The minimum withdrawal required for a Registered Retirement Income Fund (RRIF) is based on your age. At age 70 and under, the formula to calculate the minimum withdrawal is:
1/(90 – age)
At age 56, this would be 1/(90-56), or approximately 2.94%. Your financial institution or financial advisor can also assist with calculating this minimum amount based on your age and the value of your RRIF. Learn more about making withdrawals from a RRIF.