{"id":57759,"date":"2020-06-16T21:59:00","date_gmt":"2020-06-16T21:59:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/investing\/types-of-investments\/does-it-make-sense-to-reduce-my-rrif-withdrawal\/"},"modified":"2024-01-03T10:03:13","modified_gmt":"2024-01-03T15:03:13","slug":"does-it-make-sense-to-reduce-my-rrif-withdrawal","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/investing\/types-of-investments\/does-it-make-sense-to-reduce-my-rrif-withdrawal\/","title":{"rendered":"Does it Make Sense to Reduce My RRIF Withdrawal?"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/retirement\/\">\n\t\t\t\t\t\t\t<span>Retirement<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Does it Make Sense to Reduce My RRIF Withdrawal?<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default_402x-38-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default_402x-38-1.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default_402x-38-1.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default_402x-38-1.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Does it Make Sense to Reduce My RRIF Withdrawal? &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/investing\/types-of-investments\/does-it-make-sense-to-reduce-my-rrif-withdrawal\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/investing\/types-of-investments\/does-it-make-sense-to-reduce-my-rrif-withdrawal\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published June 16, 2020 \u2022 4 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>To help Canadians protect their retirement savings during the recent volatile financial markets, the Government of Canada lowered the minimum withdrawal requirements for Registered Retirement Income Funds (RRIFs) and Life Income Funds (LIFs) by up to 25% for 2020.<\/p>\n\n\n\n<p>But is taking advantage of this reduction right for you?<\/p>\n\n\n\n<p>To help retired Canadians make informed decisions about their retirement income, RBC Financial Planners Marco Imbrogno and Giselle Totino share their perspective, offering insights into the benefits and drawbacks of this relief measure.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Looking at the Numbers<\/h2>\n\n\n\n<p>For a client who has a RRIF valued at $100,000 on December 31<sup>st<\/sup> 2019 and is 71 years old at the time:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default\">The minimum withdrawal for 2020 would have been $5,280 (5.28% of the balance on Dec 31).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>By applying the reduction of 25%, the minimum withdrawal drops by 1.32% making it $3,960 (or 3.96%).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>That&#8217;s a difference of $1,320 and won&#8217;t be added to income for 2020.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Who Benefits from this Reduction?<\/h3>\n\n\n\n<p>Reducing RRIF income may work for Canadians under a few different scenarios.<\/p>\n\n\n\n<p><strong>1. Conservative Investors<\/strong><\/p>\n\n\n\n<p>If you&#8217;re investing in primarily GICs or other fixed income investments, you may not earn enough income on those investments to cover your withdrawals at pre-COVID rates. For example, if you&#8217;re earning 1.5% on your investments but need to withdraw 5.28%, your RRIF is dropping in value by over 3% each year.<\/p>\n\n\n\n<p>By reducing your withdrawal, you&#8217;re not redeeming as much as you did in the past, so your money may last longer.<\/p>\n\n\n\n<p><strong>2. Canadians with Other Sources of Income<\/strong><\/p>\n\n\n\n<p>If you have other income streams \u2014 from a pension, defined benefit plan or locked-in account \u2014 reducing your RRIF may accomplish a couple things:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default\">Reducing your taxable income. If your marginal tax rate is at 30%, for example, reducing your RRIF using the figures above equates to a savings of $396.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Allowing you to keep more money in your RRIF so it may continue to grow.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><strong>3. Canadians Close to their OAS Threshold<\/strong><\/p>\n\n\n\n<p>Canadian seniors over the age of 65 may qualify for Old Age Security (OAS), which pays a maximum benefit of $613.53 for the April to June 2020 quarter.<\/p>\n\n\n\n<p>When your net income exceeds the income threshold set by the government, however, you may have to repay all or part of your OAS pension on your tax return for that year. This is known as OAS claw-back.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default\">The repayment amount is equal to 15% of your income that exceeds the minimum threshold amount for the year.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Once your income reaches a maximum threshold amount, your OAS will be fully clawed back.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The income threshold amount is updated every year. For 2020, if your net income is $79,054 or higher, you would be required to pay back the OAS payment.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>If reducing your RRIF payment brings you under the OAS threshold, allowing you to take advantage of this government benefit.