Select a retirement income option
When you retire, you have to decide how to convert your RRSPs, Locked-In RRSPs, Locked-In Retirement Accounts (LIRAs) and non-registered savings into retirement income.
The choice isn't always easy. Some people prefer to keep complete control over their investments, while others seek out a steady and secure guaranteed source of income Compare three different strategies. |
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Registered Retirement Income Fund (RRIF) |
Allows you to periodically withdraw the amount you need from the funds previously accumulated in your RRSPs. Find out more about Registered Retirement Income Funds (RRIF) |
Life Income Fund (LIF) |
Account into which you may transfer funds from your LIRA (funds under provincial jurisdiction) or Locked-In RRSP (funds under federal jurisdiction). Find out more about Life Income Funds (LIF) |
Annuities |
Convert your RRSP funds or all your registered and non-registered (non-RRSP) savings into guaranteed steady income. Find out more about annuities |
Regular Income Term Savings |
Combine your non-registered savings to periodically withdraw the amounts you need. Find out more about Regular Income Term Savings |
Locked-In Retirement Account (LIRA) - Quebec |
For pension funds paid to you in a lump-sum from an employer-sponsored pension plan administered by the Quebec Pension Plan (QPP) Find out more about Locked-In Retirement Accounts (LIRA) - Quebec |
Locked-In Retirement Account (LIRA) - Ontario |
For pension funds paid to you in a lump-sum from an employer-sponsored pension plan administered by the Financial Services Commission of Ontario Find out more about Locked-In Retirement Account (LIRA) - Ontario |
Locked-in RRSP |
For pension funds paid to you in a lump sum from an employer-sponsored pension plan under federal jurisdiction (transportation, telecommunications, banks, Crown corporations). Find out more about Locked-in RRSP |
Lump sum withdrawal or series of withdrawals |
Option available to you if you have not selected a retirement income vehicle or only need occasional cash. Find out more about Lump sum withdrawal or series of withdrawals |
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