Personal Services - RRIF Investing

What Happens at Retirement?
The first stage of an RRSP is to accumulate retirement savings.  The next stage is to provide retirement income.  Your accumulated savings may be invested in a variety of options to provide a retirement income which can continue for life or to age 90.  Only the retirement income payments are taxed each year as you receive them, thus spreading the taxation of your accumulated savings over your retirement years.  You must purchase your retirement income option, before the end of the calendar year in which you turn 69.
           
Registered Retirement Income Fund (RRIF)
Although there are several retirement income options, RRIF’s are one of the most favoured options.  A RRIF provides you with maximum control over investment of your funds and the flexibility to adjust the amount of payment you will receive.  As with RRSP’s there are various types of RRIF’s available,

In addition to RRIF’s, we can provide you with information on other Retirement Income Options:

• Life Annuity – provides you with a series of schedule payments for the rest of your life.  Option you choose will affect the payment amount, frequency and payout to survivors.
• Term Certain Annuity to Age 90 – provides scheduled payment until age 90.

Because of the wide variety of funds and other considerations, when choosing a Retirement Income Fund option, it is wise to obtain help from Sydenham’s financial advisors.  The selection of a retirement fund depends entirely on your personal situation ( health, present income and tax brackets, cash requirements, desired inflation protection or estate preservation)