The Benefits of Consolidating your RRIFs

by Achieva Financial
May May 16

After many years of working and saving, the time has finally come for you to retire so you can travel, spend more time with family, or do any number of activities you may not have had time for when going to work for 40+ hours per week.

One thing is clear: you’re going to need a source of income now that you aren’t collecting a paycheque; which you’ve been saving for over many years!  But, if you’re like many Canadians, you have RRSPs at more than one financial institution. In fact, a couple could very easily have six or seven accounts between them. This can make the management of your post-retirement finances a full-time job.

“When you begin the process of converting your RRSPs to a RRIF, you have a unique opportunity to simplify this administration and improve your tax efficiency by consolidating multiple RRSPs into a single RRIF account at one financial institution,” says David Mortimer, President of Achieva Financial. “Consolidation means you only have to calculate a single minimum annual withdrawal amount, and not have to worry about the administration and potential added costs of operating multiple accounts.”

The added benefits of consolidating your various RRSP accounts is the simplified estate position for your next of kin upon your passing. This will allow for a smoother settlement of your estate and reduced work for your named executors and/or beneficiaries.

“We have helped thousands of individuals with their RRSP and RRIF savings needs over our 20 years of operation. Achieva can assist you with the consolidation process, helping simplify the management of your retirement savings,” says Mortimer. “All Achieva RRSP and RRIF deposits are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba, so you also have the added confidence that your hard-earned savings will be there when you need them and you can enjoy your retirement without worrying about your savings.”