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Managing your retirement income wisely...

Now that you're getting ready to retire, you want to feel comfortable that you'll enjoy the lifestyle for which you've so carefully planned. When converting your retirement savings to a Retirement Income Option, it's important to make the decisions that are right for you. After reviewing the options available, most people decide that a Registered Retirement Income Fund, or RRIF, best meets their needs. A RRIF earns money from investments, just as your RRSP did, and it is the most flexible Retirement Investment Options available.

Maximum Payment Flexibility

Revenue Canada requires that you receive at least a minimum payment from your RRIF each year, but beyond that, your RRIF can be completely customized to meet your personal requirement goal and budget requirements. It can provide payments for life. Or, you can arrange to change the amount and frequency of the payments from time to time, as your needs change and evolve.

Maximum Control Over Your RRIF

One of the most appealing features of a RRIF is the amount of control you can exercise. If you need extra money for a financial emergency or any other purpose, you can make lump sum cash withdrawals from your RRIF. (The amount instantly accessible may vary depending on how your RRIFs are invested.)
You'll also control what happens to your RRIF after your death. Transfer the funds tax-free to your spouse's RRIF, or pay them out in a lump sum to your beneficiary.

Competitive Rates and Convenient Options

The Glace Bay Central Credit Union offers a variety of RRIFs at competitive interest rates:

- Variable Rate RRIF offers an interest rate which will vary according to the marketplace.
- Fixed Term RRIF earns a fixed rate of interest for the period of time you select.

You can be assured that your money is safe and secure in any credit union RRIF, just as it is with your other credit union deposits.

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