View Single Post
  #66  
Old 05-01-2024, 10:57 AM
Dean2's Avatar
Dean2 Dean2 is offline
 
Join Date: Dec 2008
Location: Near Edmonton
Posts: 15,226
Default

Quote:
Originally Posted by Buckhead View Post
No kidding. And that is what I originally stated.
Sorry, you are correct and you were talking about standard RIFS so your post was accurate, I misread what you were saying. Entirely my fault.. I realised that after the edit period was elapsed, that is why I clarified my earlier statement.

RIFs and LRIFs are similar but not the same. What I was trying to get at was if you convert an RRSP to a RIF, even at 50, you now have a minimum withdrawal you have to take out. That min increase every year after that.
(At age 50 it is 2.50% min, and max withdrawal for LRIF is between 4.34 and 6.27% depending on what Prov or Fed legislation it falls under. At 71 your min withdrawal has grown to 5.28%).

Where I was going with all that is you need to take those min and maximums into account when determining returns needed as well as impact of RRSP/RIF/LRIF withdrawals on your tax situation.
Reply With Quote