November 2017- Canadians recognize the important role that guaranteed income can play in retirement planning, and nearly half of us who are retired worry about outliving our money. Few of us have private pension plans with guaranteed income to supplement any CPP or OAS we may be entitled to. With average life expectancies rising significantly, the need for lifetime income guarantees has never been greater. A 65-year-old Canadian will live into their 80s on average, and many will spend 20 to 30 years in retirement. That’s a lot of years that income funding is needed. At the very least, you want to know your basic living expenses (food, shelter, clothing, transportation, tax, health care) will be covered. Many don’t know that there are several ways to use your investments to provide other forms of guaranteed lifetime income, without the financial worry of low interest rates and the volatility of market-based investments. Some options can offer lifetime income for both you and your spouse, or guaranteed annual income with the potential ability to grow by deferring the start date for payments, or investing in portfolios with growth potential.  Depending on the product, some may also allow access to your money and/or a death benefit.