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The option exists to convert a RRSP into a RRIF anytime on or before an individual reaches their 71st year. Before the end of the year in which an individual turns 71, it is mandatory to either withdraw all funds from a RRSP plan or convert the RRSP to a RRIF or life annuity.
The distinction between a LIRA / LRSP and a registered retirement savings plan (RRSP) is that, where RRSPs can be cashed in at any time, a LIRA / LRSP cannot. Instead, the investment held in the LIRA / LRSP is "locked-in" and cannot be removed until either retirement or a specified age outlined in the applicable pension legislation (though certain exceptions exist).
Rules determine the maximum contributions, the timing of contributions, the assets allowed, and the eventual conversion to a registered retirement income fund (RRIF), or an annuity, or the withdrawal of all funds within the RRSP, at age 71. [4]
An immediate annuity allows you to convert a lump sum of money into a stream of guaranteed income payments that begin soon after you sign your contract, usually within 30 days.
An annuity is an especially good option for those who are approaching retirement age, are expected to live a long time, and have a decent nest egg saved up. It might not be a great fit if you don ...
An annuity can guarantee income but requires a larger upfront payment. Going with an IRA can lead to larger rewards with a more significant risk. Retiring early is possible, and may be easier than ...
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