How to Choose between RRIF and Anuity For Your RRSP

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Remember that the government only represents about 30% of our retirement income, the company retirement pension plan offers another 30 % and many of us do not have one. It is up to individuals to invest wisely short and long term in order to make up for the short fall if he or she would like to live comfortably after retirement without giving up some retirement plans. Now you reach the year of RRSP conversion year, you are facing the choice to choose either to convert your registered retirement saving plan to RRIF or annuity. In this article, we will discuss How to choose between RRIF and annuity for your RRSP.

I. Choose RRIF, if
a) You want to have control your investment and manage your RRIF to ensure that your income from it can be last as long as you live.
b) beside RRIF, you have other non registered assets.
c) You want to have some money left for estate preservation.
d) Your interest of your RRSP assets are for future growth.
e) Together with non registered assets, your income every month is far exceed your expenses.


II. Choose annuity, if
a) You requires income every month to meet your basic expenses.
b) you are worry about that you may out live your capital.
c) You don`t want to manage your own assets.
d) You are healthy and you believe that you will be live for a long time.
e) The only source of income is your RRSP.
f) You do not have a lot of saving.
g) You may require assistance from the government for supplement income.

I hope this information will help. If you need more information, you can read the complete series of the above subject at my home page:

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http://financialinvesting09.blogspot.com/ Posted by Kyle J. Norton at 5:15 PM