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Personal Banking > Investments > Investment Advice > Living in Retirement > Planning Your Retirement and RRIF Income

Planning Your Retirement and RRIF Income

When you were working, you were probably used to receiving one paycheque on a regular basis. As you know, it’s much different in retirement, as your income can come from so many different sources.

To make the most of all of your sources of retirement income, there are specific ways to increase your cash flow, improve tax efficiency, and maximize the government benefits you’re entitled to. The key is to understand the funds available to you, and how and when to access them.

Learn more about all of your potential sources of retirement income


Retirement Income and RRIF Planning Strategies

To maximize the income available to you, there are specific strategies to consider. For example, withdrawing funds at the right time, in the right order, can help you take home more income and pay less in taxes.

Expand - Some tips to keep in mind Some tips to keep in mind


Earning income at age 71

The year in which you turn 71 is a pivotal year in your retirement planning. That’s because government regulations require that you terminate your RRSP by December 31 of your 71st year. Your options at this point include converting your RRSP to a Registered Retirement Income Fund (RRIF) or another RRSP maturity income option.

Note that you can make one last contribution to your RRSP in the year you turn 71 – but you must do it before December 31st (not by March the following year, as you may have done in the past). And, if your spouse is not yet 71 and you have unused contribution room in your RRSP, you can continue to contribute to your spouse’s RRSP until they turn 71.


Benefits of contributing to a TFSA

A Tax-Free Savings Account (TFSA) is an excellent way to continue investing for tax-free income – which is especially useful if you’re no longer eligible to make contributions to an RRSP. That’s because you don’t need to be earning income to contribute and you don't have to stop contributing just because you've reached a certain age.

Expand - Learn how to effectively use a TFSA as part of your retirement plan: Learn how to effectively use a TFSA as part of your retirement plan:

Planning your retirement income can be one of the more challenging aspects of retirement. An RBC advisor can walk you through the income strategies that will best apply to your situation, and help you make the most of your income sources while minimizing the taxes you pay.

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Converting your RRSP to a RRIF

Understanding how to convert your RRSP to a RRIF

You’ve spent years putting money into your RRSP. Wondering how to get money out of your RRSP? Read our RRIF fact sheet!

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Understand your options to get the most of your retirement income

Use your investments to create retirement income

Learn how to maximize your retirement income with some fundamental strategies, as explained by an RBC expert in our Advice Centre video.

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