Skip to main content
Article
October 04, 2022

Save more for retirement: Now is a great time to turn your RRSP savings into guaranteed retirement income

Higher annuity payouts mean greater security for your retirement income

We recently shared an update that Guaranteed Lifetime Income Annuity benefits had increased, leading to higher payouts in retirement. This week, to reflect ongoing interest rate increases and other changes in the market, Brookfield Annuity Company made a mid-quarter update to its annuity pricing formula with potential payouts increasing by as much as eight per cent.

This is wonderful news for physicians and their spouses or common-law partners who are looking to save for their retirement. This means that for OMA members age 50 and older, now is a good time to lock in a guaranteed source of retirement income through the OMA Insurance-sponsored Advantages Retirement Plan™.

How the annuity works

An annuity is an insurance product designed to help protect you against outliving your savings. The Guaranteed Lifetime Income annuity is exclusively available to members of the Advantages Retirement PlanTM age 50 or over, and can be purchased by redirecting funds from your RRSP inside the plan.
You can choose an annuity based on how much you want to contribute, how much income you want to receive, when you want to contribute, and when you want to start receiving benefits, starting as early as age 60.

What makes Guaranteed Lifetime Income different

Most annuities available to retail investors require you to make a lump-sum purchase with a minimum amount in the thousands of dollars. The Guaranteed Lifetime Income annuity offers much more flexibility: You can make a lump-sum purchase starting at $1,000, or you can make monthly contributions starting at $100 a month. This flexibility is unique in the industry and only available through the Advantages Retirement Plan™.

Already purchased an annuity?

This pricing update only applies to new purchases. If you’ve already purchased a Guaranteed Lifetime Income annuity, your future payouts will stay the same, but this pricing increase is an opportunity to consider locking in more guaranteed income in retirement.

Talk with us to learn more

Before you commit, keep in mind that an annuity purchase is final and can’t be undone or cashed out.

To find out whether the Guaranteed Lifetime Income Annuity is right for you, book a consultation with one of the Advantages Retirement Plan™ specialists.

You can also test out different scenarios using the annuity modeller by logging in to your Advantages Retirement Plan™ account.

Not a plan member yet? Connect with the OMA Insurance team to learn more:

Guillermo Nafarrate
Ontario Central West
guillermo.nafarrate@oma.org

Yash Khubchandani
Ontario Central East
yash.khubchandani@oma.org