| Retirement
Income Funds |
Also
in this section: Annuities |
Registered
Retirement Income Fund (RRIF) - A RRIF is an investment
vehicle used to produce income in retirement. Generally RRIFs
are established by transferring money from an RRSP into the
RRIF. Payments must then commence from the RRIF by the end of
the latest in the year following the year the RRIF is established.
Life Income Fund (LIF) - A RRIF that receives funds from
a locked-in retirement account that provides a life income by
restricting the maximum withdrawals from the plan based on the
equivalent payments from an annuity.
- Taken from
the Fiscal
Agents Financial Glossary |
| Your retirement
should be a time of expectation and enjoyment; a time to put
all of the plans and goals that you have made over the years
into action. But when the time comes, will you have the resources
to live the life you have imagined? If the advertising in the
media is correct, you will either be quite rich or very broke.
It's a good idea to aim in between. |
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When it comes to converting your RRSP monies into income producing
investments and planning for the future, the sheer number of options
and opportunities can become overwhelming and lead to a serious case
of intimidation. Never fear however, there is a simple cure for this
financial affliction: Just learn to think as the professionals do.
| To obtain
a clearer understanding about the particular terms involved
in Retirement Income planning, take a look at Fiscal Agents'
Glossary
of Retirement Terms. |
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Special
Glossary Of
Retirement Terms |
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Many options
exist for those about to embark on this important time in their
lives. It pays to take the time to investigate all possibilities
to ensure that enough income will remain to provide a comfortable
lifestyle not only now but for the duration of your retirement.
Our document Retirement Options: Questions
and Answers will help increase your knowledge of what
lies ahead in your retirement years. |
The Cornerstone
Household Directory of Documents
| Getting stressed out? If you've
been planning to finally get all of your personal paperwork
in good order, our free booklet titled The Cornerstone
Household Directory of Documents can help you do just
that. Use this link
to view the booklet's page, where you can download
it in Microsoft Word .doc format or Adobe Acrobat .pdf
format. |
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| RRIF Related
Financial Tools |
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Fiscal Agents' collection
of retirement planning calculators and worksheets will
also come in handy for those interested in planning for the
future. Whether your retirement is two or 20 years away, it
is never too early to put a retirement plan into action. The
calculators listed below are a good start for understanding
your retirement goals, and setting in motion an effective plan
towards meeting them. |
| 1 |
| What
Should You Be Saving For Retirement? |
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| This
simple, 5-step
financial calculator is a direct adaptation of
the comprehensive worksheet found in the financial book
The
Pension Puzzle. Using values you provide,
an investigation into your retirement income goals and
the amount of money you have saved to meet them will be
performed, providing results to illustrate any additional
income you may require. A report of the data entered can
also be generated. |
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2
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| Retirement
Savings & Income Calculator |
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| Shows
the regular RRSP contribution needed to achieve a specific retirement
income. |
It is virtually impossible
to anticipate the results of the investment market. You can however
take a step in the right direction with Fiscal Agents' selection
of investment tips and information including The
risks that surround investments and Benefiting
from interest earning investments. Learn more about the
benefits of RRSPs with RRSP Questions
& Answers and delve into the world of mutual funds in
Mutual Fund Questions & Answers.
Our GICs Explained data
sheet will provide you with a detailed breakdown and explanation
of this popular investment and round out your investment experience
with a good dose of General investor
tips. Finally, increase your knowledge of what lies ahead
in your retirement years with RRIF options:
Questions and Answers and the Retirement
Income Annuities section.
For those who like to leave nothing to chance, the information on
Incapacity: Planning ahead helps
and Structuring an effective Will
is ideal. Also, take a peek at the information provided on Being
an executor. Finally, the Estate
Planning section can help you to determine and ensure that
you have not missed anything while bringing your affairs to order.
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Your investment
plan will alter and change just as you do, your needs and
goals also change as you age.
Fiscal
Agent's Cornerstone® Planning process addresses these
concerns and works with you to make sure that you are getting
the most out of your investment plan. We recognize that, regardless
of your age, it is never too late to start saving for your
financial future and retirement. Please review The
Milestones in your Financial Lifecycle.
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| Featured
reading on RRIFs |
|
This must-read section brings together relative RRIF information you
need to get started or enhance your understanding of the elements
of Retirement Income Planning.
Money Management Newsletter
Other Considerations
|
The
Companion Advisor
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Our Bookstore
section contains details related to books that we recommend
for various areas of investing. Also provided are links to ordering
information on each title from Chapters.Indigo.ca. |
Featured titles for Retirement Savings include:
| Retirement,
having a voice and having fun - organizations |
|
http://www.fifty-plus.net/
Since
its inception in 1984 this a non-partisan association, CARP has
become a forceful voice in Ottawa as well as in the provinces and
territories. It is never a matter of just "carping" about
concerns, but rather offering practical alternatives regarding the
social, economic, financial and political issues we raise. Through
national forums or commissioned studies, CARP's goal is always to
develop doable recommendations for governments to implement. Whether
it is an issue such as scams and frauds directed at seniors, the
informal caregiver as a silent victim in a silent system, the now
scrapped proposed seniors benefit or the environment, CARP speaks
loudly and effectively on behalf of Canada's
fifty-plus. And, politicians pay attention. Interest in joining
CARP
| RRIF Interest
Rates |
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Index
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