{"id":405,"date":"2013-08-12T14:31:02","date_gmt":"2013-08-12T14:31:02","guid":{"rendered":"http:\/\/andrewwbradley.ca\/Blog\/?p=405"},"modified":"2013-08-12T14:31:02","modified_gmt":"2013-08-12T14:31:02","slug":"rrif-or-annuity-what-is-better","status":"publish","type":"post","link":"https:\/\/blog.andrewwbradley.ca\/index.php\/2013\/08\/12\/rrif-or-annuity-what-is-better\/","title":{"rendered":"Which should I choose – RRIF or Annuity?"},"content":{"rendered":"

\"Which<\/a><\/p>\n

Which should I choose – RRIF or Annuity?<\/h1>\n

Congratulations,\u00a0your last day of work has finally arrived its time for\u00a0Retirement!
\nNow what? <\/em><\/strong>
\nWhat are you going to do with all the free time?<\/em><\/strong>
\n What will you do with your RRSP and other retirement savings to keep money coming in so you can do those things?<\/em><\/strong>
\nRemember that the government only represents about 30% of our retirement\u00a0 income,\u00a0your company or public service retirement pension plan offers another 30% and many of us do\u00a0not have one. It is up to\u00a0you to invest wisely, short and long term in order to make up for the short fall if\u00a0you would like to live comfortably\u00a0after retirement without giving up some retirement plans.
\nNow you reach the year of RRSP conversion year, you are facing the choice to choose either to convert\u00a0your registered retirement saving plan to RRIF or annuity. I will shed some light and\u00a0discuss the advantage and disadvantage of RRIF and annuity.<\/p>\n

If you qualify for the following sources of retirement income, you would be wise to consider an RRIF<\/strong><\/h2>\n

1. Old Age Security (OAS).\u00a0 2. Canada Pension Plan (CPP).\u00a0 3. A pension plan.\u00a0 4. Other non-registered assets.<\/em>
\nYou would be wise to convert some of your RRSP into RRIF because you will be\u00a0better able to afford the flexibility and control for tax-and estate-planning\u00a0 purposes that a RRIF allows because your monthly incomes are guaranteed by\u00a0four sources above.
\nYou may consider staggering maturity so portion of your investment in RRIF will generates the necessary cash flow for withdrawals such as buy GICs or bonds so that 20% of the total matures every year.
\nIn RRIF, you are allowed to invest up to 100% of your investment funds in\u00a0global investments, thereby increasing your investment’s long-term growth and\u00a0protection. You also protect your investments against any future declines in the\u00a0value of our Canadian dollar. Besides, it is far more risky to leave all your\u00a0eggs in any single country.
\nBe sure to consult with\u00a0an independent adviser to\u00a0help you in\u00a0building your investment plan, explore all your options\u00a0and review your plan at least once each year.
\nIf you don’t qualify for four of the retirement income sources<\/strong>
\nYou might want to use at least some RRSP funds to buy an annuity as a foundation for your retirement income plan. This provides guaranteed income to\u00a0cover your minimum retirement income needs.
\nIf you would like to\u00a0get a Annuity quote click here<\/a>\u00a0or would like to sit down and have some help figuring out which option works best for your situation, please call me at 613.286.6841 or e-mail me info@AndrewWBradley.ca<\/a>.
\nThe information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. I recommend that you obtain your own independent professional advice (preferably me) before making any decision in relation to your particular requirements or circumstances.<\/em>
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

Which should I choose – RRIF or Annuity? Congratulations,\u00a0your last day of work has finally arrived its time for\u00a0Retirement! Now what? What are you going to do with all the free time? What will...<\/p>\n","protected":false},"author":1,"featured_media":24150,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[12],"tags":[28,245,361,366,440,446,458,459],"_links":{"self":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts\/405"}],"collection":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/comments?post=405"}],"version-history":[{"count":0,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts\/405\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/media\/24150"}],"wp:attachment":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/media?parent=405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/categories?post=405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/tags?post=405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}