After years of saving for your retirement, you've reached your goal – now it's time to start spending what you've saved. The following chart gives you an overview of your options for converting retirement savings into income.
|Retirement savings||Retirement income|
|Registered but not locked-in plans||
You must convert your registered savings plans by the end of the year you turn 71. Your options:
|Registered, locked-in plans||
You must convert your locked-in savings plans to locked-in income plans. Your options:
* Not available in all provinces
|Traditional company pension plans||
The plan pays you a pension.
You can continue to use the same accounts as you did before retiring.
||You must apply to begin receiving retirement benefits.|
Just as it's important to plan your retirement savings, it's also essential to plan your spending. A financial advisor can help you to determine the right timing, rate of withdrawal and other critical considerations for your particular situation.
- Find out how much income you can get from a life annuity with our annuity calculator.