Most Canadians will retire with more options and sources of income than they have ever had before:
- Employment pensions
- Canada Pension Plan
- Old Age Security
- personal savings, and of course
- income from RRSP savings.
Having all RRSP investments consolidated in a single RRSP simplifies retirement income planning and conversion from saving to income, without having to make changes to a well planned investment portfolio.
The most frequent choice for traditional RRSP savings is conversion into a Registered Retirement Income Fund (RRIF). A RRIF with B2B Bank Dealer Services provides the same investment options, reporting and online access as the corresponding RRSP, with the added feature that it is designed to distribute weekly, monthly, quarterly or annual income payments.
Regular RRIF payments can be easily structured using systematic withdrawals from a portfolio of mutual funds; or by actively managing maturities and asset sales and drawing at least the annual the minimum required withdrawal from a cash balance.