You can take out any amount beyond the minimum each year, for those special needs that arise from time to time. If you take larger payments, of course, you will have less money down the road, so planning is essential. You can even get self-directed plans and control all the investment decisions. With all this flexibility, it's no surprise most people choose RRIF's. That's not to say there's no place in a financial plan for life annuities.
Annuities provide a steady, guaranteed income.
Some people plan their annuities so they earn just enough of this consistent income to cover their basic living expenses. You can hold one or more annuities in addition to RRIFs. Dave Cooper and Andrew Thiessen can help determine the right mix for your needs. If you belong to a company pension plan, you'll probably have a number of options available when entering retirement. Your company's pension plan administrator should be able to provide an explanation of your plan features and the implications of your decisions.