Retirement income options
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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.
Registered Retirement Income Funds (RRIFs)
Advantages
- Investment flexibility
- Control over investments
- Tax-sheltered compound growth
- Withdrawal flexibility
Disadvantages
- Can be complex
- Income level depends on investment success
- Minimum withdrawal required
Life Income Funds (LIFs)
Advantages
- Investment flexibility
- Control over investments
- Tax-sheltered compound growth
- Some withdrawal flexibility
Disadvantages
- 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
- Investment flexibility
- Control over investments
- Tax-sheltered compound growth
- More flexible than a LIF
Disadvantages
- Minimum withdrawal required
- Maximum withdrawal limit
- Cannot cash out the whole plan
- Income level depends on investment success