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  • Identify the many Myths in the financial system, including the dream of “beating the market” through individual stock selection.
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  • Help self-investors to better control their costs, what Warren Buffett calls the financial system’s friction costs.
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  • Identify areas where the financial system does not adequately take into account the interests of independent investors.
  • Encourage reforms to the regulatory system.


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WELCOME to our site for the independent investor which was officially launched March 18, 2008. Become a member (it’s free) and enjoy full access to the site + receive on a preferred basis our weekly newsletters. Our site has been described as one of the few educational websites that offer the unbiased, clearly written material that busy investors need (The Globe & Mail 30 05 2008) and as a site dedicated to providing individual investors with independent, objective, free advice and information (The Gazette, Montreal 31 03 2008). See In the Media under the tab Media on our home page. MEMBERS-PLEASE NOTE: Depending on your software and internet provider, it may be necessary for you to add to your list of safe contacts in your spam filters. Otherwise, you may not receive our newsletters. Our newsletters notify our members in priority of our commentaries on current events and other topics of interest. If you miss a newsletter, it will eventually be filed on the site at a later date under Information on the home page. We are also on Twitter under DIYInvestor.

Longevity risk: are annuities the solution? Print


InvestorED . This site is sponsored by the Ontario Securities Commission of Ontario. See the heading RRSPs and annuities.
Shakespeare Keith Betty  . One of our favorite Canadian sites. See the heading Withdrawal strategies.

Peter Benedek RetirementAction . A site and blog on retirement issues. See his blog items on the topic of  annuities.

Benefits Canada
  . A website  of financial information for managers of benefit programs  and pension plans. See various articles by searching for annuities.

Canadian Business
. Publishes articles on various matters. See various articles in annuities.

Assuris  . Assuris is a non-profit corporation that protects policyholders in Canada (including the holders of annuities) in case of bankruptcy of their life insurance company.

IFID (Individual Finance & Insurance decisions Center). A Toronto research on financial issues, which is focused on annuities.

CAILBA . The association representing most independent brokerage agencies in Canada.

CANNEX . Cannex publishes interest rates and calculations of values (including for annuities) for many financial products offered by financial institutions in Canada.

ImmediateAnnuities . This site publishes quotations for annuities.


Peter Bernstein 2001 doc.1041 Examines reasons to purchase of variable annuities.

Moody's 2001 doc.1042 . Considers the solvency of insurance companies that offer Canadian segregated funds (the equivalent of variable annuities in the USA)

Wadsworth 2002 UK doc.1043 Discusses design considerations for annuities in England.

George Mackenzie doc.1044CV  Provides the CV of George Mackenzie, a Canadian who published several articles on annuities while at the IMF.

George Mackenzie 2002 doc.1044 This paper by an official of the IMF examines the role of annuities in the context of a revision of pension systems in various countries encouraging individual savings accounts.

Milveksky 2004 doc.1052-3 mortality credits

George Mackenzie 2004 doc.1045. This paper by an official of the IMF examines the role of annuities and their volatility , particularly in the USA.

Gardner Wadsworth 2004 UK doc.1046. This study examines the reasons for which the English consumer would consider buying an annuity, and at what age.

Cannex Aronoff 2005 doc.1047. Considers the markets for annuities in Canada and the USA.

Manulife Huddart 2005 doc.1048. Considers the role of insurance companies in Canada.

Morningstar Paul Kaplan 2005
doc.1049 This USA study examines the interrelationship between asset aqllocation, annuities and retirement portfolio withdrawal rates.

Ken Fisher 2006 doc.1050 Investors like gains and hate losses so they love investments that combine the prospect of gains with protection from losses. These securities include bonds, money market funds, stable value funds and indexed annuities.

Ibbotson Milevsky et al 2007 doc.1051 This study sponsored  by the reputable USA CFA Institute examines the management of what they call your human and financial capital at various stages of life in the light of the risk of longevity.

Milevsky 2007 doc.1052-1 longevity risk

Milevsky 2007 doc.1052-2 annuities pro and con

Milevsky 2007 doc.1052 The author examines the price competitiveness of the Canadian annuities market.

TowersPerrin Lebel  2008 doc.1053. Looks at the markets in the U.S. and Canada for segregated funds (called variable annuities in the USA).

Noble Caron 2008 doc.1054 Media articles on Managing general agents

Last Updated ( Tuesday, 16 December 2008 )
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