My RRSPs are coming due this year. What are my best options for RRIFs?
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Our response:
When you are ready to close your Registered Retirement Savings Plan (RRSP) – which must be done by the end of the year you turn 71 – you have three options:
- Convert the RRSP to a Registered Retirement Income Fund (RRIF)
- Use your RRSP funds to buy an annuity
- Take your RRSP as cash
You can also do a combination of any of the above, depending on what best fits your retirement plan. Learn more about your options for getting retirement income from your RRSP.
While we try to provide as much information as we can, we are not able to provide any specific investment or financial advice. Speak to a registered financial advisor to help you decide which option or options are best for your financial goals, risk tolerance and overall investment plan.