Registered Retirement Income Funds (RRIFs) provide more retirement income flexibility than annuities. They require annual minimum withdrawals and allow lump-sum withdrawals of any amount for emergencies and other purposes (e.g. trip, purchase of a vehicle).

Based on the minimum payment formula, the RRIF tends to give an increasing payment, assuming regular growth in the fund. You may wish to choose a RRIF if you do not need a high level of income right away.

Eventually, the minimum amount will begin to decrease. This decrease will be accelerated by lump-sum withdrawals. A RRIF may be exhausted before your death.

After your death (or your spouse's, if applicable), any balance remaining in the fund after taxes can be given to your children.

Email us at info@reithandassociates.com today to learn more.

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