RRIF minimum withdrawal rates increase progressively with age (5.28% at 71, 8% at 80, 14% at 90, and over 20% after 95), which can push retirees into higher tax brackets and trigger OAS clawbacks even when they don't need the money, raising questions about whether these rates remain appropriate given increasing life expectancy.
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RRIF Minimum Withdrawal Rates Are They Still RelevantAdded:
The federal government has discussed whether RIFF minimum withdrawal rates still make sense as in general Canadians are living longer and they do face a risk of outliving their savings. If you're already drawing down from a RIFF, you know that the minimum withdrawal percentages increase every year.
Something to be aware of. Once those RIFF withdrawals begin, the minimum starts at 5.28% at age 71. At age 80, it's around 8%. By 90 it goes to 14 and over 95 is 20% every single year. These forced withdrawals do push your retirement income into a higher tax bracket and can trigger OAS clawbacks even if you don't need the money.
There's been ongoing discussion too about reducing or delaying these minimums to give retirees more flexibility. Nothing has been announced or legislated as of
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