Once an annuity option has been chosen and payments started, there are no options available from the issuing company. Although many companies are willing to reconsider under extenuating circumstances, they are not bound to make any changes.

However, the annuity can be used as loan collateral.

If you have questions on your annuity, please contact me.

Each individual's needs are different. However, I can tell you that if you are under 85 and in good health, you still have the option to buy insurance.

Life Insurance can be used to provide capital for any future capital gains taxes owing, to provide income for a surviving partner, or to replace savings that are wanted for today. Insurance can be a cost effective way to do this, however, as you know, insurance premiums are based on age. With some proper planning, you may be able to turn your savings into income and replace it to your estate.

If you feel that you want to look at insurance, please, contact me.

The possibility of needing a long term care facility and the expenses associated is a concern for many seniors. This fear often influence a retirees ability to enjoy their retirement by restricting their spending in case this possibility becomes a reality.

As a result of this need, there are some Life Insurance Companies that now offer Long Term Care policies that offer coverage for in-home care, facility care or both. Often the children who have the disposable income available to pay the premiums purchase these policies.

Travel medical insurance will be the most important need of the senior "snowbird".
Travel medical insurance pays expenses over and above what the government plans pay (usually only a small fraction of the actual medical/hospital costs out of country). Expenses you may incur that are not covered by your government plans are things such as family visitation, return of a vehicle, emergency air ambulance, any additional cash needs while in hospital, repatriation of remains, and dental accident benefits.

You should also check your home insurance and the coverage provided if you are away for an extended period of time. If someone is not living in your home or checking regularly, your insurance may not be in force..

The most important considerations with savings are tax treatment, rate of return and risk factors. GIC type investments are "safe", but provide no real growth, and earn treatment interest, which not only is fully taxable but can also increase your actual income tax rate and eliminate you for many government assisted programs. Interest increases your taxable income by the total amount earned, whereas, other forms of investments will give you better return as well as some attractive tax savings without substantially increasing your risk factors.In order to not lose the purchasing power of your savings, it is imperative that you earn at least the rate of inflation to stay ahead.

If you are married, you may wish to look at the tax differences payable if you file jointly or separately.

Pension plans offer a number of different options for you to chose from. Depending on age and your plan, your choices may include; leaving the funds to accumulate, transferring the funds to a new pension plan (providing the new allows this), transferring the funds to a "locked in" RRSP, or transferring the funds to a retirement arrangement (LIRA).

If you choose to start your annuity now, you will be given a number of different payment choices…. life only annuity; a joint and last survivor annuity; life annuity a with a guarantee period; or a Life Income Fund (LIF). Which is best for your situation is something we should review together. A thorough discussion on your needs and a full understanding of these choices will help you make the best decision for the long term.

Making the most of pension choices depends on your individual situation. If your situation fits, one of the most advantageous choices for individuals who have pension benefits and want to maximize their income today is to use a Pension Maximization approach. This involves choosing a life only benefit and providing insurance to provide income to your spouse on your death. Obviously, you would need to have existing insurance available; be able to pass a medical if you don't have insurance; or convert your group life insurance. There are also some income tax benefits to this approach. Again, we would need to research this thoroughly together to see if this would fit your situation.

Registered Savings Plans offer you much more flexibility than a Pension Plan. The only restriction of a RSP is that you must start income in the year you turn 69. You can delay all payments until then, or, conversely start them when you're ready. You have the choice of deregistering all or part of your investment (tax payable); rolling to a RIF which is designed to keep your income low in the early years and higher as you age with all funds paid out by age 90; or choosing an annuity. The annuity will offer you many choices such as ….a life only annuity; a joint and last survivor annuity; or, a life annuity a with a guarantee period.

The most important information about your employer group life insurance is that you only have 30 days after your final day to make a decision. Whether you want to continue this insurance will depend on a number of things…do you need additional insurance now; will you need coverage in the future, possibly to replace retirement income to your spouse; do you have other dependents? In most cases, if you can pass a medical, you will have more choices on the costs and types of insurance.

In today's world, the loss of this benefit is substantial. Most group plans do not continue the medical coverage, so you should be looking to replace this benefit as you are being continually burdened with paying more of your own health costs. Age, medical condition, number of people and type of coverage will dictate costs.

The possibility of some time in the future having a need for a long term care facility is a fear for many retired people. Addressing this possibility early gives you a number of options to look at. There are now a number of insurance plans offered for just such an eventuality. Choices are for in-home care, facility care or both.

Critical Illness insurance is fairly new to the North American market. Its purpose is to provide capital in the event you are diagnosed with a life threatening illness. It's the brainchild of Dr. Barnard who realized that with heart transplants they could save many people who would have died in the past. But although they saved patient's lives, the costs destroyed them financially. Critical Illness differs from disability insurance in that it pays a lump sum rather than a monthly income and only when diagnosed with one of the illness stipulated in the contract..

Because this insurance is new, it is harder to get and your genes and family health history play a large role. This is one time when being an adoptee can work to your advantage because you will qualify strictly on your own health history.

Disability Insurance pays you a monthly income if you are sick or injured. This is different from Critical Illness Insurance that pays a lump sum and only if you are diagnosed with one of the illnesses specified in the contract.

If you're an employee with Group Insurance coverage including weekly income and long term disability coverage, you really don't need individual disability, unless it's to cover a specific debt. If this is not your situation, you will definitely want to consider disability insurance.

Before reducing your life insurance costs you need to understand what determines the cost. There are a many factors, here are a few:

• the risk you pose to the company
• the policy's death benefit
• whether your policy will have a cash value

The risk you pose is determined by your lifestyle and your current health condition and risks you afford yourself. For those with a healthy low risk life style insurance companies often offer a low risk category called Preferred Risk. These policies are often a much better deal - offering the same coverage for a much lower cost.

A single life insurance policy instead of several small ones will save you money. Each policy includes a certain amount to cover overhead. You can reduce your costs by increasing a single policy with a rider rather than a second or third policy.

Another way to reduce costs is to merge your partners policy with yours. A First-To-Die policy covers both partners. The death benefit is paid to the surviving spouse when either one dies. Often the premiums are much lower than if you buy two individual policies.