Retirement Planning
A Retirement That Matches Your Dreams
Transitioning to retirement is a significant life milestone that requires careful planning. It’s essential to make informed decisions to ensure your financial stability and peace of mind during this new chapter. At Finance with Yomi, I’m here to guide you through the process and help you prepare for a fulfilling retirement.
As you retire, your Registered Retirement Savings Plan (RRSP) will be converted into an income fund or annuity to provide a steady stream of income. These options, tailored to your unique financial plan, allow you to withdraw funds regularly, ensuring you have the resources you need to enjoy your retirement comfortably.
Some options available for you
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RRIF – Registered Retirement Income Fund
A Registered Retirement Income Fund (RRIF) is the natural progression of your Registered Retirement Savings Plan (RRSP), allowing you to access the savings you’ve accumulated during your working years. By law, your RRSP must be converted to an RRIF by December 31 of the year you turn 71, ensuring a smooth transition to providing a steady stream of retirement income.
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LIF – Life Income Fund
The First Home Savings Account (FHSA) is designed to help future homeowners save for their first home. Combining the benefits of an RRSP and a TFSA, the FHSA allows you to deduct contributions from your taxable income while earning tax-free returns, making it a smart and efficient way to achieve your homeownership goals.
Let’s work together to create a retirement plan that supports your dreams and goals. With the right preparation, your retirement can be everything you’ve envisioned!