Converting your RRSP’s into RRIF’s is taking your wealth and turning it into income. Some key things you should know about RRIF’s:
- You can open a RRIF anytime up until the end of the year you turn 71.
- You can also open one by simply transferring money from your RRSP, or sometimes other registered plans may be allowed under certain circumstances.
- You have choices as to what types of investments you want to hold in your RRIF and you can have more than one.
- You must take out a minimum amount each year, but there is no maximum withdrawal limit.
It benefits to have someone looking out for your financial well being and retirement plan. We are able to offer expert advice on your investments and your financial future. If you would like to know more, just get in touch and we will be happy to provide you with the appropriate information.