Use Guaranteed Investment Certificates (GICs) wisely
While carrying little risk, it is unlikely that GICs will provide enough income or growth for a secure retirement. While GICs can play an important role in your retirement, it’s important to consider some growth investments in your portfolio.

Rebalance your portfolio when you retire
Make sure a portion of your portfolio is earning enough short-term income to meet your needs.

Take a long-term view
Today’s 65-year-old will likely live another 18 years. The investments in your RRIF must generate sufficient growth to see you through retirement.

Is your spouse younger?
Consider tying your RRIF withdrawal schedule to your spouse’s age instead. This can be beneficial if you wish to lower the minimum amount you are required to withdraw from your RRIF each period.

Set up a systematic withdrawal plan (SWP) for your non-registered investments
A SWP will help supplement your RRIF income while keeping your investments well diversified and offering tax benefits.

Buy a Life Income Fund
If you have a Locked-in RRSP (called a Locked-in Retirement Account in some provinces – or pension plan savings) you cannot purchase a RRIF. Instead, you can buy a similar Life Income Fund (LIF) or Locked-in Retirement Income Fund (LRIF). LIFs and LRIFs offer you the same investment flexibility as RRIFs. Ask your financial advisor to explain additional restrictions on these plans.