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On the internet, where can I find annuity calculations?

A number of web sites enable you to calculate the monthly payments you will receive from purchasing an annuity based on whether the annuity is to last the rest of your life or for a certain time period. An annuity calculator is available at an English web site www.retireweb.com. This site explains how to select the appropriate interest rates and provides various examples.

MoneySense.ca also includes excellent annuity information on their French site at: www.moneysense.ca/fra/accueil/index.jsp. It is a bilingual site, with the English version at www.moneysense.ca/eng/life/retiring/rrif_vs_annuity_calc/index.jsp. If you go to www.moneysense.ca/eng/banking_credit/rates/Today’sratesIndex.jsp you will find a table which provides the monthly amounts for a single life annuity (these annuities pay a specified amount until the death of annuitant) for $100,000 that are paid by various insurance companies (Sun Life, Transamerica Life Canada, etc.) based on today’s interest rates. Three different payments for women are provided – one for an annuity which is not guaranteed (single life annuity), one for an annuity with a five-year guaranteed term (in the case where you die before the term expires your spouse or your estate receives the amount left for the specified term) and one for a ten-year guaranteed term. Annuity payments are based on mortality tables – the older you are the more you will receive. A person with health problems will have a shorter life expectancy and therefore a higher payout. Women receive lower payouts than men because they have longer life spans. A basic single annuity has the highest payout. For more information on annuity payments and rates consult an insurance agent, bank, trust company or charities which sell annuities.