial institutions know there is serious demand for lifetime income and all players will no doubt take a shot at the firms at the front of the pack: insurance companie.
Lifetime income annuities have been around for ages and are perfectly designed to be the most efficient means for providing guaranteed retirement income.
This recent offering from BMO Financial Group mirrors guaranteed income annuities in features but the benefits fall short of those offered by insurance companies. All that means is it takes more money to produce the desired level of retirement income.
What does all this mean for the consumer? Well, you’ll likely have a steadily increasing list of options to choose from when it’s time to properly allocate retirement assets.
The free market will always give people the opportunity find the best deal but that doesn’t mean it won’t be a little harder to dodge all the sales pitches coming your way.
Look no further than Annuity Straight Talk as a premier source for annuity information and a fair analysis of all retirement income options.