See your potential income from an annuity and how it compares to a Registered Retirement Income Fund (RRIF).
An annuity is a simple and effective income solution that can only be purchased from an insurance company. In exchange for a single deposit, you will receive guaranteed income for life – just like a pension.
If you’re retired or planning to retire soon, it’s a good time to look into an annuity.
Before December 31 in the year you turn 71, you must convert your RRSP to a retirement income option. You can convert it to an annuity, or roll your funds over to a Registered Retirement Income Fund (RRIF).