Annuity vs. GIC: What makes sense for retiring?

An annuity and a ladder of GICs can look almost identical on paper, paying out similar monthly amounts, which is exactly why choosing between them is trickier than the numbers suggest. This piece sits with someone weighing the two and pulls apart what really separates them. An annuity hands over your capital for good in exchange for income you cannot outlive, while GICs keep your money within reach but offer no lifetime guarantee and leave you exposed to where interest rates and your own longevity go. Inflation quietly eating fixed payments, the value of keeping control of your savings, and the work of managing a ladder all come into it. Rather than crowning one winner, the thinking points back to your whole picture, including guaranteed income you already have from CPP and OAS, and whether you most need certainty or flexibility.