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The year in which you turn 71 is a pivotal year in your retirement planning. Government regulations require that you terminate your Registered Retirement Savings Plan (RRSP) by December 31st of your 71st year. Your options will include converting your RRSP into a Registered Retirement Income Fund (RRIF) or choosing other RRSP maturity or retirement income options.

A few things you should consider:

  • Your final contribution to your RRSP: You can make one last contribution to your RRSP in the year that you turn 71, based on your RRSP contribution limit. However, you must do so by December 31st, not by March of the following year as you may have done in the past.
  • Do you have a younger spouse and are still earning income? 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.
  • Do you have unused contribution room carried forward from previous years? This is the time to take advantage and make those contributions. After December 31st, it will be too late.
 

And finally . . .

There are significant advantages to be gained from having RRSPs and RRIFs and other tax-advantaged plans. To fully benefit from all the advantages these plans and strategies offer, please speak with an RBC advisor.

 
 

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Your customized retirement tip

Based on what you’ve told us, we’ve put together some tips to maximize your retirement dollars – and define retirement on your terms.

As you enjoy your years in retirement, here are some things to keep in mind:

  • It’s a good idea to understand your retirement expenses –both the necessities, as well as for the nice to haves such as travel, a move, or helping a family member financially.
  • Take stock of all the financial resources you will have to create your future retirement income and consider making use of all available options to save – TFSAs and RRSP catch up loans.
  • Start to think about whether it makes sense for you to take your CPP payments early, or alternatively, to defer them to a later age to increase your benefits.
 

We can help you determine the right strategies for your retirement needs.

Based on what you’ve told us, we’ve put together some tips to maximize your retirement dollars – and define retirement on your terms.

As you enjoy your years in retirement, here are some things to keep in mind:

  • If you are looking for tax savings ideas: consider CPP/QPP benefit sharing or split eligible pension income with the lower income spouse.
  • Consider contributing any spare funds to a Tax Free Savings Account. A TFSA is an excellent way to continue investing tax-free.
  • Remember, retirement planning doesn’t just stop because you’re retired!
 

We can help you define your retirement.

Based on what you’ve told us, we’ve put together some tips to maximize your retirement income – and define retirement on your terms.

As your retirement is approaching, you have some time to create a well-thought out plan for your future, while having a good idea of what your savings will be. Here are some things to consider to ensure you can make the most of your retirement years.

  • It’s a good idea to understand your retirement expenses –both the necessities, as well as for the nice to haves such as travel, a move, or helping a family member financially.
  • Take stock of all the financial resources you will have to create your future retirement income and consider making use of all available options to save – TFSAs and RRSP catch up loans.
  • Start to think about whether it makes sense for you to take your CPP payments early, or alternatively, to defer them to a later age to increase your benefits.
 

We can help you determine the right strategies for your retirement needs.

Based on what you’ve told us, we’ve put together some tips to maximize your retirement dollars – and define retirement on your terms.

It’s never too early – or too late – to shape and sharpen your retirement plan. As you think about your plans for your future, here are some ideas for you to consider.

  • Start thinking about where you will live in retirement, and how you will spend your time. Plan for the necessities, as well as for the nice to haves such as travel, a move, or helping a family member financially.
  • Take stock of all the financial resources you will have to create your future retirement income and consider making use of all available options to save – such as TFSAs and RRSP catch up loans.
  • If you are saving up for retirement keep paying yourself first - even if it’s small amounts regularly - to build your retirement savings.
 

We can help you determine the right strategies for your retirement needs.

Based on what you’ve told us, we’ve put together some tips to maximize your retirement dollars – and define retirement on your terms.

As you near retirement, now is a great time to fine-tune your plans for the future. Here are some things to consider to ensure you can make the most of these exciting years ahead.

  • Think about what you want your retirement to look like – the necessities and the nice to have. Even though your ideas may change down the road, having a picture is a good starting point to help you build your retirement plan.
  • If you don’t need your CPP/QPP benefits consider delaying your payments to take advantage of the increased pension amount when you do apply.
  • If you are looking for tax savings ideas: consider CPP/QPP benefit sharing or split eligible pension income with the lower income spouse.
 

We can help you define your retirement.

Based on what you’ve told us, we’ve put together some tips to maximize your retirement dollars – and define retirement on your terms.

As your retirement is approaching, you have some time to create a well-thought out plan for your future, while having a good idea of what your savings will be. Here are some things to consider to ensure you can make the most of your retirement years.

  • Think about what you want your retirement to look like – the necessities and the nice to have. Even though your ideas may change down the road, having a picture is a good starting point to help you build your retirement plan.
  • Take stock of all the financial resources you will have to create your future retirement income. If you have unused RRSP contribution room, see if a catch up loan makes sense for you.
  • Look at strategies to minimize your taxes such as contributing to a TFSA.
 

We can help you define your retirement.

Based on what you’ve told us, we’ve put together some tips to maximize your retirement dollars – and define retirement on your terms.

As your retirement is still several years away, you’re in a great position now to create a realistic and well thought-out plan for your future. Here are some things to consider to help you balance your financial needs of today with your retirement goals of tomorrow.

  • Take stock of all the financial resources you will have to create your future retirement income. If you have unused RRSP contribution room, see if a catch up loan makes sense for you.
  • Look at strategies to minimize your taxes such as contributing to a TFSA.
  • Review your current plan to ensure your family and your lifestyle are protected from uncertainties such as job loss or disability; if you haven’t already prepared Wills and Powers of Attorney, there is no time like the present!
 

We can help you define your retirement.

Based on what you’ve told us, we’ve put together some tips to maximize your retirement dollars – and define retirement on your terms.

As your retirement is still several years away, you’re in a great position now to create a realistic and well thought-out plan for your future. Here are some things to consider to help you balance your financial needs of today with your retirement goals of tomorrow.

  • Take stock of all the financial resources you will have to create your future retirement income. If you have unused RRSP contribution room, see if a catch up loan makes sense for you.
  • Look at strategies to minimize your taxes such as contributing to a TFSA.
  • Review your current plan to ensure your family and your lifestyle are protected from uncertainties such as job loss or disability; if you haven’t already prepared Wills and Powers of Attorney, there is no time like the present!
 

We can help you define your retirement.

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