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What happens to my RRSP when I retire?
Once you retire, you have three options:
- Cash out all your savings as a lump sum (income taxes will apply)
- Convert your RRSP to a Registered Retirement Income Fund (RRIF)
- Purchase a Life Income Fund (LIF)
Your RRSP must be cashed out or converted by December 31 of the year you turn 71. Otherwise, the government will close your RRSP and your savings will be considered taxable income.
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