Is an Empire Life RRIF for you?
A Registered Retirement Income Fund (RRIF) lets you convert your retirement savings into retirement income. With a RRIF, your money continues to grow tax sheltered until you make withdrawals. If you are retired and want to maintain control over your investments, converting your Registered Retirement Savings Plan (RRSP) to a RRIF may be the best solution for you.
How RRIFs work
By the end of the year you turn 71, you must close your RRSP. You have three options at that point: