Sherrett Insurance Agency Ltd.
Estate Planning, Corporate Benefits, Investments, Insurance, Retirement Planning
Quick Links
- Protect you and your family. Ask about life insurance.
- Buying a home? Own a home? Ask about mortgage insurance.
- Planning for retirement? Ask about RRSPs.
- Company need stability? Ask about securing funding.
- Company growing? Ask about employee benefit plans.
- Want long-term prosperity? Ask about succession planning.
- Access medical claim forms and renewal forms.
- Book a meeting.
Registered Retirement Income Funds (RRIFs)
A Registered Retirement Income Fund is a part of the RRSP savings plan. Once you turn 71 years of age, you need to make arrangements to start using your RRSP savings for retirement income: either by buying a life annuity from a financial institution or by transferring the savings to a RRIF.
Whereas life annuities are contracts in the form of insurance (generally with a life insurance company) RRIFs are mutual fund investments. While RRIFs have less guarantee than life annuitys, they generally have a higher rate of return and give you more freedom with your income.
How RRIFs Work:
- You must withdraw a minimum amount from your RRIF each year.
- You choose which investments to sell to provide the cash for your withdrawals.
- You decide how often you would like to receive your payments - monthly, quarterly, semi-annually or annually.
- You can withdraw extra money from your RRIF when you need it. There is no maximum withdrawal limit per year.