Hazel plans to take CPP and OAS but is worried about having enough in retirement. Does buying an annuity make sense?

3 weeks ago 5

Rommie Analytics

Rather than purchasing an annuity, Hazel should consider delaying CPP and OAS, which is effectively buying an annuity.

Q. I’m a 62-year-old divorced human resource manager and earned $120,000 a year before I retired last year. I have been living off a small $85,000 inheritance. I’m a bit worried as I have no company pension so I will need to start drawing down my investment portfolio later this year and I am concerned that I won’t have enough money. I know I can return to work if I have to but I don’t really want to. Will my money last my lifetime?

Right now, my assets include $222,400 in a Read Entire Article