Navigation Menu Sign in RRIF and LIF Retirement income plus tax-sheltered growth If you have an RRSP and/or locked-in savings that came from a pension plan, you have to make a choice about what to do with that money by December 31 of the year in which you turn 71. While you may take out your RRSP money in cash, taxes can make that a very expensive choice. And locked-in money must be used for retirement income except in very special circumstances. That leaves 2 choices. Buying an annuity is one option for all or a portion of your savings. An alternative option is to transfer your money to another registered product that will pay you a regular stream of retirement income while keeping the balance of your savings in a tax-deferred investment. Types of retirement income vehicles or options: RRIFs A registered retirement income fund (RRIF) is a way for you to use your RRSP savings to generate retirement income while keeping the balance of your registered savings invested in a tax-deferred plan. While you are required to make a minimum withdrawal each year, there are no other limits on withdrawals and the balance of your savings can continue to grow tax free (until withdrawn). Learn more about RRIFs LIFs A life income fund (LIF) or locked-in retirement income fund (LRIF, RLIF, PRIF) is like a RRIF, but is for money that originally came from a pension plan. The funds are held in either a locked-in retirement account (LIRA) or a locked-in RRSP and then converted to a LIF. While different provinces have different rules, both LIFs and LRIFs have both minimum and maximum annual withdrawal amounts. Learn more about LIFs Tools & Resources What are RRIFs? (Video) How do I pay myself when I retire? Related products Annuity products Mutual funds Segregated funds Invest in a RRIF or LIF Step 1 Find an advisor An advisor’s job is to help you understand how different products – each with its own features and options – can best meet your individual needs. Talk to your advisor; if you don't have an advisor, find one you're comfortable working with. There’s no cost to talk to an advisor. Find an advisor How advisors help Tips on finding the right advisor Step 2 Meet with your advisor To get the most out of the meeting with your advisor, take some time beforehand to think carefully about what you want to achieve. To help your advisor recommend the right products for your needs, it will be helpful if you gather some basic information about your income, assets and liabilities – including your savings, investment and pension plan statements. Step 3 Make your investment Your advisor will help you with any paperwork that’s required and ensure your money is transferred. Shortly after making your investment, you will receive a statement confirming the details of your account. Your portfolio may be reviewed regularly to confirm your strategy and assess progress toward your goals. Quick links Sign in / Register Submit or track a claim Find a form 欢迎访问永明金融网页 Plan sponsors & advisors Advisor site SLFD Advisor hub Plan advisor site Plan sponsor site About us Who we are Newsroom Sustainability Donations and sponsorships Careers Become an employee Become an advisor Student and new graduate programs Contact us Contact us Support Talk to an advisor Life’s brighter under the sun Legal Privacy Security Accessibility We acknowledge that Sun Life operates in many Territories and Treaties across Canada. Our Canadian headquarters in Waterloo are on the traditional territory of the Anishnaabeg, Haudenosaunee Confederacy and the Mississaugas of the Credit First Nations. Today, Canada is still the home to many Indigenous, First Nations, Inuit, and Metis peoples from all across Turtle Island. We are grateful to have the opportunity to work in this territory. We offer this acknowledgment as a stepping stone towards honouring the original occupants, as a testimony to the oppression faced by Indigenous peoples, and our commitment to Indigenous communities and employees of Sun Life. © Sun Life Assurance Company of Canada. All rights reserved. SLF