Retirement Income Options

Canadian tax rules require that you convert your Registered Retirement Savings Plan (RRSP) into an investment income option by the end of the year you turn 71. There are several ways to do this including taking the money out (i.e. a cash withdrawal), Registered Retirement Income Fund (RRIF) or an Annuity.

No matter what kind of retirement you plan to enjoy, you’ll need a reliable income and Canadian tax rules require that you convert any Registered Retirement Savings Plans (RRSP) into an investment income option by the end of the year you turn 71. There are several ways to convert your RRSP, including taking the money out (i.e. a cash withdrawal) or converting to a Registered Retirement Income Fund (RRIF) or an Annuity.

Your income options will depend on your:

  • Health
  • Estate preservation goals
  • Cash requirements
  • Need for inflation protection
  • Required control over funds
  • Need for a predictable income
  • Present income and income tax bracket

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