Registered Retirement Income Fund Calculator

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You showed up. You saved. You put in the work. And now it’s your turn to relax. Welcome to your Golden Years!

You’ve heard about Registered Retirement Savings Plans (RRSP) for the last few decades, but did you know you can't keep your retirement savings in an RRSP forever? After years of saving and contributing to your RRSP (great job!), you’ll need to move your funds into a Registered Retirement Income Fund (RRIF). Simply put, a RRIF is one of the ways you can convert your hard-earned retirement savings into an income stream to fund your glory days.

Our RRIF Calculator can give you an idea of how long your savings will last based on what you’ve saved (or hope to save if you’re still in the workforce).

Let’s crunch the numbers.

Get a better understanding of what to expect from your RRIF by answering a few questions.

  • 1

    Your Fund

  • 2

    Your Payout

  • 3

    Your Results

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%
$
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Assumptions
Investment value:
$${fund_amount_formatted}
Interest rate:
${rate_return}%
Annual payout:
$${payout_amount_formatted}
Your RRIF payments will last
${table.results.length} Years

Age of last RRIF payment: ${ Number(age) + Number(table.results.length) }
Total interest gained: $${total_interest_formatted}
Total RRIF paid out: $${total_paid_formatted}

View Graph
View Report
RRIF balance over time
RRIF balance over time
Age Remaining Interest
Generated		 Minimum
Withdrawal
Percentage		 Payout Mimimum
Payout
for Age
${ item.age } $${ item.remaining_formatted } $${ item.interest } ${ item.percentage }% $${ cleannum(item.payout) } $${ cleannum(item.minimum_payout) }

If you haven’t started thinking about retirement, no worries! Take a peek at our Retirement Savings Calculator or book an appointment with a credit union expert today.

NOTE: The information is intended for illustrative and general information purposes only. Actual payment amounts may differ. Please do not rely solely on this information or result when making financial decisions; please visit your credit union branch or speak with a credit union representative for further information.

Assumptions: Keep in mind that different rules apply for RRIFs that were set up before the end of 1992.

For example, if your RRIF is valued at $500,000 when you're 72, at the start of the year your minimum annual payout will be $27,000 (5.40% of the value of the plan at the beginning of the year).

The above is based on an individual contribution and withdraw not for spousal joint contributions/withdraws

There are annual requirements based on your age and amount. Click here to see the minimum withdraw amounts based on your age.

Frequently asked RRIF questions

What is a Registered Retirement Income Fund? A Registered Retirement Income Fund or what is often referred to as a RRIF, is an extension of a Registered Retirement Savings Plan (RRSP). While your RRSP is used to save for your retirement, a RRIF is used when it comes time to draw income during your retirement.
What's the difference between an RRSP and a RRIF? The main difference is that you cannot contribute to a RRIF. Instead, the money you've been contributing into your RRSP is transferred to a RRIF to be used as income in the year you turn 71.
Can I convert my RRSP to a RRIF before I turn 71? Yes, you can convert your RRSP to a RRIF before age 71 if you need to draw income from it. If you withdraw funds from your RRIF that exceed the minimum annual payment, there will be withholding tax on the excess amount.
Is there a minimum amount needed to set up a RRIF? There is no minimum amount to open a RRIF.
I have other savings; can I also transfer that into a RRIF? No, a RRIF is only available for a registered account.
How do I convert an RRSP to a RRIF? You can convert your RRSP holdings to a RRIF at any time. However, an RRSP must be converted to a RRIF, or paid out in a lump sum by the end of the calendar year in which you turn age 71.

You've spent years saving for your retirement. Now, you can enjoy the benefits of these savings to help maximize your retirement income.
Can I have a RRIF and an RRSP? Yes. Until the end of the year you turn 71, you can choose to have both an RRSP and a RRIF. Once you turn 71, however, you must convert your RRSP to a RRIF or other retirement income option.
How do I get a RRIF? A financial expert from your local credit union can help set you up for success. Connect with your local credit union.

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From saving for your golden years to saving for a rainy day, having a plan for your money is key. Or, if you already know what you're looking for, credit unions offer RRSPs, TFSAs, and more to help you plan for your future. To learn more about your investing and savings options, start by choosing your nearest credit union location.

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