Financial Services: RRIF Account Strategies with LMBF
Navigating the world of finances leading up to retirement can be overwhelming for some individuals. The concern that you might outlive your retirement savings is a very real one for many Canadians, especially with no clear strategy of how to go about investments. Setting up an RRIF account is similar, in a sense, to an RRSP account, but there are many options to choose from. LMBF’s advisors are here to give you our tailored advice from a place of experience on how best to contribute to an RRIF, your investment options, and how to go about your financial strategy for your future retirement - whenever that may be.
The Benefits of LMBF’s RRIF Account Services in Canada
LMBF believes that everyone’s financial circumstances are different, and the ways that you might be planning your future retirement might not look like “average.” We want to help ensure a guaranteed retirement income flow and peace of mind, providing you advice on how best to make decisions regarding your RRIF account.
Your RRIF account may contain different investments, and LMBF’s advisors are here to give you suggestions on how best to contribute. Different RRIF account plans may come with different fees and penalties, so our advisors are here to provide you with investment solutions and aid on your RRIF account planning.
- You want a secure retirement income
- You want tax-exempt earnings
- You want to qualify for a pension income credit
- You want to leave your savings to your spouse tax-free
- Tax-exempt savings growth
- Regular income stream after retirement
- Can be left to a beneficiary
- Lower minimum payment amounts
What is an RRIF?
In Canada, an RRIF (or registered retirement income fund) is essentially an agreement between you and a carrier (such as a life insurance company) which is similar to an insurance bind. Any earnings that are made in an RRIF account are tax-free. RRIFs can be contributed to and contain a wide range of different investments. When withdrawing money from RRIFs, taxes do apply but account holders have a variety of means to reduce the payable taxes.
Our RRIF Account Advisors
LMBF’s RRIF account advisors know that everyone’s financial circumstances, needs, and wants are very different. You can open an RRIF at any point in time, and no matter at what point you choose to open yours you will have a range of different decisions to be making. We are here to help preserve your peace of mind and give you curated advice so that your RRIf account strategy gives you the confidence you deserve.