Registered Retirement Income Funds (RRIF)

Registered Retirement Income Fund (RRIF)
Once you retire, you have a few income options to choose from.  Most Canadians choose to open a Registered Retirement Income Fund (RRIF) account because of its similarities to a Registered Retirement Savings Plan (RRSP).  Put simply, a RRIF is a continuation of your RRSP, except you can only withdraw from it.  A RRIF is a retirement fund that provides an ongoing source of income for the account holder.  
With a RRIF account, you will have more control of your finances.  You will have the advantage of any growth within your plan being tax-deferred.  You can also choose how much you withdraw and how often.  The government does set a minimum amount that has to be redeemed each year depending on the total value of your RRIF.  
A RRIF is great because of its flexibility, but we do recommend working with a financial planner because not every option is going to suit your goals.  In general, there are a lot of things to consider when planning for retirement.  We are here to help you.  Click here to book your free consultation today.