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The Benefits of RRIFs

Your Personal Source of Retirement Income

To ensure you can enjoy the full potential of your retirement years, you should consider combining your personal retirement savings with the government retirement benefits you’re eligible to receive, plus any other sources of income you may have.  The result will be a predictable, tax-efficient income stream that can look after your need for funds throughout your retirement.

The Registered Retirement Income Fund (RRIF) is by far the most popular retirement income vehicle. The benefits of a RRIF include:

Growth 
The interest you earn is tax-deferred until you withdraw your money, and you only pay tax on what you withdraw that year.

Flexibility
You choose how your money is invested and, with our help, devise an income plan that suits your needs and goals.

Control
Effectively, you’ll be creating your own personal pension plan.  And our advisors can help guide you.

How Do I Set Up a RRIF?

There are a number of factors to consider when deciding to open a RRIF.  The frequency of income payments, whether or not to take a lump sum payment, and the tax implications of those choices – they all need to be thought through carefully.

Converting your RRSP to a RRIF is a very important financial decision.  At FirstOntario, we understand.  That’s why we offer tools and advice to help you make the right decision – one that fits your retirement goals.  Call us today for an investment chat to discuss the investment options that are right for you.

 

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