With a Registered Retirement Income Fund (RRIF) there are two key decisions you must make, how much money to take out and when. You can choose your withdrawal amounts as long as you make the minimum annual withdrawal, which is a set percentage determined by the government. As you get older, this percentage increases. Depending on the type of investments held within your RRIF, any associated fees and the amount you elect to withdraw (above the minimum requirement) determine the length of time funds remain in your RRIF.
Visit GetSmarterAboutMoney.ca to learn about how RRIFs work including, 5 types of RRIFs and other financial topics. Speak with a registered financial representative for advice that fits your personal situation.