Retirement Income Options
Now that your retirement’s at hand, it’s time to turn your hard earned savings into income. Even if you’re not thinking of retirement quite yet, when you hit age 71 you’ll be required to move your RRSPs into a retirement income fund.
Registered Retirement Income Fund (RRIF)
RRIFs give you a level of control and flexibility over your retirement income you won’t find anywhere else. You decide the amount and frequency of payments.
- There’s a minimum payment you need to take each year after you reach age 71 or once you convert to an RRIF. That minimum payment increases each year as you age
- Earnings are tax sheltered until they’re withdrawn
- You can transfer funds to your RRIF from an RRSP, a different RRIF, a Registered Pension Plan (RPP) or a Deferred Profit Sharing Plan (DPSP)
- Find out your potential RRIF payments with the help of our RRIF Calculator
- See RRIF Product Options
Annuities - Credential Financial Strategies Inc.*
If you like to play it safe, annuities are right for you. They’re also a good option if preserving your estate isn’t a main concern.
- Annuities are like an insurance policy in reverse: You make a large, lump-sum payment and, in turn, the insurer pays you a regular income
- The size of your monthly payment depends on your personal circumstances. Talk to one of our wealth specialists to determine what your may look like!
- You can purchase annuities with money from your RRSP or non-registered funds
Getting ready to retire? Congratulations! Call our Contact Centre at 1.866.863.6237 to discuss turning your retirement savings into retirement income or book an appointment with us online!
*Credential Financial Strategies Inc. is a member company under Aviso Wealth Inc., offering financial planning, life insurance and investments to members of credit unions and their communities. Your insurance contract will provide details of the coverage available under the plan you choose. Restrictions may apply.