If a retiree wishes a predictable income in retirement, at the age of 71 she should transfer her RRSP into a(n) _________________.

Question

Quizplus · Accepted Answer

A Registered Retirement Income Fund (RRIF) allows a retiree to convert their RRSP savings into a predictable stream of retirement income. The money can be withdrawn on a regular basis and is subject to a minimum annual withdrawal requirement. This helps retirees budget their income and ensure they have enough funds to cover their expenses throughout retirement. An annuity would also provide a predictable income, but with less flexibility than a RRIF. Mutual funds, cash, and GICs are not designed to provide guaranteed income in retirement.

If a Retiree Wishes a Predictable Income in Retirement, at the Age