Retirement Income Fund (RRIF)

A Registered Retirement Income Fund (RRIF) is a retirement income option through which accumulated savings in an Registered Retirement Savings Plan (RRSP) are transferred to and paid out as retirement income. Principle and income earned remain tax-sheltered until withdrawn.

A RRIF is a means of receiving your accumulated retirement savings in the form of regular monthly, quarterly, semi-annual, or annual payments. To qualify, all funds transferred to a RRIF must originate from a RRSP or from other RRIF plans.

The RRIF is the most flexible retirement income option. This fund permits members to continue to defer taxes, make the decision on how their retirement savings are invested, how much, and when they wish to receive their income payments.

The RRIF is designed to provide income after age 71. The amount withdrawn is established by the member, subject to a minimum payment requirement.

Funds deposited to a RRIF are invested for a fixed term of up to five years with interest compounded annually or to a variable rate plan which provides full access to your funds.

We will even cover up to $50.00 on transfer fees if you decide to move your RRIF to NWCU from any financial institution.

Click here to see our current rates on RRIFs.

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