A Registered Retirement Income Fund (RRIF) provides an income at retirement. Although you may set up a RRIF at any age, it is mandatory for RRSPs to be converted to a RRIF at age 71. The RRIF then provides you with a regular stream of income from the funds you have accumulated in your RRSP. As you withdraw funds from the RRIF, you will pay income tax on the amount withdrawn, helping to reduce the total amount of taxes paid.
RRIFs have annual minimum withdrawal amounts set by the government. These amounts are the the minimum that you must take from your RRIF each year, based on your age.
Below are the minimum withdrawal amounts by age.
| Age | Minimum Withdrawal |
|---|---|
| 72 | 5.40% |
| 73 | 5.53% |
| 74 | 5.67% |
| 75 | 5.82% |
| 76 | 5.98% |
| 77 | 6.17% |
| 78 | 6.36% |
| 79 | 6.58% |
| 80 | 6.82% |
| Age | Minimum Withdrawal |
|---|---|
| 81 | 7.08% |
| 82 | 7.38% |
| 83 | 7.71% |
| 84 | 8.08% |
| 85 | 8.51% |
| 86 | 8.99% |
| 87 | 9.55% |
| 88 | 10.21% |
| 89 | 10.99% |
| Age | Minimum Withdrawal |
|---|---|
| 90 | 11.92% |
| 91 | 13.06% |
| 92 | 14.49% |
| 93 | 16.34% |
| 94 | 18.79% |
| 95+ | 20% |
We’re Sudbury’s credit union. We began here in Copper Cliff in 1951 and we’re still here, only now we’re all over Greater Sudbury. Founded on the principle of people helping people, we’re community minded, just like you.
Sudbury Credit Union
