Until what age can a client's RRIF legally remain open?

A Registered Retirement Income Fund (RRIF) allows individuals to withdraw funds from their registered retirement savings as a source of income during retirement. The key aspect of RRIFs is that there is no legally mandated maximum age at which the account must be closed. This flexibility allows clients to maintain their RRIFs for as long as they wish, as long as they adhere to the withdrawal requirements set out by the Canada Revenue Agency (CRA).

While there are specific age thresholds that influence when individuals must convert their Registered Retirement Savings Plans (RRSPs) into RRIFs—typically by the end of the year in which they turn 71—this does not apply to the closure of a RRIF. Individuals can continue to receive income from their RRIF indefinitely. Therefore, the idea that there is a maximum age for keeping a RRIF open is incorrect.

This option reflects a fundamental understanding of retirement income planning and the regulations governing RRIFs, which emphasizes the importance of financial flexibility in managing retirement savings.