RIF

If you’re turning 71 this year, you’ll be required by law to mature your RRSP. There are essentially four ways to wind down your RRSP, each with their own benefits and drawbacks. You can (a) take a lump sum withdrawal, (b) purchase an annuity, (c) convert your RRSP to a RRIF (Registered Retirement Income Fund), or (d) some combination of these options.