{"id":859,"date":"2012-09-12T10:30:28","date_gmt":"2012-09-12T15:30:28","guid":{"rendered":"http:\/\/www.lifeannuities.com\/blog\/?p=859"},"modified":"2012-09-12T10:30:28","modified_gmt":"2012-09-12T15:30:28","slug":"retirement-income-choices-rrif-or-annuity","status":"publish","type":"post","link":"https:\/\/lifeannuities.com\/blog\/retirement\/retirement-income-choices-rrif-or-annuity","title":{"rendered":"Retirement Income Choices: RRIF or Annuity?"},"content":{"rendered":"<div>\n<h2>Retirement income choices for you<\/h2>\n<p>When you retire, there are a number of things to which you\u2019ve been looking forward. So now it\u2019s time to start decide how your income is going to be constructed.<\/p>\n<p>Your Registered Retirement Savings Plans (RRSPs) must be converted to either of these options by the end of the calendar year in which you turn 71.<br \/>\n\u2022 A Life Annuity<br \/>\n\u2022 A Registered Retirement Income Fund (RRIF)<\/p>\n<p><strong>1. Convert funds into an Annuity<\/strong><\/p>\n<p>If you\u2019re looking for a fixed payment, you should consider a single premium immediate annuity. You can use your RRSP to purchase an annuity to provide regular income for a guaranteed period or only for life. Your retirement income is determined at the time you purchase your annuity using your age, or ages in the case of a joint annuity.<\/p>\n<p><strong>2. Convert your funds into a RRIF<\/strong><\/p>\n<p>RRIFs are a popular way to convert RRSPs into an ongoing monthly income. You are required to withdraw an annual minimum amount, according to a formula set by the Canada Revenue Agency. You can increase this amount or take lump-sum withdrawals any time you choose.<\/p>\n<p><strong>3. Use your savings<\/strong><\/p>\n<p>You can have a non registered annuity with funds from your savings.<\/p>\n<h2>Life Annuities offer:<\/h2>\n<p>Security<br \/>\n\u2022 monthly payments continue for life or to age 90 or later.<br \/>\n\u2022 will provide guaranteed income for the lives of you and your spouse.<\/p>\n<h2>RRIF or Life Annuity?<\/h2>\n<p>What should you choose to provide your retirement income,an immediate Annuity or a RRIF? There is no simple answer &#8211; it depends on your risk tolerance, investment knowledge and personal circumstances. Risks that should be considered include:<\/p>\n<p>1. the risk that equity markets will decline or under-perform,<br \/>\n2. the risk that interest rates will change<br \/>\n3. the risk that inflation will be higher than expected.<\/p>\n<p>So you can mix a RRIF with an annuity or use annuities with different guarantee periods.<\/p>\n<h2>Click here to <a href=\"http:\/\/www.lifeannuities.com\/quotation.html\">Calculate your annuity Income <\/a><\/h2>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Retirement income choices for you When you retire, there are a number of things to which you\u2019ve been looking forward.[&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[5,133,135,136,287,36,134],"class_list":["post-859","post","type-post","status-publish","format-standard","hentry","category-retirement","tag-annuity","tag-choices","tag-convert","tag-life-annuity","tag-retirement","tag-rrif","tag-rrsp"],"_links":{"self":[{"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/posts\/859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/comments?post=859"}],"version-history":[{"count":2,"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/posts\/859\/revisions"}],"predecessor-version":[{"id":861,"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/posts\/859\/revisions\/861"}],"wp:attachment":[{"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/media?parent=859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/categories?post=859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/tags?post=859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}