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.

• Once you convert your RRSP to a RRIF or turn 71 years old, you’ll need to withdraw minimum payments each year – starting the second year you convert your RRIF.
• Your minimum payment is based on your age or your partner’s age and the amount of money in your RRIF on January 1. As these factors evolve, so will your minimum payment amount.
• Earnings are tax sheltered until they’re withdrawn.
• Transfer your funds to a RRIF from an RRSP, a RRIF from another financial institution, 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 yours 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 info@alphaguarantees.com to discuss turning your retirement savings into retirement income or book an appointment with us online!