“The illitetrate of twenty-first century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.” -Alvin Toffler
For a free GMWB RRIF Illustration, please contact Ian Yeo at firstname.lastname@example.org.
We also call these Personal Pension Plans. By definition a Personal Pension Plan, much like a Defined Benefit Pension Plan, must provide a Guaranteed income stream you cannot outlive.
GMWB or Guaranteed Minimum Withdrawal Benefit RRIFs have unique advantages:
- In the first year, when no RRIF income is taken, up to a five per cent income bonus increases the guaranteed annual income
- Automatic resets every three years to lock-in investment gains when markets rise
- Flexibility to withdraw more than the guaranteed income amount to meet the required RRIF minimum — without affecting future guaranteed stream of lifetime payments
- Guaranteed income floor, up to five per cent (minimum is four per cent) throughout retirement even if the market value of the investment reduces to zero
For example, Manulife GIF Select IncomePlus RRIF Can provide advantages for registered retirement income fund (RRIF) investors:
- Flexibility to withdraw more than the annual guaranteed amount to meet the required RRIF minimum
- An income floor that is guaranteed to continue through retirement, regardless of RRIF minimum amounts, even if the market value of the investment reduces to zero
- In years where the RRIF minimum is higher than the guaranteed income amount, you can exceed the 4.00% payout without affecting your future guaranteed stream of income payments
- IncomePlus resets and bonuses also present opportunities to increase your lifetime income giving your retirement income a boost
2015 RRIF Mandatory Minimums
For a free GMWB RRIF Illustration, or if you have any questions, please contact email@example.com. Only if you reside in BC, AB, ON, and NB.