The allegations of paragraph 32 of the Complaint require no answer of. Defendants but to the extent that they require an answer, Defendants deny those allegations. Case 3:13-cv-01461-G Document 8 Filed 04/25/13 Page 4 of 9 PageID 185. DEFENDANTSâ ORIGINAL ANSWER AND AFFIRMATIVE DEFENSES.
RRSP Strategies at age 71. The year in which you turn 71 is a pivotal year in your retirement planning. Government regulations require that you terminate your Registered Retirement Savings Plan (RRSP) by December 31 st of your 71 st year.our options will include converting your RRSP into a Registered Retirement Income Fund (RRIF) or choosing other RRSP maturity or retirement income options. 1  Your final contribution to your RRSP: You can make one last contribution to your RRSP in the year that you turn 71, based on your RRSP contribution limit.
If you wait to withdraw from your RRSP until age 71 -- when the account must be collapsed and converted into a registered retirement income fund (RRIF) or registered annuity -- you'll be affected by the minimum withdrawal requirements. In the first year, you must withdraw 7.38% from the RRIF, Diamond notes.ow, let's say Bob also has a $500,000 RRSP. He deferred withdrawing from his RRSP until he converted it to a RRIF at age 71. The mandatory 7.38% means he must withdraw $36,900 in the year he turns 72. That significantly increases Bob's taxable income to $87,900, which moves him to a higher tax bracket.