Before December 31 in the year you turn 71, you have two options when it comes to your RRSP: You can convert it to an annuity, or roll your funds over to a Registered Retirement Income Fund (RRIF).
While both options provide income in retirement, an annuity offers unique benefits:
- Guaranteed income for life—you'll never outlive your retirement assets
- A potentially higher rate of return versus a conservative RRIF
- Payments are locked in once you buy your annuity—you don't have to worry about market fluctuations or interest rates
- You don't have to actively manage funds or withdrawals as you would with a RRIF
- You don't have to withdraw a minimum amount every year
Calculate Your Potential Payments Now.
Try our quick calculator to see how an RBC Payout Annuity could provide a greater financial benefit in retirement and a consistent income stream for the rest of your life.Compare Now