There are some financial decisions to consider when you turn 65 and 71—a financial planner can help remove the guesswork.
A financial planner can help you understand the choices for your RRSP and what’s best for you.
A Registered Retirement Income Fund (RRIF) is an extension of your Registered Retirement Savings Plan (RRSP). But instead of contributing to it, you’re withdrawing from it to receive an ongoing flow of income.
What to Know About a RRIFWhat to Know About a RRIF
An annuity is a contract between you and an insurance company. Annuities provide a guaranteed income stream for life, or a fixed term that you set.
What to Know About AnnuitiesWhat to Know About Annuities
If you cash out your RRSP and take a lump sum, you will be hit with potentially significant tax consequences, since you will be taxed all at once at your current marginal tax rate. Lump sum payments generally make sense only if the RRSP is relatively small.
Did You Know There Are 3 Stages of Retirement?
See why the need for financial planning doesn’t end once you’re retired.
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