Warnings:
* A lot of brokers will try to sell you a product with a growing payment when you ask for an inflation protection product. Be clear that the problem with inflation is NOT the inflation that is expected - that is baked into all the prices. It is the UNKNOWN inflation that will differ from the expected. So those products are useless.
* The amount by which your payment will be reduced (from a normal annuity) is more than most people think the risk of unknown inflation is.
* You can address inflation by buying annuities in tranches over time and with different 'deferral period' (delays before payments start). This will average out the return you get, and will also serve to provide more income in later years.
Since the TFSA is limited to $5000/yr you would not have enough there to buy an annuity for many decades. These are not products you buy for $20,000.
Look up for yourself whether they are allowed. I would think not for practical reasons.
* A lot of brokers will try to sell you a product with a growing payment when you ask for an inflation protection product. Be clear that the problem with inflation is NOT the inflation that is expected - that is baked into all the prices. It is the UNKNOWN inflation that will differ from the expected. So those products are useless.
* The amount by which your payment will be reduced (from a normal annuity) is more than most people think the risk of unknown inflation is.
* You can address inflation by buying annuities in tranches over time and with different 'deferral period' (delays before payments start). This will average out the return you get, and will also serve to provide more income in later years.
Since the TFSA is limited to $5000/yr you would not have enough there to buy an annuity for many decades. These are not products you buy for $20,000.
Look up for yourself whether they are allowed. I would think not for practical reasons.