Annuities enable you to receive a guaranteed life-long income once you leave the workforce.
You can use annuities to supplement other income options, such as RRSPs and increase your financial security in your later years.
You can buy an annuity with money from an RRSP, RRIF or other non-registered account. The money is then returned to you, with interest, in regular payments that you can choose to receive for a set number of years or for the rest of your life. You can also decide how often you would like to receive payments—monthly, quarterly, semi-annually or annually—depending on your specific situation.