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Retirement Income 

Over the course of your retirement, you will convert your registered savings plan into income funds or annuities so that you may draw upon your funds as required. These options, which vary according to your plan that you own, allow you to regularly withdraw money while continuing to accumulate tax-free savings from investment income.

1. RRIF-Registered Retirement Income Fund

RRIF acts as an extension of a registered retirement savings plan. It allows you to utilize the savings you have accumulated during your working life. You have until December 31 of the year you turn 71 to convert the amounts invested in your RRSP to RRIF

2. LIF-Life Income Fund

If your savings have been placed in a locked-in retirement account (LIRA), a life income fund will allow you to periodically withdraw the funds you require to live comfortably.

3. Annuities (Guaranteed Income)

Annuities are ideal if you would like to convert a portion of your savings into a fixed and guaranteed income that provides you with regular payments. There are two types of annuities: life and certain. 


Turn your retirement dreams into reality. 

If you are 15 years or less away from retirement, now is the time to meet with an advisor and take stock of your financial situation. Together, you will establish the total amount of your retirement income sources, which will primarily consist of:


  • Government plan benefits  

  • Company pension plan payments 

  • Personal savings

By comparing your forecasted income with your estimated future needs, which should equal approximately 70% of your salary, you can determine if you are on the right track. If you are, keep going! On the other hand, if you see that your savings won’t be enough, it would be wise to discuss your savings options with an advisor.

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