5 Things to Know About RRIF Withdrawals
Written by The Content Team | Published on February 28, 2020
Written by The Content Team | Published on February 28, 2020
When it's time to shift from saving for retirement to funding your retirement with your savings, many questions crop up about Registered Retirement Income Funds (RRIFs).
Two of the most common?
First off, the government determines the minimum amount you must withdraw annually from your RRIF. On the second point, that's up to you...and depends in part on how you prefer to budget. You can choose monthly, quarterly, semi-annual or annual withdrawals. You can also request an unscheduled withdrawal.
Once you've got a handle on how much and when, here are five key things to know about RRIF withdrawals:
If you don't need any or part of your minimum annual payments right away, you may choose to keep your money invested outside of your RRIF. For instance, you can:
And of course, aside from your annual minimum withdrawals, the rest of your RRIF investments (your nest egg) can continue to grow on a tax-deferred basis. Remember, you can't make contributions to a RRIF, only withdrawals.
To learn more, check out How to View Your RRIF Information and Make Changes, part of the RRIF guide.
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