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Whether you’re already retired, or are getting ready to retire, there are several retirement income solutions to consider.
Depending on the type of registered plan you have used to save for your retirement, when you’re ready to start receiving income, here are some investment options:
- Registered retirement income fund (RRIF): An investment option that allows you to transfer money from an RRSP, while deferring taxes on the portion of income that was not taken out. This must be done before the last day of the year in which you turn 71.
- Life income fund (LIF), Locked-in retirement income fund (LRIF), Prescribed retirement income fund (PRIF), Restricted life income fund (RLIF): Investment options that allow you to transfer money from a pension plan, locked-in retirement income account (LIRA), locked-in RRSP, or a restricted locked-in savings plan (RLSP), while deferring taxes on the portion of income that was not taken out. This must be done before the last day of the year in which you turn 71.
Talk to your financial security advisor about a retirement income plan that’s right for you.
- HelloLife retirement income program: The HelloLife retirement income program is a mix of income annuities for certainty and security and segregated funds for potential growth and flexibility. You can partner with your financial security advisor to use HelloLife to help you set up a spending plan that lasts throughout your retirement years.
- Income annuities: An income option that provides regular, guaranteed income payments for as long as you live or, if you choose, for a set period of time. The guaranteed income from an income annuity can help you cover your basic living expenses. There are many income annuity features to help meet your retirement income needs. Income annuities can be part of the HelloLife retirement income program.
- Guaranteed interest option: Guaranteed interest options (GIOs) provide a guaranteed rate of return. With a GIO and a named beneficiary you get the additional benefits of an insurance policy such as bypassing potential probate, legal and other estate fees on death.
- Segregated fund policies: Segregated fund policies offer a long-term investment and can provide flexibility for your retirement income portfolio. They also provide death benefit and maturity guarantees. Other benefits include the ability for assets to bypass the estate and potential probate fees, and go directly to your named beneficiaries. Segregated fund policies (excluding preferred series) can be part of the HelloLife retirement income program.
- Segregated fund policies with the lifetime income benefit option: Segregated fund policies with the lifetime income benefit option provide potential guaranteed income for life, as well as all the benefits of a segregated fund policy
Features and guarantees vary by policy and age of annuitant and some limitations apply. Maturity and death benefit guarantees are reduced proportionately by withdrawals. Please see the segregated fund policy information folder for details.
Excess withdrawals will decrease the lifetime income amount and your clients will no longer be eligible for any future bonuses. An excess withdrawal is a withdrawal that exceeds the annual guaranteed income amount.
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