When it comes time to take money out of your RRSP, how do you do it? The Registered Retirement Income Fund (RRIF) was set up to do just that.
The Federal Government designed Registered Retirement Savings Plans (RRSPs) to be used for retirement. Part of that design is a requirement on when they have to be taken out -- you can't defer paying taxes forever. By the end of your 71st year, you will need to move your RRSP into a different vehicle and start to take some money out.
The main way to accomplish this is through Registered Retirement Income Funds (RRIFs).
Registered Retirement Income Funds (RRIFs) are the "back end" of an RRSP. It involves the withdrawal, over time, of the money invested into your RRSP. A Registered Retirement Income Fund (RRIF) has a number of different characteristics concerning investor control, withdrawal period, withdrawal amount, transfer of assets, tax concerns, and more.
What is most important to you?
Complete control and flexibility of your retirement savings? If so, a RRIF may be your best choice for non-locked-in savings.
We have decades of experience in helping people in Alberta to move their money out of their RRSP by starting a RRIF. As independent financial services professionals we can shop the market to find the best RRIF options available to you.
Contact us today to get started on setting up your retirement income -- simplicity, flexibility and a diversity of investments built to give you choice and mitigate your risk.
Mutual Funds are distributed through Desjardins Financial Security Investments Inc. (DFS Investments)