See what an annuity could do for you
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
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
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This calculator is for illustration purposes only and contains general information to help you determine the best solutions for your unique needs. These results are based on the accuracy and completeness of the data you have entered and are for informational purposes only and should not be relied on for advice.
This calculator is not intended as nor does it constitute financial, tax or legal advice. You should consult your own lawyer, accountant or other professional when planning to implement a strategy. This will ensure that your own circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax rules and other investment factors are subject to change.
RBC Life Insurance Company makes no warranties, expressed or implied, as to the accuracy or completeness of the information contained herein. RBC Life Insurance Company shall not be liable for any losses or damages arising from any errors or omissions in such information or results, or any advice or decision made by you in reliance on any information or results.