Consider Using Annuities and RRIFs

To get the best of both worlds - predictability plus flexible income and investment options - consider purchasing a life annuity with some of the proceeds from your RRSP, and putting the rest into a registered retirement investment fund (RRIF) or a life income fund (LIF), if your funds come from an RPP. The annuity could provide you with a dependable income stream, while the money in your RRIF provides flexible investment options.

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