RRIF'S

There is no minimum age required before you may purchase your retirement income, but you must receive it prior to the end of the calendar year during which you turn 71. There are no tax consequences associated with transferring funds from an RRSP to an RRIF or an annuity, although the payments you receive are reported for tax purposes.

You cannot contribute directly to a REGISTERED RETIREMENT INCOME FUND (RRIF), but you can transfer money from an RRSP, another RRIF, a Registered Pension Plan or a commuted RRSP annuity into your RRIF. Depending upon your investment and its returns as well as your financial needs and life span, an RRIF may provide you with an income that lasts for your lifetime or the lifetime of your spouse.

Some RRIFs are similar to RRSPs except that you must take a minimum amount of taxable payments from the RRIF each year. There are no maximum payment levels and in many RRIFs you are allowed to change your payment amounts. However, the higher your payments, the sooner your funds will be depleted.

At Rochdale, we offer Term Deposit RRIFs. These retirement plans can be set up so that you receive monthly, quarterly, semi-annual or annual payments. At Rochdale Credit Union, eligible deposits in each RIF are fully insured. Click here for more details.

Retirement income choices are complicated. Each option includes a number features, such as guaranteed payments, to consider. As well, it is often possible to combine options and it is sometimes possible to change your portfolio. We would be pleased to help you review the wide variety of retirement income choices, available yields and your personal situation to ensure that your retirement income suits your lifestyle and needs.

How many years will your RRIF last?  Click to find out.