retirement planning

Optimizing Your RRIF

Registered Retirement Income Funds (RRIFs) are one method of drawing an income from Registered Retirement Savings Plans (RRSPs) in retirement. There are a few things to consider to get the best value from your retirement savings with RRIFs.

For many Canadians, RRSP savings will be the major source of their retirement income. The main concern for most is the risk
of outliving their money. Another priority for many retirees is minimizing income taxes.

Fuzzy Retirement Goals

Retirement funding is a complex machine, with several moving parts. For many Canadians employer pensions and government benefits will make up the core of their retirement income.

A recent RBC survey found 54% of Canadians expect their pension will be the largest source of income, but when asked what kind of pension they have, 19% do not know.

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