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Retirement income options

Creating income that lasts a lifetime

For those approaching retirement, it’s time to think about how you’re going to draw income from your hard-earned savings in a way that’s best for you.
 


Below you can review the advantages and disadvantages of various retirement income options. You can use this information to help you select the option – or combination of options – that works best for you.

Ready to retire? Visit Getting Good Advice to learn more.


Registered Retirement Income Funds (RRIFs)

Advantages

Disadvantages

  • Investment flexibility

  • Control over investments

  • Tax-sheltered compound growth

  • Withdrawal flexibility

  • Can be complex

  • Income level depends on investment success

  • Minimum withdrawal required

 



Life Income Funds (LIFs)

Advantages

Disadvantages

  • Investment flexibility

  • Control over investments

  • Tax-sheltered compound growth

  • Some withdrawal flexibility

  • Minimum withdrawal required

  • Maximum withdrawal limit

  • May have to convert to annuity at age 80

  • Income level depends on investment success

 



Locked-in Retirement Income Funds (LRIFs)

Advantages

Disadvantages

  • Investment flexibility

  • Control over investments

  • Tax-sheltered compound growth

  • More flexible than a LIF

  • Minimum withdrawal required

  • Maximum withdrawal limit

  • Cannot cash out the whole plan

  • Income level depends on investment success

 

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