I NEED A RRIF - How does a RRIF work?

Every year thousands of Canadians set up Registered Retirement Income Funds (RRIF). When they start the process of setting up a RRIF, a lot of questions get asked, such as:
Can I have more than one RRIF?
What investments are appropriate?
What payment frequency options do I have?
How should you deal with beneficiary designations?
How are my required payments calculated?
This video deals with these questions and more.
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[@likegoodvino]

👍 During my retirement planning journey, I have watched hundreds of Canadian retirement content on KZbin. You are the first to answer the simple question: "Are there tax implications when rolling over your RRSP to an RRIF. "No Tax Triggered" at minute 1:42. Thank you!

[@jaxwylde2139]

Thank you! This is a great explanation. However....given that withdrawals from RRSP and payments from RRIF are treated as income (for the individual), and have same withdrawal tax rules...why move an RRSP account to a RRIF account, before being forced when you're 71? Why not simply withdraw from RRSP account what you need each month or quarter, etc....Is it simply because RRIF provides automatic payment each period, saving you from the hassle of having to 'request' a withdrawal from institution each month (or whatever frequency), and also having to deal with (potential) institution transaction fees? Thanks.

[@Retirement121]

You are correct. The RRIF is simply an adminstrative tool to generated systematic payments from the account.