Posthaste: Outdated RRIF regime puts seniors at risk of running out of money before their time, warns study
The formula has been updated several times over the years and the government temporarily reduced mandatory withdrawals twice, in response to the 2008 financial crisis and during the COVID-19 pandemic, but these short-term fixes just highlighted a chronic problem, the report said.
Investment returns on Canadian government bonds have also fallen to 0.65 per cent, compared to returns near six per cent in years past. “Nowadays, about one in eight men age 71 and one in five women age 71 can expect to reach age 94, and, of course, those who live past that age see the purchasing power of their withdrawals drop precipitously,” the authors said.
“For RRIF holders, by contrast, full elimination would remove complexity in financial planning, and full or partial elimination would alleviate a threat to income security in retirement,” the authors said.
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