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Is an Empire Life RRIF for you?

A Registered Retirement Income Fund (RRIF) lets you convert your retirement savings into retirement income. With a RRIF, your money continues to grow tax sheltered until you make withdrawals. If you are retired and want to maintain control over your investments, converting your Registered Retirement Savings Plan (RRSP) to a RRIF may be the best solution for you.

How RRIFs work

By the end of the year you turn 71, you must close your RRSP. You have three options at that point:

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Although you can set up a RRIF before you turn 71, you cannot make contributions to a RRIF. It is designed to be a source of income when you retire.

Canada Revenue Agency prescribes a minimum amount you must withdraw from your RRIF every year. The amount is based on the value of your account at the beginning of the year and your (or your spouse's) age.

Key Features and Benefits

Withdrawal amounts to meet your needs
Once you withdraw your required RRIF minimum, you have the freedom to take out any additional amount, provided your plan is not locked-in under pension legislation*. This gives you the flexibility to adjust your income to match your retirement needs. 

Keep in mind that any withdrawals are added to your income in the year withdrawn.

Investment solutions to meet your needs

With a RRIF from Empire Life you have a choice of investments to meet your needs

* If your plan is locked-in, maximum income rules will apply based on the legislation of the jurisdiction under which your funds

Get Empire Life Emblem GIF Portfolios working for you

Talk to your advisor about what kind of investor you are and the Empire Life Emblem GIF Portfolio that symbolizes you.

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Telephone within North America: 1 800 561-1268
Telephone outside of North America: 1+ (613) 548-1881
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Email: investment@empire.ca
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