A Registered Retirement Income Fund (RRIF) is the next step after an RRSP, designed to provide you with a steady retirement income. Once you convert your RRSP to a RRIF (by the end of the year you turn 71), you begin withdrawing a minimum amount each year, with the remaining funds continuing to grow tax-deferred.

RRIFs give you control over how your retirement savings are invested and withdrawn, allowing for a personalized and flexible income stream. Withdrawals are taxable, but the account continues to grow based on your chosen investments. RRIFs are a vital tool for turning retirement savings into sustainable income while maintaining investment control.