To decide what to do with your pension and other retirement savings, ask yourself: What’s most important to me? Then find the type of investments that will fit your financial priorities, your tolerance for risk, and your personal situation.

Should I invest for guaranteed income?

Do any of these statements apply to you?

□       You don’t want to make investment decisions.

□       You are in good health and expect to live a long life.

□       You have limited pension and retirement savings, and are worried about how you’ll make them last.

□       Interest rates are very high, so you can get a good monthly income.

□       You are not worried about how rising prices may affect your income.

If so, you may look for ways to get a guaranteed income for life.

Example: A life annuity takes away the worry about how to manage your savings so you don’t outlive your money. You can also guarantee payments to a surviving spouse or your estate, if you choose to pay extra for that option.

Should I invest for safety?

Do any of these statements apply to you?

□       You will have few sources of income after you retire.

□       You have other people who depend on you financially.

□       You don’t like risk.

□       You don’t want to or can’t afford to lose money from a bad investment.

If so, you may look for ways to keep your money safe when you invest. 

Examples: A life annuity gives you a fixed income for life, so you can’t lose money. Investments like Guaranteed Investment Certificates (GICs), government bonds, and treasury bills are also guaranteed. They provide a fixed income, and you can change your investments whenever you want.

Should I invest for growth?

Do any of these statements apply to you?

□       You feel sure you can get a high enough return on your pension and other savings to provide the income you need.

□       You want to pass on wealth to your family after your death.

□       You know you will need more income over time. For example, you may already know about a condition you have that will make your health costs rise in the future.

If so, consider trying to boost your retirement income by investing for growth.

Examples: Stocks, mutual funds, and other growth investments.

Remember: that when you choose investments with more potential for growth, there’s also more risk you may lose some of your money.
Not sure what to do? We’ve created a chart to compare these options, plus a list of further tips.


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