Can you delay a RRIF withdrawal? Jun 6th

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I read you can base your RRIF withdrawals on your wife’s age to minimize them. Can you please explain exactly what that means? My wife is seven years younger than me, and I am 68. I already have a small RRIF, set up for the pension benefit. When I hit 71, when I convert my RRSP to a RIFF, if I want to minimize withdrawals, and I base the RRIF on my wife’s age, would I not have to take out 5.2% in my 71st year? 

I still have a fairly high income, so I’m looking to minimize incomes and claw backs. 

Also, is one able to delay the RRIF withdrawal at age 71 for a year? Is that a good idea? 

Sorry, one more question: Does my spousal RRSP get converted when I hit 71 or when my wife does? 


The basics around RRSP/RRIF conversions and planning opportunities 

Great questions, Ted. On the surface, these may seem like basic questions, but it’s important to get the basics right. This is a good opportunity to review registered retirement savings plan/registered retirement income fund (RRSP/RRIF) conversions and explore how understanding the basics can help to keep your taxable income down…

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