For today’s Portfolio Minute we will be reviewing Registered Retirement Income Fund (RRIF) accounts. It’s never too early to be thinking about retirement and how income will be produced. As your advisor, we will not only assist with the conversion of your RRSP to a RRIF; we will also work with you to determine how to best maximize your income in retirement in a tax-efficient manner. For some of our clients who already have RRIFs this information may be a review, while it may be new information for those who have an RRSP.
Our partners at IA Clarington have provided a great RRIF ‘cheat sheet’, addressing:
- How RRIFs work
- How annual minimum withdrawals are calculated (before and after age 71)
- Considerations to be made when withdrawing income from a RRIF
The full piece can be read here. Please reach out to us if you’d like to discuss your RRSP or RRIF, or if you have any questions about income in retirement.