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Who Doesn&#8217;t Benefit<\/h4>\n\n\n\n<p>Many Canadians rely heavily on their RRIF payments to create the retirement income they need for their day-to-day lives. While reducing the withdrawal may allow your money to keep growing, if you need the funds today, you may not want to cut your income back. Maintaining a comfortable level of cash flow can be a crucial factor in enjoying financial comfort and confidence in retirement.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">The Importance of Looking at the Full Picture<\/h4>\n\n\n\n<p>When making a decision about your RRIF withdrawal, it is essential to look at your entire financial picture.<\/p>\n\n\n\n<p>&#8220;It&#8217;s critical to look at the whole picture and work with an accountant to understand what your overall taxable income is,&#8221; says Imbrogno. &#8220;If you&#8217;re generating too much taxable income, for instance, maybe that can be shifted into a Tax-Free Savings Account. The best move for you depends on your asset mix, your income sources, and your cash flow needs in retirement.&#8221;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">The Bottom Line<\/h4>\n\n\n\n<p>Whether you decide to continue with your regular RRIF withdrawals or take advantage of the opportunity to reduce the amount depends on your unique financial situation. While the information available can help guide your decision, it may be best to review your decision with an advisor.<\/p>\n\n\n\n<p>&#8220;Regardless of how your portfolio has withstood the economic fallout from COVID-19, you will weather the storm better if you&#8217;re not alone,&#8221; says Totino. &#8220;An advisor can help you keep a steady hand, stay informed and make decisions that will help you reach your financial goals.&#8221; <a href=\"http:\/\/rbc.com\/checkin?promo_name=ENT_RBC_DNL&amp;promo_id=254320&amp;promo_position=body&amp;promo_creative=Does it Make Sense to Reduce My RRIF Withdrawal?\">Book a Check In with your advisor<\/a> today, and understand what is right for you.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">RBC Financial Planning is a business name used by Royal Mutual Funds Inc. (RMFI). Financial planning services and investment advice are provided by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.<\/h5>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-ed3fc8b2-a224-48cd-a1e2-1b473a6e314b\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Does it Make Sense to Reduce My RRIF Withdrawal? &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/investing\/types-of-investments\/does-it-make-sense-to-reduce-my-rrif-withdrawal\/\">\n        <img decoding=\"async\" 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id-f61ca5e2-816a-4345-a924-2b0c0c66eca6\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/retirement\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Retirement<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Savings<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Bull VS Bear with a dollar sign between them\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/Bull-Vs-Bear-930-X-500.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/Bull-Vs-Bear-930-X-500.jpg?resize=300,161 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/Bull-Vs-Bear-930-X-500.jpg?resize=768,413 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/\">\n\t\t\t\t\t\tInvesting Academy\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/just-the-faqs-bear-vs-bull-markets\/\" class=\"card-title h4 mar-t-0\">Just the FAQs: Bear vs. Bull Markets<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"740\" height=\"460\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-feature-636-1.jpg?quality=80&amp;w=740\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Friends sitting on couch with devices\" 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Stories<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-ed3fc8b2-a224-48cd-a1e2-1b473a6e314b {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-ed3fc8b2-a224-48cd-a1e2-1b473a6e314b {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-f61ca5e2-816a-4345-a924-2b0c0c66eca6 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-f61ca5e2-816a-4345-a924-2b0c0c66eca6 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>The opportunity to reduce your RRIF withdrawal in 2020 offers several benefits for retired Canadians. But is it the right move for you?<\/p>\n","protected":false},"author":10,"featured_media":67313,"parent":57319,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[536,48],"rbc_content_type":[31],"rbc_audience":[93],"rbc_lob_group":[71],"rbc_difficulty_level":[33],"rbc_mmm_category":[366,318,368,320,304,372],"class_list":["post-57759","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-retirement","tag-savings","rbc_content_type-article","rbc_audience-seniors","rbc_lob_group-investments","rbc_difficulty_level-beginner","rbc_mmm_category-account-types","rbc_mmm_category-banking-basics","rbc_mmm_category-banking-tips","rbc_mmm_category-investing","rbc_mmm_category-money-academy","rbc_mmm_category-types-of-investments"],"acf":{"contently_publication_id":"254320","custom_author":"Diane 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