How to go about securing the best return for your investment in Canada.
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Everything you can do with your RRSP at 71
– moneysense.ca
Q: I’m about to turn 71 and have RRSPs that have to be dealt with. Should I turn them into RIFs, an annuity, put them into my wife’s name (she is younger), cash them all in?
I don’t need the income as I have significant money currently parked in various GICs at various institutions that are laddered. Although they only average a little over 2%, the interest earned and my retirement package are well within the monies I need to live a lifestyle I enjoy. Any ideas?
—Wayne
A: By the year you turn 71, you have to make a decision with your RRSP accounts. I’ll speak to each of the options you’ve mentioned, Wayne.
Turning an RRSP into a RRIF – a Registered Retirement Income Fund – is by far the most common choice these days. When you convert your RRSP, your investments move into a RRIF account in kind/as is. So for all intents and purposes, it’s the same account, just with a different account number and of course the minimum required withdrawal rules. You can’t contribute to a RRIF either…
