Let's compare the options

RRIFs and LIFs

  • You choose the investment options
  • You control the timing and the amount of income you receive. RRIFs have a minimum annual withdrawal and LIFs have a minimum and maximum annual withdrawal
  • Your income can fluctuate due to market volatility and interest rates

Annuities

  • Safe and easy
  • Protection against outliving your savings
  • Fixed payments mean no income fluctuations
  • Once an annuity is purchased, the annual payment cannot be changed
  • Responsibility for investment decisions and risk shifts to insurance company 

Depending on your financial situation, RRIFs, LIFs and payout annuities may all play a role in your retirement income planning solutions. If you’re a Great-West Life plan member and would like to discuss your retirement income options, call Access Line at 1-800-724-3402 and ask to speak with an investment and retirement specialist.