You’ve already made a very wise choice by establishing a Registered Retirement Savings Plan (RRSP) and faithfully contributing to it for many years. Now it’s time to reap the rewards by using your plan funds as part (probably an important part) of your retirement income. And, if you’re turning 71 by the end of this year, you are required by law to wind down your RRSP before 2015. Either way, you have some important choices to make. You have three basic RRSP roll-over options to choose from and the right choices can help make the most of those funds through all your retirement years. These are your roll-over options:
There can be definite advantages to transferring a portion of your RRSP assets to a RRIF and the remainder to a life annuity that provides the income to pay for basic expenses.
There are two steps to ensuring your make the right roll-over choices for your personal situation: First, start planning well in advance; and second, talk to your professional advisor about the best RRSP conversion options for you.
This column, written and published by Investors Group Financial Services Inc.(in Québec - a Financial Services Firm), presents general information only and is not a solicitation to buy or sell any investments. Contact your own advisor for specific advice about your circumstances. For more information on this topic please contact your Investors Group Consultant. Insurance products and services are distributed by I.G. Insurance Services Inc. (in Québec - a Financial Services Firm). Insurance licence sponsored by The Great-West Life Assurance Company outside of Québec.