Retirement Savings into Retirement Income
You are now venturing into the next phase of your life - retirement!
If you have been able to save for your retirement, you have a few more
decisions to make. You will need to decide how and when you w ish to
convert your retirement savings into retirement income. It is important to
consider all your options and choose one or a number of options that best
suits your needs.
Available options are:
Registered Retirement Income
Fund (RRIF)
Life Income Fund (LIF)
Locked-in Retirement Fund
(LRIF)
Prescribed Retirement Income
Fund (PRIF)
Restricted Life Income Fund
(RLIF)
Annuities
Photo credit 401(K) 2013 via VisualHunt.com CC BY-SA
For more information on these
products speak with a financial
professional with experience in this field.
Or
Visit the Canada Revenue Agency website at:
http://www.fcac-acfc.gc.ca/Eng/forConsumers/lifeEvents/livingRetirement/
Pages/Converti-Converti.aspx#RRIF
36