A New Look at Retirement Planning

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Posted on by Deborah Abrahams

Enjoy a Healthy & Tax-Efficient Retirement: The Best Kept Secrets for Financial and Healthcare Planning

As a record number of Canadians approach or enter retirement, there are several critical factors to consider for a comfortable and secure future. Among these, financial stability and health security stand out as top priorities. Here, we explore two of the best-kept secrets that can significantly enhance your retirement plan, ensuring a tax-efficient income for life, as well as the right health insurance protection to suit your needs.

1. Annuities: The Secret to Guaranteed Lifetime Income and Tax Efficiency

Annuities are one of the most effective tools for retirement planning, yet they remain underutilized. Here’s why you should consider them:

WHY ANNUITIES? WHY NOW?

  • Guaranteed Income for Life: Annuities provide a steady, reliable income stream that lasts as long as you do, protecting you from the risk of outliving your savings.

  • Tax Efficiency: Prescribed annuities, especially those bought with non-registered funds, offer significant tax advantages. Your income payments are made up of a repayment of both capital and interest, so only a small portion of the income you receive is actually taxable.

  • Optimal Timing: With current interest rates at their highest in decades, we have a unique opportunity to take advantage of these unique economic conditions, before rates inevitably come back down, and the income. Locking in these rates can provide you with better returns before rates potentially drop again.

THE BEST KEPT SECRET:

Annuities are only available from life insurance companies. Most financial advisors can’t offer them, which is why many retirees miss out on this incredible opportunity.

With new tax rules and high taxes in Canada, this limited period presents a unique opportunity to build a tax-efficient baseline of income. Don’t let this secret stay hidden—consider annuities for your retirement plan.

2. Retiree Health Insurance: Comprehensive Coverage for Peace of Mind

Health insurance is a top concern for retirees, and rightly so. At SC Insurance, we provide tailored health insurance solutions that ensure you’re covered, no matter what the future holds.

KEY BENEFITS OF RETIREE HEALTH INSURANCE:

  • Personalized Health Reviews: Our experts conduct thorough reviews of your current health plan and compare it with other options in the market. This ensures you get the best possible coverage for your needs.


  • Comprehensive Long-Term Care: We offer solutions that cover all aspects of long-term care, including home care, personal support workers, nursing services, and more.


  • Additional Coverage: Beyond basic health care, we cover essential services such as incontinence supplies, transportation costs, and diagnostic tests like MRIs, ensuring you have all bases covered.

WHY NOW?

Given the new tax rules and high taxes in Canada, it’s more important than ever to optimize your health insurance. Our team is here to help you navigate these complexities, providing peace of mind so you can enjoy your retirement to the fullest.

Conclusion

Facing retirement can bring about many questions and uncertainties, but it doesn’t have to be daunting. By incorporating annuities for guaranteed income and securing comprehensive health insurance, you can achieve a worry-free retirement. These are the best kept secrets and answers to the most common challenges retirees face. Share this article with others who are preparing for retirement and contact SC Insurance today for a personalized consultation. Secure your financial and health future and focus on what truly matters—your happiness and well-being.

Contact us to discuss your Retirement Needs

info@scinsurance.ca

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