For many Canadians, the RRSP (Registered Retirement Savings Plan) is the primary driver of their retirement savings.An RRSP allows you to contribute a percentage of your income each year which, unlike non-registered accounts, can grow in that account while deferring taxes until you withdraw. Later, when you stop working or reach age 71, you convert your RRSP to a RRIF (Registered Retirement Income Fund) and flip the switch from contributions to withdrawals.In this episode, Marcelo and Lawrence talk about the main benefits of RRSPs and RRIFs, what you need to know about converting your RRSP to a RRIF, cash flow and tax considerations when drawing down from a RRIF in retirement, estate considerations for your RRIF, and so much more.Key Topics:Understanding your RRSP (2:16)Three main benefits of an RRSP (3:23)The relationship between an RRSP and a RRIF (4:46)Differentiating between RRSPs and RRIFs and LIRAs and LIFs (6:41)What you need to know about withdrawing from your RRIF (8:08)Cash flow considerations for your RRIF payments (10:24)Reducing your tax obligation by basing your minimum RRIF payment on your younger spouse’s age (12:51)Applying withholding tax to RRIF payments for better cash flow management (14:23)Critical factors to think about when planning how to convert your RRIF (16:46)The significant impact that strategic planning can have on your estate value (18:02)How you can optimize your RRIF strategy if you’re still working at age 71 (23:56)Why you should designate a beneficiary in your RRIF (25:54)Final thoughts and key takeaways (27:09)And much more!Thanks for Listening!Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more! Follow The Empowered Investor on Facebook, LinkedIn, and Instagram