A registered retirement income fund (RRIF) is like a registered retirement savings plan (RRSP) in reverse – it requires you take minimum annual withdrawals from your savings to help fund your retirement. Access your money when you need it, for whatever you need it, once you retire.
Income annuities can help you step into retirement with the certainty of a steady income stream. It’s a simple way to turn a portion of your savings into regular income – for a fixed period or the rest of your life. You can put a portion of your retirement savings, like your RRSP, into an annuity.
Your workplace pension gives you advantages that can help you save more so you can retire on your terms. It helps bridge the gap between your personal savings and what you need for your retirement. In some cases, your employer may match a portion of what you contribute.
Munira Kazia, B.Comm., CHS, CFP