RRIF season is coming. Help clients turning 71 prepare early
As year-end approaches, now is the time to identify clients turning 71 who must convert their RRSP by December 31.
While this milestone comes with a deadline, it also creates an opportunity to have meaningful retirement income planning conversations and review a client's overall financial picture.
Review retirement income options
Every client's needs are different, but common retirement income products include:
- Registered Retirement Income Fund (RRIF), which offers flexibility and continued investment growth.
- Payout annuities, which can provide guaranteed lifetime income.
- A combination approach, helping balance flexibility with income certainty.
Look for consolidation opportunities
Registered Retirement Savings Plan (RRSP) conversions are also a natural time to discuss assets held elsewhere. Consolidating retirement savings may help simplify a client's financial picture and open the door to additional planning opportunities.
Simplify RRIF conversions with EZtransact®
Convert RRSPs to RRIFs with a fast, paperless experience using EZtransact — Equitable's preferred digital solution. Benefits include:
- Reduced paperwork.
- Streamlined processing.
- A more efficient experience for advisors and clients.
Resources
Starting retirement income conversations early can help clients prepare for their RRSP conversion deadline while creating opportunities to discuss income solutions, consolidation opportunities, and digital processing through EZtransact.
Speak to your Director, Investment Sales for help on helping clients transition to retirement income.