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Retirement Savings Income Fund (RRIF)

Navigate retirement with ease

A BETTER WAY TO BANK

Access retirement earnings while maintaining growth

Welcome to a new chapter of your financial journey, where your retirement income is as diverse as your dreams. Luminus Financial's Registered Retirement Income Fund (RRIF) investments offer you a spectrum of choices to maximize your returns while providing the flexibility you deserve in your retirement years.

Why choose an RRIF with Luminus Financial?

Freedom to withdraw what you need
Continue growing your retirement funds and defer your taxes while withdrawing only what you need.
Maintain control of your portfolio
Manage your investments across stocks, bonds, mutual funds, and more to match your risk tolerance and goals.
Estate planning built in
RRIFs offer advantages in estate planning by allowing you to name beneficiaries, bypassing the probate process.

Key features of an RRIF

Diverse investment options
RRIF investments allow you to choose from a variety of options, including stocks, bonds, mutual funds, and more. Craft a portfolio that aligns with your risk tolerance and financial goals.
Tax-efficient withdrawals
With RRIFs, you have the flexibility to determine how much to withdraw each year. This flexibility lets you manage your income strategically, potentially reducing your tax burden.
Income sustainability
Ensure a steady stream of income throughout your retirement years. Our RRIF investments are designed to balance growth potential with the need for consistent and reliable income.
Review and adjust
Your retirement needs may evolve, and our Member Relations staff are here to help. Regularly review and adjust your RRIF investments to align with your changing circumstances and financial objectives.

Want to earn even MOR?

With the More Rewards Program (MOR), you could earn up to 0.25% EXTRA on your investments. Learn more and join the MOR program today!

Frequently asked questions

An RRIF, or Registered Retirement Income Fund, is a tax-deferred retirement account designed to provide a steady income stream during retirement. It is converted from an RRSP (Registered Retirement Savings Plan) when you retire. 

Income from an RRIF is taxable, like employment income. The amount you withdraw is added to your total income for the year and taxed at your marginal tax rate. 

The minimum withdrawal from an RRIF is calculated based on your age and the value of the RRIF at the beginning of the year. It starts at a percentage and increases as you get older.

Yes, you can withdraw more than the minimum required amount from your RRIF. The flexibility allows you to tailor your income to your financial needs. 

There are no penalties for withdrawing more than the minimum from an RRIF. However, it’s important to remember that the additional amount will be taxed, and excessive withdrawals can impact future income. 

Yes, RRIFs offer flexibility in investment choices. You can hold a diverse range of investments, including stocks, bonds, mutual funds, and other qualified instruments. 

In the event of your passing, your RRIF can be transferred to your spouse tax-deferred, allowing them to continue receiving income. Alternatively, it can be paid out to your beneficiaries, subject to taxation. 

No, you cannot contribute new funds to an RRIF after it has been opened. However, you can hold various investments within the existing RRIF. 

When you retire, you must convert your RRSP to an RRIF or purchase an annuity by the end of the year you turn seventy-one (71). This conversion is a mandatory step in the retirement planning process. 

There is no maximum age for holding an RRIF. As long as you are alive, you can maintain and continue to receive income from your RRIF. 

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