If you’ve turned 71 this year, and you have RRSPs, happy birthday and it’s time to RRIF!
If you’re 71 and you have one or more RRSPs, you must turn this into an income stream before December 31. You don’t have to take income in the first year, but you’re required to open a Registered Retirement Income Fund (RRIF). You’re still allowed to invest according to your risk tolerance. There are legal minimums, options for monthly, quarterly or annual payments and ways to maximize your payments.
Want help managing this taxable income stream? I can help.
Financial Security Advisor
Freedom 55 Financial