At what age must withdrawals from a Registered Retirement Income Fund (RRIF) begin?

Withdrawals from a Registered Retirement Income Fund (RRIF) are required to start no later than the end of the year in which the annuitant turns 71 years old. This regulation ensures that individuals begin to draw on their retirement savings to provide income during retirement. The age 71 is significant as it reflects a structured approach to retirement funds, compelling account holders to plan for their income needs before they reach an age where they may require financial support for their living expenses.

It’s also important to note that while individuals may choose to begin withdrawals earlier, they must do so by this mandatory age of 71 to avoid potential penalties or tax implications related to late withdrawals. Thus, understanding this timeline is crucial for effective retirement planning and maintaining compliance with government regulations regarding retirement income.