Now that you're getting ready to retire, you want to feel comfortable that you'll enjoy the lifestyle for which you've so carefully planned. When converting your retirement savings to a retirement income option, it's important to make the decisions that are right for you. Most people decide that a Registered Retirement Income Fund (RRIF), best meets their needs. A RRIF provides you with maximum control over investment of your funds and the most flexibility to adjust the amount of payments you will receive.
A RRIF can be custom designed to meet your retirement objectives. If you wish, it can provide payments for life. Or, the payments can be accelerated so that all the funds in your RRIF are paid out more quickly.
With a RRIF you can change your mind. For example, you could ask to receive a specific monthly amount to meet your budget needs. Subsequently, you could change both the amount and frequency of payments if this would better suit your needs. RRIFs also allow you to make lump sum withdrawals for any purpose. Of course, the amount that is instantly accessible will vary if the funds in your RRIF are invested for a fixed term.
Your funds continue to grow, and are tax sheltered while they remain in the RRIF. Your RRIF is your asset and you control what will happen to amounts remaining at your death. If you wish, your RRIF can be transferred tax-free to your spouse at your death. Or, the remaining balance can be paid out as a lump sum to your estate or to a beneficiary.
|Tax Shelter & Estate Protection
Steel Centre Credit Union offers a variety of fixed term and variable rate RRIFs, all at competitive interest rates to provide maximum return on your retirement income investments.
League Savings and Mortgage Company is incorporated under the Loan and Trust Companies Act (Canada), and provides mortgage and deposit services to the members of certain Credit Unions throughout Atlantic Canada.
Where applicable, deposits as referred to herein are guaranteed by the issuer, League Savings and Mortgage Company. Deposits may also be eligible for deposit insurance coverage. Refer to the issuer's website, at www.lsm.ca, or contact a League Savings and Mortgage Company branch office.