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. Just 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.

Learn more...

Do I invest my pension savings for guaranteed income, safety, or growth?

Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.