By the end of the year in which you reach age 71, current income tax rules dictate that you need to select a retirement income option for your RRSP or Locked-in Retirement Aaccount (LIRA) savings.

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You have several options to choose from:

Cash in your RRSP and withdraw the savings - Not a recommended option due to the tax implications, as you pay tax on the full amount.
Convert your RRSP to a Registered Retirement Income Fund (RRIF) - A RRIF generates an income stream to last throughout your retirement years. provides greater flexibility when it comes to income planning. Like an RRSP, income earned by your is allowed to accumulate tax free.
Convert your RRSP to an annuity - Aan annuity provides you specified monthly payments – for life or a fixed term. These payments can be constant, or they may be increased at regular intervals.

If you have a Locked-in Retirement Account (LIRA) or Locked-in RRSP (LI-RRSP), your options for conversion include:

A life annuity
A Life Income Fund (LIF) in all provinces as well as for federally-regulated LIRAs
A Prescriped Registered Retirement Income Fund (P-RRIF) in Saskatchewan and Manitoba
A Locked-in Retirement Income Fund (LRIF) in Manitoba, and Newfoundland & Labrador

Talk to your Altamira Advisor about which option is best for you. Your decision will depend on your goals, income needs, and the value of your RRSP.