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In the event of a national postal disruption, Canada Life is prepared to help lessen the impact and continue to serve our customers. What you need to know

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

Your retirement income plan needs to make sure your savings last a lifetime while having enough to cover your day-to-day expenses. Once you’ve taken care of that, you can look at your additional goals like providing for a spouse, leaving money for the people you love or minimizing tax.

As you approach retirement you need to decide how you want to convert your savings and investments into retirement income. Retirement income products take money that you’ve saved and put it to work to help provide you an income stream during retirement. 

Your options are different depending on which account type you used to save
What retirement income options are available for each retirement savings product?

Where are your savings/investments?
What are your retirement income options?

RPP
You can convert this money into an income fund or purchase an annuity. Your options will depend on the provincial/federal legislation that regulates your RPP. 

TFSA
You can keep it and use it for income when you need it, or you can use it to purchase an annuity.

RRSP
Generally, you’re converting to a registered retirement income fund (RRIF) but you can also purchase an annuity.
(LIRA) or locked-in RRSP
You can convert this money into a retirement income fund or purchase an annuity. The type of retirement income fund depends on the jurisdiction that regulates the plan. You can also purchase an annuity.
DPSP
You can convert to a RRIF or purchase an annuity.

The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.

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