Retirement Income Options
Create the retirement income stream you need
Government legislation requires you to choose a retirement income option for your Registered Retirement Savings Plan (RRSP) by December 31st of the year in which you turn 71.
You can choose from several different options, including a cash withdrawal, a registered annuity, a Registered Retirement Income Fund (RRIF) or any combination of these.
One of the most common options is to transfer your RRSP or Locked-In RRSP/ Locked-in Retirement Account (LIRA) to a Registered Retirement Income Fund (RRIF) or Life Income Fund (LIF). With this approach, you can benefit from continuing tax deferral on the growth of your RRSP assets.
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For more information on CIBC RRIFs and LIFs, call:
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Do I need a RRIF or a LIF?
Your choice depends largely on the type of plan you hold. Generally, you would convert an RRSP to a RRIF - and a LIRA or Locked-in RRSP to a LIF.
CIBC RRIF
If you want to have complete control over how your RRSP savings are invested, then a RRIF is the retirement income vehicle for you.
Your investments stay tax-sheltered - you only pay taxes on the payments you receive each year, giving you ongoing tax deferral on your assets as they continue to grow within your RRIF. While there is no limit on the amount you may withdraw, the government requires an annual minimum withdrawal amount.
Unlike an annuity, however, a RRIF is flexible and adaptable to your needs, even if they change over time.
This is an ideal time to sit down with your CIBC advisor and review your investments to make sure your asset allocation aligns with your investment objectives and income needs.
Investment choices for a CIBC RRIF
CIBC RRIF Guaranteed Investment Certificates
If security and predictability are your primary RRIF goals, CIBC offers an excellent selection of RRIF GICs, including the CIBC Escalating Rate RRIF GIC offering premium returns and guaranteed growth, as well as the premium priced CIBC Bonus Rate RRIF GIC. To learn more, talk to a CIBC advisor or select a product from the list below:
CIBC RRIF Daily Interest Savings Account
For daily interest and full access to your savings, a CIBC RRIF Daily Interest Savings Account is an ideal solution.
CIBC Managed Portfolio Services, our "All-in-One Fund Solution"
Put your money in the hands of investment professionals with CIBC Managed Portfolio Services. We'll help you select a professionally managed portfolio of CIBC Mutual Funds that's right for you. You'll get access to leading investment managers and ongoing monitoring and rebalancing of your portfolio.
CIBC Mutual Funds
Whether you're a savings-oriented investor, a growth-oriented investor or somewhere in-between, we offer a comprehensive selection of mutual funds for all investor types, including a wide range of savings, income and growth funds, as well as one of Canada's largest family of index funds.
CIBC Personal Portfolio Services
CIBC Personal Portfolio Services is one of Canada's leading discretionary investment management programs for individuals with household investable assets greater than $100,000. CIBC Personal Portfolio Services offers you the expertise of industry-leading investment professionals from around the world, combined with personal client servicing. A CIBC advisor is always available to discuss your portfolio and to help with any investment needs you may have.
CIBC LIF
When you convert your LIRA or Locked-In RRSP to a LIF (or to a LRIF, or "Locked-In Retirement Income Fund", which is an option under the pension rules of certain provinces), the law sets an annual maximum amount on how much you can withdraw from your LIF. This is designed to ensure that the funds in your LIF will last throughout your retirement.
Investment choices for a CIBC LIF
- CIBC Escalating Rate LIF GIC
- CIBC Bonus Rate LIF GIC
- CIBC LIF GIC
- CIBC LIF Daily Interest Savings Account
- CIBC Personal Portfolio Services
Disclaimers:
Important information about CIBC Securities Inc. and mutual funds
Important information about CIBC Trust Personal Portfolio Services
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