Our guest blogger, Matthew Seah, has kindly obliged to elaborate on how funds in our SRS account could be used to provide us with lifelong income: If we should have much more than $400K ($40K x 10 years) in our SRS accounts by the time we retire at 62, we would have to pay some income tax as we withdraw the funds from our SRS accounts over the next 10 years. (For more details on this, see related post at the end of this guest blog.) In fact, depending on how much we have in our SRS accounts, we might even be taxed at a much higher rate. For example, assuming that we amassed $1 million in our SRS accounts, an annual withdrawal of $100K would mean paying $700 in income tax a year. One way to milk more money from the SRS account is to purchase an annuity which pays us in...