• Converting your RRSPs into income
• Converting your Locked-in RRSPs into income
• Converting your other assets into income

At some point you'll transition into retirement and begin to enjoy the savings you've built.

To achieve your idea of retirement, you'll need to make some important decisions, because your retirement income:

• needs to last a long time. How long? Calculate it using the life expectancy tool.
• needs to cover all your living expenses:
  • the necessities,
  • the things you want to do, and
  • any future health care costs.
• will come from multiple income sources that will start and end at different times, possibly leaving gaps.
• will need to be converted from savings to income products. Find out - how do I convert my savings into retirement income?

Investments that help me enjoy my retirement income

Registered retirement income fund (RRIF)	Government establishes minimum annual withdrawal required You choose what to invest in, but there's no guarantee how long the money will last
Life income fund and Locked in retirement income fund (LIF and LRIF)	Provides income from money originally in an employer pension plan You decide how money is invested Like a RRIF, government determines minimum income payments
Flexible Income Plan	Provides guaranteed income, plus growth potential
Payout annuity	Guaranteed income - either for life or for a specific time No investment decisions to make
Mutual funds	No guarantees of investment performance Thousands available - each with its own risk profile and investing objectives
Segregated fund contracts	Like mutual funds, but also offer guarantees* on the security of the money you invest. (*those guarantees are not available for segregated funds held in a group plan provided by your employer.)
SunWise Elite Plus	A segregated fund with options that can: Provide guaranteed income for life, and other income guarantees Protect your savings in bad markets Let you actively manage how your money is invested
Tax-Free Savings Account (TFSA)	Save up to $5,000 a year. Your money grows without being taxed.

Income from government pensions

Canada Pension Plan (CPP)/Quebec Pension Plan (QPP)	Lifetime monthly income, indexed to inflation Apply for income to start as young as 60 (with reduced monthly payments) or as old as 70 (with increased monthly payments)
Old Age Security (OAS)	OAS: lifetime monthly income, indexed to inflation, begins at age 65, but you must repay all or some of it if your total income is over $64,718 a year
Guaranteed Income Supplement (GIS)	GIS: Available to low income retirees. You need to apply and qualify each year.