Turn your savings into retirement income – Canada Life
Learn how to choose between an annuity, RRIF or LIF when turning your retirement savings into retirement income. Visit www.canlife.co/retirementincome to learn more.
Video transcript:
Description: This video combines footage of a Canadian couple close to retirement with graphics and text to explain the differences between annuities, RRIFs and LIFs.
Narrator: If you’re retiring soon,
Description: A pre-retired woman sits on the back porch of her home reading a book. A lush garden appears in the distance.
Narrator: it’s time to think about turning your RRSP and pension savings into income.
Description: Cut to her smiling as she turns the page.
Narrator: There are three ways to do this - an annuity, a RRIF or a LIF.
Description: The frame divides in half and a bulleted list appears: “Annuity,” “Registered retirement income fund (RRIF)” and “Life income fund (LIF).”
Narrator: An annuity is a type of insurance policy you purchase with your retirement savings.
Description: Cut to an illustrated shield graphic with a checkmark inside to represent insurance. The camera zooms out and two stacks of money fade in.
Narrator: Based on the features you choose, your age and the interest rate when you buy your annuity,
Description: Three illustrated graphics animate into frame: A checklist to represent features, a birthday cake for age and a paper with percentage sign for interest rate.
Narrator: it provides guaranteed retirement income for the rest of your life and your spouse’s life.
Description: Cut to a horizontal bar graph showing income from “Retirement” to the remainder of a retiree’s “Lifetime.” As the bar fills in, dollar signs appear along each interval to show a consistent income.
Narrator: A RRIF or LIF gives you more control over your retirement income with potential for growth.
Description: The bar graph changes to show investment growth over time. Different dollar sign amounts appear to show a changing income.
Narrator: RRIFs are for savings currently in RRSPs.
Description: Cut to a chart labelled “RRIF” and “LIF.” “Savings currently in RRSPs” appears under “RRIF.”
Narrator: LIFs are for savings in locked-in RRSPs or a pension plan and have a minimum and maximum withdrawal limit per year.
Description: “Savings in locked-in RRSPs or a pension plan” and “Minimum and maximum withdrawal limit per year” appear under “LIF.”
Narrator: In both cases, you choose the investments and decide how much to withdraw, within limits.
Description: Cut to four pie graphs with investment graphics.
Narrator: How long your money lasts with a RRIF or LIF
Description: Return to the horizontal bar graph showing income from “Retirement” to the remainder of a retiree’s “Lifetime.”
Narrator: depends on how your investments perform and how much you withdraw.
Description: Two pie graphs shrink in size and the income recedes from “Lifetime.”
Narrator: Each year, annuity payments and RRIF or LIF withdrawals will be taxed as income.
Description: An illustrated graphic paper with percentage sign and dollar sign appears.
Narrator: Depending on your needs, a combination of an annuity and RRIF
Description: Two buttons with the words “Annuity” and “RRIF” appear with a plus sign in-between.
Narrator: or LIF can work.
Description: “RRIF” is swapped with “LIF.”
Narrator: But you have to turn your RRSPs and pension into income by the end of the year you turn 71.
Description: An outline of a circle with age 68 displayed in the middle. The circle fills in as age reaches 71.
Narrator: Ease into retirement and enjoy your hard-earned savings.
Description: Cut back to the pre-retired woman and her husband sitting on the back porch sipping coffee. Words “Visit canlife.co/retirementincome to learn more.” appear onscreen with Canada Life logo and legal lines: Canada Life and design and My Canada Life at Work are trademarks of The Canada Life Assurance Company. mycanadalifeatwork.com 1-800-724-3402.
Video transcript:
Description: This video combines footage of a Canadian couple close to retirement with graphics and text to explain the differences between annuities, RRIFs and LIFs.
Narrator: If you’re retiring soon,
Description: A pre-retired woman sits on the back porch of her home reading a book. A lush garden appears in the distance.
Narrator: it’s time to think about turning your RRSP and pension savings into income.
Description: Cut to her smiling as she turns the page.
Narrator: There are three ways to do this - an annuity, a RRIF or a LIF.
Description: The frame divides in half and a bulleted list appears: “Annuity,” “Registered retirement income fund (RRIF)” and “Life income fund (LIF).”
Narrator: An annuity is a type of insurance policy you purchase with your retirement savings.
Description: Cut to an illustrated shield graphic with a checkmark inside to represent insurance. The camera zooms out and two stacks of money fade in.
Narrator: Based on the features you choose, your age and the interest rate when you buy your annuity,
Description: Three illustrated graphics animate into frame: A checklist to represent features, a birthday cake for age and a paper with percentage sign for interest rate.
Narrator: it provides guaranteed retirement income for the rest of your life and your spouse’s life.
Description: Cut to a horizontal bar graph showing income from “Retirement” to the remainder of a retiree’s “Lifetime.” As the bar fills in, dollar signs appear along each interval to show a consistent income.
Narrator: A RRIF or LIF gives you more control over your retirement income with potential for growth.
Description: The bar graph changes to show investment growth over time. Different dollar sign amounts appear to show a changing income.
Narrator: RRIFs are for savings currently in RRSPs.
Description: Cut to a chart labelled “RRIF” and “LIF.” “Savings currently in RRSPs” appears under “RRIF.”
Narrator: LIFs are for savings in locked-in RRSPs or a pension plan and have a minimum and maximum withdrawal limit per year.
Description: “Savings in locked-in RRSPs or a pension plan” and “Minimum and maximum withdrawal limit per year” appear under “LIF.”
Narrator: In both cases, you choose the investments and decide how much to withdraw, within limits.
Description: Cut to four pie graphs with investment graphics.
Narrator: How long your money lasts with a RRIF or LIF
Description: Return to the horizontal bar graph showing income from “Retirement” to the remainder of a retiree’s “Lifetime.”
Narrator: depends on how your investments perform and how much you withdraw.
Description: Two pie graphs shrink in size and the income recedes from “Lifetime.”
Narrator: Each year, annuity payments and RRIF or LIF withdrawals will be taxed as income.
Description: An illustrated graphic paper with percentage sign and dollar sign appears.
Narrator: Depending on your needs, a combination of an annuity and RRIF
Description: Two buttons with the words “Annuity” and “RRIF” appear with a plus sign in-between.
Narrator: or LIF can work.
Description: “RRIF” is swapped with “LIF.”
Narrator: But you have to turn your RRSPs and pension into income by the end of the year you turn 71.
Description: An outline of a circle with age 68 displayed in the middle. The circle fills in as age reaches 71.
Narrator: Ease into retirement and enjoy your hard-earned savings.
Description: Cut back to the pre-retired woman and her husband sitting on the back porch sipping coffee. Words “Visit canlife.co/retirementincome to learn more.” appear onscreen with Canada Life logo and legal lines: Canada Life and design and My Canada Life at Work are trademarks of The Canada Life Assurance Company. mycanadalifeatwork.com 1-800-724-3402.